Despite gaining as much as 4.6 percent during early Asian trading hours on Wednesday, Bitcoin remained on a downward course toward $32,000. The slow decline is eating away at year-to-date gains, which are now just around 12%.
BTC price action has failed to reestablish a positive trend despite improving fundamentals and continuous adoption narratives.
The number of coins traded every four hours has decreased since the June 29 sell-off, and daily turnover for the world's oldest cryptocurrency remains significantly lower than in recent weeks.
Indeed, bitcoin's intraday spot price hasn't had a higher-low, higher-high scenario since June 29's peak of $36,623. This indicates that the price action is firmly in the seller's favor.
After exceeding $30,000, Bitcoin (BTC) has been stuck in a price range for almost two months, and new data suggests why.
Nunya Bizniz, a renowned Twitter pundit, gave many arguments supporting the relevance of $30,000 for BTC/USD in a series of tweets on Thursday. Bitcoin is still 50 percent behind recent all-time highs and lacks direction, leading to negative predictions for what has been an eight-week meandering trajectory.