The Bitcoin price has been hovering just above $26,000 after consolidating over the past week. Analysts predict a drop to $25,000 and below due to visible selling pressure on the technical charts. According to the PoW Floor pricing model, the BTC price could drop by 40% to under $15,000, which historically marks the end of bearish trends.
Bitcoin transaction volume has hit a three-year low, and analysts are warning against investing in Bitcoin at this point due to the possibility of price reversion. The SEC's decision on spot Bitcoin ETF applications could provide more clarity on the direction of the BTC price in the coming weeks.
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