Bitcoin (BTC) reached $30,000 several times in the last 24 hours, but quickly gave up its position.
Bears increased pressure the night before and provoked BTC to fall below this mark.
At the time of publication of this review, the largest digital currency was trading at $29,400. Bitcoin’s capitalization fell by 2.5% to $573.429 billion overnight.
Ether (ETH) sagged to $1849 on Thursday night. Dogecoin (DOGE) and Solana (SOL) fell 1.5% to $0.074 and $24.2, respectively.
Of the leading altcoins, only Shiba Inu (SHIB) is steadily gaining. During the week, its price soared more than 16% to $0.0000095.
Bitcoin’s fall was the result of a change in investors’ tactics. They switched to profit taking back on Wednesday when BTC broke above $30,000 for the first time, according to a report from Santiment.
The RSI relative strength index is declining, indicating that BTC is oversold. According to experts, bitcoin will try to get closer to $30,000 again in the coming days.
Another indicator SOPR, which displays the effectiveness of BTC sales, is holding above 1 this week, as evidenced by data from the CryptoQuant platform. That is, most market participants are selling cryptocurrency at a profit, so the risks of panic dumping of BTC are reduced.