• Bitcoin (BTC) prices are facing pressure due to increasing regulatory challenges.
• Traders remain uncertain if the support level of $27,000 will be breached.
• New memecoins such as WOJAK and PEPE have been gaining popularity while Bitcoin’s market dominance is on a bearish trend.
Bitcoin Facing Regulatory Pressures
Bitcoin suffered significant losses today as regulatory pressures took a toll on market sentiment. Prices dropped, leaving traders wondering if the cryptocurrency could fall below the critical support level of $27,000. Despite this uncertainty, some traders remain optimistic, placing big bets on a potential rebound.
Weekly Death Cross
According to CoinMarketCap, Bitcoin’s price currently stands at $27,346 but the past 24 hours have seen a 3.16% drop in prices and 10.12% decline over the week; indicating that the market sentiment towards Bitcoin remains shaky. Technically, the weekly death cross between the 50 and 200 MA is expected to lead to more volatile days ahead for BTC prices.
New meme-coins such as WOJAK and PEPE have been rising in popularity while Bitcoin’s market dominance has been declining steadily; currently standing at around 47%. Ethereum came in second with 18%. The total crypto market capitalization hovered around $1.23 trillion with a daily traded volume of approximately $60 billion.
Uncertain Future Ahead for BTC Prices
A well-known crypto analyst expects Bitcoin to remain in correction mode if it fails to break above the $29k level in coming days leaving many investors unsure whether it’s the right time to invest or wait for a more stable market environment.
Big Bets Placed on BTC Rebound
Despite these concerns many traders remain optimistic about a potential rebound placing big bets on its recovery however there is no guarantee that these bullish bets will help or hurt bitcoin prices in short-term until new regulations come into effect or crypto markets stabilize