The post Crypto Market Analysis: Why Bitcoin Price is Dropping Today? appeared first on Coinpedia Fintech News
The Crypto market is falling today as the Bitcoin price dropped back below $24,000 and is hovering below the crucial support at $23,800 at the moment. The price dropped but still carries the possibility of a rebound. However, the trading volume has to plunge heavily, indicating the bulls remained passive since the early trading hours. In the meantime, the bears also appear to be self-assured of the next bullish wave and chose to maintain a low-key trend.
After yesterday’s powerful green candles, the market participants were extremely bullish on Bitcoin and expected to reach beyond $25,000. Woefully, the bulls got drained that slashed the price lower. It has to be noted that during the previous upswing during the first few days of 2023, the buying volume spiked which lead to a 40% jump in the BTC price.
However, during the past surge, the volume reminds low comparatively
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