Bitcoin’s price has dropped by more than 15% since its all-time high, with three consecutive red candles on the daily chart for the first time since November. Analysts say that most of the drawdown may be over and a correction is “almost done.”
Captain Faibik, an independent crypto trader, believes BTC’s current decline is due to a massive bearish divergence between its price and relative strength index (RSI), which usually follows by an 8-10% fall. However, another analyst expects a deeper pullback.
Byzantine General, a futures market analyst, notes that the disconnect between spot and derivatives markets is causing selling pressure. Maartunn, a CryptoQuant analyst, also highlights Coinbase’s significant selling activity since Bitcoin was priced at $66,000, with “relentless” selling pressure.
Bitcoin realized losses have reached $28.9 million, 320% above its weekly average in 2024. The mid-term chart shows a bearish break of structure (BOS), but closing above $95,000 would be ideal for reversing the sentiment.
Source: https://cointelegraph.com/news/bitcoin-correction-almost-done-as-realized-losses-rise-above-weekly-average