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The price of Bitcoin has fluctuated over the last few years and the price hit a three-month low of $18.9k  on June 18, 2022, after Bitcoin experienced a more than 50% decline from its all-time high of over $69k in November 2021.

After that, it briefly recovered to $45k before continuing to decline. Since then, the price has been unable to rise above the $20k–$30k level, and market mood has remained uncoordinated.

Yesterday, BTC fell around $29K in a matter of minutes. Many people expected a speedy recovery, but that hasn’t happened yet. The market sentiment has changed, however, and the price is currently trading below an important level.

Nevertheless, the cryptocurrency is unable to recoup the $28K, and it is clear that the bulls are fighting to recover the upper hand. It dropped roughly 9% during the past week.

Twitter user Negentropic, the co-founder of Glassnode highlighted certain indicators which signaled that the current  bearish trend will continue.

According to him, the recent decline in the price of bitcoin was a move that was predicted to test the price action, which was seen on the chart.

The recent long squeeze from $30,000 to the lower $29,000 range, which triggered the liquidation of loan positions valued at $260 million in the prior days, is also discussed.

“Risk Signal > 0 This usually leads to unstable/bearish price action if it doesn’t revert back to 0. Last time it led to a short alt season (Feb – March 2023).”

With the recent volatility, the Bitcoin Risk Signal is more than  0, looking a little wobbly in the short term and suggesting that there might be a panic selling. The Fear and Greed Index moved back into a neutral position at 52 points after retreating from the greed zone.