Based

bullish

Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin’s price faces a bearish downturn after exceeding $66,000, creating market uncertainty.</li> 
 <li>Technical indicators suggest bullish sentiment, but potential trend reversal is possible due to rising volatility.</li> 
</ul> 
<p> After achieving the $66,000 mark, sparking enthusiasm in the crypto community and fueling expectations of a forthcoming bull run, <a href="https://coineagle.com/price/bitcoin/">Bitcoin [BTC]</a> found itself under a bearish influence.</p> 
<p>Based on recent data from CoinMarketCap, BTC was traded at $64,519, following a 1.65% drop in the last 24 hours.</p> 
<h2 id="bitcoin-s-bearish-turn">Bitcoin’s Bearish Turn</h2> 
<p>This sudden downturn has moderated the optimism of many investors, causing uncertainty in the market about the future of the leading cryptocurrency.</p> 
<p>On-chain analytics platform Santiment observed the bearish divergence and shared its insights, stating, “If you’re awaiting Bitcoin’s new all-time high, it may need to wait until the crowd slows down their own expectations.”</p> 
<p>In its most recent post, Santiment highlighted that there are now approximately “1.8 bullish posts toward BTC for every 1 bearish post”, indicating the persistent optimism despite recent market downturns.</p> 
<h2 id="technical-indicators-perspective">Technical Indicators’ Perspective</h2> 
<p>While discussions suggest that Bitcoin may take time to reach a new all-time high, technical indicators provide a more detailed view.</p> 
<p>For example, the Relative Strength Index (RSI) currently stands above the neutral zone at 59, indicating a bullish sentiment.</p> 
<p>However, the RSI has been on a downward trend since the 29th of September, signaling a potential trend reversal.</p> 
<p>This cautious perspective is further supported by the Bollinger Bands, which have expanded, indicating increased volatility and potential shifts in market sentiment.</p> 
<p>Despite this, the community remains optimistic as noted by a user — Crypto Rover who stated, “The #Bitcoin bull market starts here!”</p>

Is Bitcoin’s Hype Fading? BTC Falls Under $65K Mark

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CoinEagle.com

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