The Bitcoin price has been under intense pressure for the past few weeks. Its price has declined more than 7% in the past seven days. However, it has been hinting at a recovery, climbing nearly 4% in the last 24 hours. The BTC token has been among the worst-performing coins alongside Ethereum, Ethereum Classic, THETA, Vechain, and FTX token. Bitcoin’s total market capitalization currently stands at $830 billion. It is the most valued digital asset in the world.
BTC Price Action
The BTC price broke its 3-day losing streak on Wednesday. Its price dropped nearly 9% on Monday after taking a sharp nosedive on the Pyth Network. The Pyth Network is a data network run by several of Wall Street’s biggest players.
Bitcoin slid more than 90% to $5,402 on the data network, which is far below everywhere else. The Pyth network later reported that two unidentified firms that supply data to the platform had encountered several hiccups in their system. This saw the firms report extremely low Bitcoin prices.
In the last two days, the general crypto market has been showing signs of improvement. According to CoinMarketCap, the global crypto market capitalization has jumped almost 6% to $1.98 trillion.
Despite its positive outlook in the near term, Bitcoin’s volume remains in the red. The total volume of the BTC token traded in the last 24 hours has declined by nearly 11%.
Bitcoin Price Analysis
The daily chart shows that the Bitcoin price has been struggling to move past the $45,000 level, but with no success. It is moving below the 25-day and 50-day exponential moving averages, which is a bearish sign. At the time of writing, it was trading slightly higher at $44,185.
Therefore, while the BTC price outlook remains uncertain, investors are focusing on its price to see the path it takes.