BTC was trading around $29,300 at press time and is down by 3% over the past 24 hours.
Immediate resistance is seen at $33,000 and $35,000, which is where a breakdown in price occurred earlier this month. That suggests a large number of sell orders could limit a relief rally over the next two weeks.
Further, the recent underperformance of alternative cryptos (altcoins) relative to bitcoin suggests a lower appetite for risk among crypto traders. Typically, alts decline by more than bitcoin during down markets because of their higher risk profile. The broader risk-off environment could keep BTC's short-term downtrend intact.
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