Bitcoin Undergoes Short-Term Pressure As Market Faces Fear

Bitcoin ($BTC) is now going through pressure based on the latest market data. In this respect, the current price shows a more than 2% dip over the past 24 hours. In addition to this, the wider crypto market fear is impacting the leading crypto asset’s performance. At the moment, the traders are keenly watching for the likely shifts to take place in the near term.

Bitcoin Shows 5.20% Monthly Profit while Short-Term Price Trajectory Remains Declining

In line with new market data, Bitcoin’s ($BTC) price is hovering around $68,703.11. This signifies a 2.67% decrease in price over the past 24 hours. However, the 24-hour volume of $BTC stands at $39.29B, showing a 13.66% jump.

Apart from that, the weekly performance of the top cryptocurrency indicates a 2.98% plunge. , Additionally, the market capitalization of $BTC stands at $1.37T, highlighting a 2.72% decrease. Contrarily, when it comes to the 30-day price trajectory, Bitcoin ($BTC) displays a 5.20% rise.

Long-Term Market Outlook Stands Strong Despite Fear

The positive community sentiment suggests that the investors are still witnessing long-term potential, irrespective of the weakness and slower pace. Keeping this in view, the monthly performance still presents an optimistic outlook. However, the near-term stability and trajectory of Bitcoin ($BTC) will potentially rely on whether fear-led selling furthers or a relief rally is triggered from the oversold conditions.

As the market data suggests, the 50-day simple moving average (SMA) of Bitcoin ($BTC) sits at $69,403 while the 14-day relative strength index is neutral at 53.39 points. Additionally, Bitcoin ($BTC) is set to hit the $74,204 mark over the month. Overall, the next few weeks are crucial to better determine Bitcoin’s ($BTC) further course of action.