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Several authoritative experts in the field of cryptocurrencies spoke about the situation in the bitcoin (BTC) market at once. They noted that digital gold quotes fell by about 2% over the past day, having lost a total of about 5% over the past few days. Market researchers have expressed their opinion on the future of the Bitcoin exchange rate.
Well-known analyst James W. Strathen of CryptoSlate noted that open interest interest has risen to nearly 450k BTC. The funding rate remained positive, but ended up liquidating about $120 million in the last 24 hours, mostly in long positions.
Another popular RektCapital analyst noted that BTC has been deviating from the $27,600 resistance level for the 2nd week in a row. In his opinion, this suggests a continuation of the downward trend in prices. The specialist emphasized that BTC is at the support level of $26,200. If this mark cannot be maintained, then there will be a further fall in quotations. In addition, the researcher noted that the price of BTC is right on the 200-week moving average (MA).
According to him, the loss of the support level at $26,200 will indicate that the rate of the flagship digital coin will fall to the lower limit of $20,000 very soon.
As of 12:20 Moscow time on May 25, 2023, the price of the Bitcoin cryptocurrency was $26,250. This indicator has decreased by 2.16% over the past 24 hours. The market capitalization of the virtual asset fell to $508.45 million, and the trading volumes for the last day were $15.82 billion.
The percentage of Bitcoin dominance over altcoins in the market decreased to 46.1%. The total supply of all cryptocurrencies also fell by about 1.5%. This figure was exactly $1.1 trillion.
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