BTC continued its descent on Thursday, May 14, shedding 1.5% to trade at $79,278. ETH mirrored the trend, falling 0.7% on the day to $2,258. Over the week, BTC’s performance has turned negative by 2.6%, signaling an intensification of selling pressure. Trading volumes remained moderate, suggesting the current price action is more technical than fundamentally driven. This marks the fourth consecutive day of declines, reflecting growing investor fatigue.
Traditional markets are also under pressure, with stock indices falling and the dollar strengthening. Furthermore, outflows from BTC ETFs have accelerated recently, indicating institutional investors are reducing their exposure. Some analysts attribute the price weakness to a lack of new positive catalysts to bolster prices. The $79,000 threshold is now being tested, and a break below this level could trigger a swift drop towards $77,000. However, buyers might step in at these levels, which are considered attractive for long-term investors. Meanwhile, ETH appears to be showing better resilience, potentially indicating a shift of capital from BTC to altcoins. The end of the week will be crucial in determining the market’s next direction.
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