Bitcoin’s correlation with precious metals rally as investors seek…

Falling to the $26,000 price mark two days ago, BTC’s price has since oscillated within a narrow range. An assessment of the coin’s price movement revealed that the king coin has since traded with $26,800 and $26,900 price marks.

At press time, it exchanged hands at $26,862.52, logging a 30% decline in trading volume in the past 24 hours and a 0.19% fall in price during the same period. With the coin’s weighted sentiment pegged at -0.566 as of this writing, data from Santiment confirmed investors’ lack of interest in accumulating BTC.

As indicated by key momentum indicators on the coin’s daily chart, it has caused selling pressure to outweigh accumulation.BTC’s Relative Strength Index was 40.48 at press time, positioned below its 50-neutral position. Likewise, its Money Flow Index was positioned in a downtrend, inching closer to the oversold position at 30.13.

Further, BTC’s price approached the lower band of its Bollinger Bands indicator at press time. This suggested that the coin’s price was nearing a potential support level or a period of consolidation.

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