Bitcoin failed to record any notable increases over the last seven days. Trading activity during the current intraday session as the top asset flipped another key level. It dipped below $26,000 to a low of $25,800 as trading conditions became stiffer. This also marked the lowest the asset slipped since March.
The bears are grinning hard as a total of $130 million were liquidated in the last 24 hours. The long positions were almost 70% of the REKT funds. Nonetheless, according to Coinglass, the number of open interest rates is significantly down as more traders avoid the market due to uncertainty in the next price action.
This comes as no surprise as a weekly outlook pointed to this outcome. The article stated that one of the key levels to watch this week is the $27k support. It suggested more downtrends once it fails. This played out and the current price is evidence.
Bitcoin Sees Seven Consecutive Days of Downtrend
A lot of traders were optimistic about price performance over the next seven days as the week kicked off. This is evident in the Bitcoin Fear and Greed Index as it was 60 during this period. However, BTC is down by more than 6% since the start of the current intraweek session.
A look at the daily chart shows that the apex coin failed to register any notable increases since the period under consideration started. For example, on Monday, the largest cryptocurrency kicked off at $28,485 and dipped to a low of $27,290. It lost almost 3%.
Tuesday was a doji, depicting a very small trading volume. However, the struggle resumed on Wednesday as BTC made a brief return to $28k but failed to hold the mark as it retraced to $26,842 and closed at its opening price. It also had further downtrends the next day as it lost the $27k support.
The latest move that saw BTC flip $26k, coupled with previous losses is having a strong impact on indicators.
The Moving Average is a Cause for Concern
As a result of the massive decrease in price, several indicators are bearish. For example, after the failed convergence on the Moving Average Convergence Divergence, both metrics in this indicator are on a downtrend. The 12-day EMA slipped below 0 and the 26-fay EMA dipped below the mark a few hours ago.
The Relative Strength Index is also a cause for concern. A closer look at the metric showed a sharp decline in buying pressure. Many fear that the apex coin may be oversold if the current trading condition persists.
Aside from this from these short-term metric’s readings, bitcoin is showing signs of more downtrends ahead. The 50-day Moving Average is the main long-term indicator that is bearish at this time. We noticed that the MA is arched downward.
One of the main reasons this act is threatening to the bulls is the fact that this may mark the start of what may lead to a “Death Cross.”
