There is a dramatic backward sliding movement from the number one cryptocurrency; Bitcoin has been shading off value consecutively for the past few days. The BTC price has gradually reached a trading level that cuts below the 200-weekly moving average (WMA). With its drastic trend in the south, the token has lost almost 9% of its value in the past 24 hours. In the previous weeks, BTC witnessed the presence of the bulls that surged the price to over 25,200. This value remained BTC’s new all-time high for over two months after the devastating blow of the bearish crypto market. But the progress in the price is suddenly cut short by this week’s performance. The bears have reappeared, and the entire trend is flipped upside down. Related Reading: Investor Sentiment Falls As Crypto Market Sheds $100 Billion Bitcoin price has moved against its overvalued region. This created retracing from its short-term resistance level within this week. In addition, there are observations that whales and other long-term holders dispose of their holdings. This sudden sell-off was as BTC dipped and traded between $23,000 and $24,000. Not only did the BTC price drop, but altcoins and other crypto tokens also followed the downtrend. The entire crypto market has been red as the negative price pattern deepens. The market sentiments are now negative. This is indicated by the crypto market Fear and Greed Index, which dipped from 47 to 30 during ...
