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Bitcoin Shows Weakness As Volume Drops And Doji Appears

  • Bitcoin is displaying bearish signals like a double-top pattern and low trading volume, indicating resistance and market fatigue after setting a new all-time high on May 23.
  • A Doji candle appeared on May 27, forming a lower high, further confirming the selling pressure in the market. Subsequent days saw Bitcoin continuing its downtrend with low trading volume, suggesting uncertainty among traders.
  • Traders are currently enjoying an average profit of 27%, with fears of market overheating if profits exceed 40%. Historically, such a scenario brings the potential for significant profit-taking and selling pressure.
  • The market sentiment has been impacted by external factors like the US tariff policy announcement, leading to cautious behavior among market participants. The potential for Bitcoin to restore bullish momentum hinges on breaking and closing above the previous all-time high.

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