Bitcoin (BTC) has been on a losing streak lately, with bears attempting to control the price trajectory of the leading cryptocurrency. Currently, Bitcoin has plummeted below $24,000, which has invalidated its ability to regain $25,000 as the next support level. As a result, there is growing uncertainty in the market, and analysts are keeping a close eye on the digital asset’s next move.
According to senior analyst Jim Wyckoff, Bitcoin bulls still have the upper hand in terms of technical advantage. However, he acknowledged that their power has been dwindling and they need to show fresh buying pressure to reclaim previous highs.
Despite the negative sentiment, Bitcoin is attempting to maintain support above $23,500, with $24,000 acting as a significant resistance level. Crypto trading expert and analyst Michaël Poppe believes that Bitcoin can see gains if it manages to flip the $23,800 support level.
At the time of writing, Bitcoin is trading at $23,528, with weekly losses of about 3.7%. Interestingly, it is still trading above the $20,254 value for the end of February set by the crypto community on CoinMarketCap.
In conclusion, while Bitcoin bulls are currently struggling to maintain momentum, they still hold the overall near-term technical advantage. However, they need to show renewed strength soon to prevent the uptrend from collapsing. As always, investing in cryptocurrencies is speculative, and your capital is at risk.
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