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Crypto expert sounds the alarm warns ‘Bitcoin is showing weakness’

Crypto expert sounds the alarm warns 'Bitcoin is showing weakness'

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

Bitcoin price analysis

Bitcoin is currently trading at $26,379, which represents a 3.80% drop over the past 24 hours; it has lost 9.38% in the past week, indicating a downward trend in its value; this is in line with the weakness that trading analyst Michael van de Poppe noted earlier. 

BTC 1-day price chart. Source: Finbold

Moreover, the market capitalization of Bitcoin is currently at $511.3 billion, a decrease from its previous value.

Bitcoin’s technical analysis on TradingView’s 1-day gauges is not bullish. Namely, the TA summary for the cryptocurrency indicates a ‘Sell’ sentiment at 12.

BTC technical analysis summary. Source: TradingView

The negative sentiment mainly comes from moving averages (MA) pointing at ‘Sell’ at 10. Oscillators are also bearish, with the indicator showing a ‘Sell’ rating at 2. 

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