Bitcoin shows signs of weakening demand that could lead to a drop toward $72,000.
Market observers note bearish technical indicators and increased inflows to Binance as factors adding sell pressure on the cryptocurrency.
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Bitcoin briefly fell below $80,000 on Thursday as analysts noted rising profit taking among traders. The move came despite recent technical signals pointing to potential upward momentum.
Bitcoin has slipped below the $78,000 threshold in latest trading sessions.
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Bitcoin traders are holding out for one more price dip before expecting the uptrend to resume with new highs.
Bitcoin climbed to a two-month peak near $78,000, driven by easing geopolitical tensions and growing investor confidence. Ethereum and altcoins such as XRP and BNB also posted gains. Analysts highlight technical indicators suggesting potential for further upside to $84,000.
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Bitcoin fell toward 79,000 dollars as rising US Treasury yields, inflation concerns and higher oil prices prompted a risk-off mood across global markets. Major altcoins declined alongside the leading cryptocurrency. The total value of the worldwide crypto market also dropped.