The recent decline in Bitcoin (BTC) has raised concerns among market participants as the largest cryptocurrency struggles to maintain its upward momentum. With the loss of key moving averages and the $27,000 level, BTC’s sharp decline has been exacerbated by negative market sentiment and delays in the approval of spot Bitcoin Exchange-Traded Funds (ETFs) by the US Securities and Exchange Commission (SEC). Adding to the bearish outlook is the analysis of on-chain data, which suggests a lack of strong support below the $25,400 mark. Renowned crypto analyst Ali Martinez has emphasized this concern, highlighting the potential for a swift correction down to $23,340. However, the volatile nature of the Bitcoin market means that the outcome remains uncertain. Bitcoin Faces Extended Downtrend Ali Martinez’s recent post on X (formerly Twitter) has shed light on the on-chain data analysis for Bitcoin. Martinez points out that BTC is currently lacking robust support below the $25,400 level. Related Reading: Hedera Falls To Critical Support Level: Can HBAR Rebound This September? This observation is based on BTC’s UTxO Realized Price Age Distributi ..
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