#bitcoin-price-decline

#bitcoin-price-decline

Bitcoin has likely run out of steam in the short term after dropping nearly 5% over the past 24 hours, with a pullback toward $65,000, a possible outcome in the coming days. Price action is likely to remain between $65,000 and $75,000 in the coming weeks.

After surpassing $69,000 and approaching the psychological $70,000 barrier, the largest cryptocurrency by market capitalisation appeared to be on track to resume its upward trajectory. However, the swift pullback toward $67,000, including a volatile drop to $66,511, suggests in my view that the recent move was merely a technical bounce within a more complex macro environment, rather than the beginning of a sustainable bullish wave.

Shares of MicroStrategy ( NASDAQ:MSTR) are trading 20% below their 200-day moving average of $332.74, coinciding with a sharp deterioration in retail investor sentiment. Reddit discussions have turned decidedly bearish, with sentiment scores falling to 28 out of 100 in early December. The shift comes as Bitcoin dropped 16.6% from its mid-November peak of $104,050 to current levels around $86,774, putting pressure on MicroStrategy's $56 billion cryptocurrency holdings.