Bitcoin Bulls Face Resistance Despite Positive U.S. Inflation Data

Price Analysis
The price of Bitcoin (BTC) has seen a significant drop in recent weeks, falling from highs of over $60,000 to around $35,000 at the time of writing. This sharp decline has caused concern among investors and analysts, with many wondering if this is just a temporary dip or the start of a longer-term trend.
Technical Indicators
According to technical indicators, Bitcoin is currently in a bearish trend, with the Relative Strength Index (RSI) showing oversold conditions. This means that the selling pressure is outweighing the buying pressure, which could continue to push the price down.
Market Sentiment
Market sentiment towards Bitcoin has also shifted in recent weeks, with many investors expressing caution and uncertainty. This is reflected in the increased volatility of the market, as well as the decrease in trading volume.
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Sentiment Result : Negative

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