Market loses major part of momentum as Bitcoin plummets
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The general outlook for the market is gloomy, with many investors doubting whether the bull run can continue. The selling pressure is increased by the apparent reduction in holdings by institutional investors, who have been a major factor in Bitcoin's rally.touching the 200-day exponential moving average support level, a critical turning point has been reached. This level frequently acts as a strong support and might cause the asset to reverse upward.
Usually interpreted as a bullish signal, this event may draw in additional buyers and result in a longer-lasting upward trend. Market sentiment is still cautious right now. Lower trading volume and liquidity across the board in the cryptocurrency space have hurt XRP's chances of making a significant comeback. Due to likely broader economic uncertainties, institutional interest appears muted and retail investors are hesitant.
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