Why is Bitcoin price down today?
Bitcoin price is down today as macroeconomic pressure, declining Bitcoin network usage, and doubts over the Fed rate decrease drive prices downward.
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3 on-chain indicators suggest the Bitcoin price sell-off is losing steam
Bitcoin (BTC) entered a consolidation phase following its May 19 crash from $42,600 to $30,000 on Coinbase. The flagship cryptocurrency recovered its losses quickly and reclaimed $40,000 but it failed to log a clear bullish breakout above this resistance level and at the time of writing the price remains pinned below $40,000.The latest price action…