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Bitcoin Is Suffering From ‘Short-Term Fatigue' Ahead of a Potential Continuation, Near $50K

Bitcoin failed to breach the $50,000 barrier during weekend trade and is showing indications of short-term profit-taking.

According to AnCu statistics, the world's biggest crypto by market value has dropped 2.5 percent in the last 24 hours and is now trading for approximately $45,892.

Despite this, bitcoin is up 56 percent year to date, thanks to a strong performance by optimistic traders in the first half of August, when prices rose from $38,000 on August 4 to approximately $48,190 on Saturday.

“The price has firmly recovered today, but this upward trend is exhibiting symptoms of short-term fatigue,” said Simon Peters, a market analyst at eToro. “Before the dominant trend reasserts itself, we may witness a modest pullback down to lower prices.”

According to Datamish data, low daily trading activity persists as bitcoin fails to gain ground as short positions grow, indicating to a return to lower supports around $44,000.

“Even if the trend has turned positive, a pullback is to be anticipated before continuation,” said Marcus Sotiriou, a sales trader at GlobalBlock in the United Kingdom. “This is because there has been a bearish divergence in the RSI indicator on the daily time frame, as well as falling volume with an increase in price.”

Over a 24-hour period, other prominent cryptos in the top 20 by market capitalization are mixed, with polkadot, solana, and terra recording the greatest gains and ether, XRP, and stellar losing the most.

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