Crypto space has seen a keen drop over the last couple of days and a majority of the cryptocurrencies failed to defy their key levels. Bitcoin price incurred a loss of 14.79% over the week. Besides, prime altcoins such as Ethereum, Solana, and Cardano are down by 8.45%, 21.44%, and 22.20% over the past 7 days.
A recent report from Coinshares confirms the inflow of $184 million USD investment on Digital asset investment products. In the same time period, Bitcoin price has lost about 7% value, prompting traders to buy the asset when a trend is weak. However, the keen price weakness over the weekend led to $40 million outflows late Friday.
Bears Would Tear Down Bitcoin Price to $40k!
Traders’ appetite for risk assets depreciated with early signs of connoting that the bearish dominance could be historical. However, Bitcoin price has experienced a rise in sell orders over the past few sessions. A popular analyst Micheal Van De Poppe asserts a make it or break it scenario for the flagship asset.
The analyst has shared chart analysis, where he is seen hopeful of retesting before the commencement of the big bull run. As bears predominate the space at present, the BTC price would quickly bounce around $44k. Currently, it is moving around the close territory of 200 days MA, if a chunk of buyers jump in to trade the asset, a bull run is expected. The analyst is confident of a massive rally towards new ATH with a quick retest at $53,518. On the contrary, the price range between $40 to $44k would act as a crucial bottom.
Moreover, on-chain analytics looks positive for the asset. A recent report from a crypto metric platform Santiment reveals an optimistic outlook of the potential bull rally ahead. Whilst, investors sentiment tears down to bearish territory for the first time in a month, buying the dip would uplift the bets. However, currently, sentiment towards the asset is below Normal Standard Deviation hinting at a bearish dominance. Historical moves suggest the dip as a buying opportunity indicating a sign of a bull rally.
Collectively, a report from Glassnode confirms that ease in macroeconomic fears helped Long-term holders to balance their bullish bets on the Bitcoin price. However, the asset is hovering around a crucial territory, the next couple of weeks would be decisive to see whether the flagship asset will make it or break it!