Are Traders Bearish on Bitcoin Amid the Current Market Collapse?

• Bitcoin faces bearish pressure but potential rebound signals noted.
• Significant Bitcoin withdrawals indicate bullish investor sentiment.

Bitcoin has encountered a tumultuous ride in recent days, grappling with a formidable bearish onslaught since the weekend. With BTC hitting a nine-day low approximately 67,212 hours ago, its current valuation stands at $67,417, marking a 2.83% decline. Despite the downward spiral, trading volume has surged by 2.87%. Over the past week, Bitcoin has experienced a 1.87% dip, while over the month, it boasts a commendable 10% ascent.

In tandem with Bitcoin’s fluctuations, the global crypto market cap has witnessed a 3.04% decrease, resting at $2.45 trillion. However, the total market volume over the last 24 hours soared to $86.82 billion, signifying a substantial 61.59% surge. Bitcoin’s dominance stands at 54.17%, marking a marginal uptick of 0.09% throughout the day.

Despite an ambitious attempt to breach the elusive $70,000 threshold, Bitcoin was met with resolute resistance, experiencing a rapid plummet of over $2,000 within a mere hour. This setback echoed across the altcoin spectrum, with Ethereum shedding 4.3% to settle at $3,512.

Amid this volatile landscape, technical indicators present a glimmer of hope. The TD Sequential signals a buy opportunity on Bitcoin’s hourly chart, forecasting a potential rebound spanning one to four candlesticks.

Meanwhile, the crypto community’s scrutiny intensifies as market analysts dissect Bitcoin’s recent movements. A noteworthy revelation from 10X Research unveils the withdrawal of nearly 100,000 Bitcoins from exchanges in the past month, amounting to approximately $6.75 billion. This massive exodus underscores a burgeoning bullish sentiment among investors, typically signaling an intent to hodl rather than liquidate assets in the foreseeable future.

BTC Bears To Prevail?

Delving deeper into Bitcoin’s trajectory, the daily chart paints a nuanced picture. The digital asset finds itself entrenched in a bearish trend, with the 9-day Exponential Moving Average resting at $68,993. Meanwhile, the daily Relative Strength Index (RSI) hovers at 55, indicative of a neutral stance.

Looking ahead, Bitcoin’s fortunes hang precariously in the balance. Should the bulls sustain their momentum, the coveted $70,758 mark beckons as the next milestone, with $71,967 looming thereafter. Conversely, a resurgence of bearish sentiment could precipitate a descent to $65,196, potentially finding support at the $63,423 level.

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