The price of Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, has been experiencing a period of decline over the past week. It has fallen by almost 10% from as high as $29,000 to its current level of just above $26,000, causing much pessimism in the cryptocurrency market.
The recent price drop has come as a surprise to many investors, as Bitcoin had been on an upward trajectory in the previous weeks.
Bitcoin is currently ‘showing signs of weakness,’ while altcoins are bouncing back from a significant retrace. Altcoins’ performance in their Bitcoin pairs is seen as a signal that investors are looking for alternatives to the top cryptocurrency, according to the analysis of the well-known crypto trading expert Michael van de Poppe on May 12.
Van de Poppe believes that Bitcoin needs to reclaim the $26,500-$26,800 price range before hitting longs. Otherwise, the flagship digital currency may fall to $25,000.
BTC price chart. Source: Michael van de Poppe
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