Bitcoin's price continues to decline, down 5.7% in the past 24 hours and 24.7% from its all-time high in January.
The Bull Score Index, an indicator of market sentiment, has dropped to a remarkably low level of 10, indicating severely bearish conditions.
Increased activity among older Bitcoin holders suggests potential selling pressure, with 1,057 BTC aged 7 to 10 years recently moving.
Analysts have contrasting views, with one pointing to the Relative Strength Index as a sign of potential bullish momentum, while another warns of a deeper market downturn if key support levels are not maintained.