The cryptocurrency market is decreasing, with Bitcoin at the forefront of the drop. After some price increases, altcoins are now seeing a drop as trading volumes go down. The crypto community is staying positive and is now in a ‘buy the dip’ phase, according to recent reports.
Bitcoin has dropped for five days, falling 0.72% in the last 24 hours, hitting a low of $93,700. Investors are worried about this downward trend. Market analyst Ali has noted the ‘Mayer Multiple’ indicator, which has been reliable in the past, indicating a possible price rebound for Bitcoin. Ali believes Bitcoin’s price could reach $168,500 during recovery phases.
In the last week, Bitcoin dropped by 8.97%. It began the week at $105,329 and is now trading at $95,633, according to CoinMarketCap. Bitcoin’s performance shows a selling trend, with a Relative Strength Index (RSI) of 46.02. Data from Coinglass shows that Bitcoin has experienced $62.03 million in liquidations in the past 24 hours.
