Bitcoin Buying Pressure Wanes—Chart Reveals 60-Day Downtrend

Analysts reported that the crypto community is witnessing a decline in the buying pressure for Bitcoin, pushing the firstborn cryptocurrency into negative territory.

However, some market observers noted that not all is lost in the recent slide of Bitcoin, saying what seems to be an unfavorable condition offers opportunities for long-term investors.

Downward Trend

Analysts said that a weakening buying pressure on Bitcoin might be a cue that the crypto is entering a downward trend phase with some observers saying that BTC is already within the negative pressure zone.

“Bitcoin’s buying pressure has decreased over the last 60 days, allowing room for selling pressure,” Joao Wedson, Founder & CEO of Alphractal, said in a post.

Bitcoin’s buying pressure has decreased over the last 60 days, allowing room for selling pressure. Negative regions present two opportunities: