Bitcoin price makes lower low as miners sell and fear mounts

The resistance around $27,400 turned out to be too strong yesterday. Bitcoin (BTC) then fell all the way to $26,350, possibly one lowerlow. Still, bitcoin immediately recovered from the dip, but it did not immediately manage to recapture $27,000. At the time of writing, the price comes in at $26,860 on Binance and $24,925 on Bitvavo. This puts the bitcoin price down 1.9% today. The total market capitalization is $521 billion and the dominance is 46.3%. The Fear & Greed Index comes out at 48 (Neutral).

Rising stocks, falling gold price

The ongoing debt ceiling talks in the US are currently gripping the market and investors are extra cautious. Positive signals about a deal caused stock markets to rise sharply yesterday. However, bitcoin is behaving more like gold again this year and gold took a big hit yesterday.

Powell Speech and Interest

Federal Reserve Chairman Jerome Powell will give another speech later today. He may be talking about the upcoming interest rate decision of the US central bank. A few weeks ago, 0% of the market still thought that the Fed would raise interest rates again, but now 37% already expect this.

Sell ​​Bitcoin miners

It looks like bitcoin miners are once again opting to take profits. More than 2,000 BTC worth $54 million has been sold by BTC miners in the past 24 hours. This can lead to increased sales pressure.

Bitcoin volatility extremely low

Despite all bearish signals, the price is still holding up reasonably well. As a result, volatility drops to a remarkably low level. This could lead to a major breakout, either down or up, IntoTheBlock reports.

The 200-week moving average

Bitcoin continues to hold above the infamous 200-week moving average, which is currently hovering around $26,200. The market often sees a dip below this limit as a very bearish signal.

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