Bitcoin’s price experienced a temporary surge following Grayscale’s legal victory against the SEC, but quickly faced resistance and declined by 2%. Large Bitcoin holders have been accumulating significant amounts of BTC, but their increased selling activity may be contributing to bearish pressure. Long-term holders also appear to be losing confidence and selling at current levels. Both bulls and bears are battling as Bitcoin’s price declined, with bulls defending against a decline below $27K. Surging moving averages and an overbought RSI level suggest that bulls currently have an advantage, but resistance at $28,700 may challenge their upward trend. Overall, the article indicates a negative sentiment towards Bitcoin’s price outlook.
AI Sentiment: Negative