$BTC
Currently, the price of Bitcoin (BTC) is at a critical level amidst significant fluctuations in the global financial market. BTC, as the leading digital asset, is often viewed as a leading indicator for the entire cryptocurrency market.
From a technical perspective, BTC is trading near important support levels after a series of down days. Trading volume tends to decrease, indicating a cautious investor sentiment. The RSI (Relative Strength Index) is approaching the oversold region, which may signal a potential short-term recovery if selling pressure gradually decreases.
On a fundamental level, factors such as the monetary policy of the U.S. Federal Reserve (Fed), global inflation, and regulatory frameworks regarding cryptocurrencies continue to impact the price of BTC. The upcoming halving event in 2024 is also expected to provide upward momentum in the medium to long term, as the supply of new BTC decreases.
However, high volatility and unstable market sentiment require investors to manage risk carefully. On-chain data shows that the flow of funds from exchanges to personal wallets is increasing, which may signal accumulation during this period. Overall, BTC is still in a consolidation phase and may need more time before determining a clear trend.