Bitcoin, the world's largest cryptocurrency by market capitalization, has experienced a decline of almost 10% in the past week, falling from $29,000 to just above $26,000. This unexpected drop has caused pessimism in the cryptocurrency market, with many investors looking for alternatives to Bitcoin. According to trading expert Michael van de Poppe, Bitcoin needs to reclaim the $26,500-$26,800 price range to avoid falling to $25,000. The technical analysis for Bitcoin on TradingView's 1-day gauges is not bullish, with moving averages and oscillators pointing to a sell sentiment.
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