Bitcoin's price has declined 2.3% over the past 24 hours to $29,139 according to the latest market data. Here are some key takeaways for traders to consider:

Short-Term Momentum Remains Bearish

Bitcoin's price has been declining over the past week, with losses of 2.72% over the past 7 days. The declines have accelerated over the past 24 hours, with Bitcoin falling 2.3% to its current level of $29,139. This suggests strong downward momentum in the short-term.

Technical indicators also reflect this bearish momentum. The 24-hour volume of $11.25 billion indicates sellers are dominating the market. Bitcoin is also trading below its 20-day and 50-day moving averages, signaling the path of least resistance is to the downside.

Longer-Term Uptrend Still Intact

Despite recent weakness, Bitcoin remains in a longer-term uptrend. The cryptocurrency is still up a sizable 26.44% over the past 6 months, reflecting bullish sentiment over the longer-term.

Significant support also exists around the $28,000 - $29,000 level, which has held as support multiple times over the past year. This suggests long-term holders are still accumulating around these levels.

As long as Bitcoin holds above the key support zone, the longer-term uptrend likely remains intact. Patient traders may view pullbacks as an opportunity rather than a warning sign.

How Will Bitcoin Price Action Affect Altcoins?

Bitcoin tends to lead wider cryptocurrency price action. When Bitcoin's price declines significantly, altcoins often follow along. Traders may want to watch for bearish momentum across the crypto sector if BTC continues trending lower.

However, altcoins that exhibit strong fundamental momentum, like growing developer activity and user adoption, may be able to buck the trend. Traders should monitor altcoin chart patterns and on-chain data for signs of resilience.

Should Traders Buy the Dip or Sell the Rally?

With Bitcoin in a short-term downtrend but longer-term uptrend, traders may be wondering if they should buy the dip or sell the rally. There are pros and cons to both approaches:

• Buying the dip can produce big gains if Bitcoin resumes its uptrend. However, the dip could continue. Use risk management.
• Selling rallies generates profits during rebounds. However, you risk missing larger gains if uptrend resumes.

In determining the best move, consider your time horizon and risk tolerance. The longer your time frame and higher your risk appetite, the more viable buying dips become. Always use stops and position sizing to manage risks.

Should Crypto Traders Focus on Short or Long-Term Price Action?

Determining whether to focus on short or long-term cryptocurrency price action depends on your trading style and goals. Here are some key factors to consider:

• Time Horizon - If trading short-term, focus more on hourly and 4-hour charts for entry and exit signals. For long-term holdings, prioritize weekly and monthly charts.
• Risk Tolerance - Active short-term traders must accept bigger risks from volatility. Long-term investors have more room for drawdowns. Choose a style that matches your risk appetite.
• Strategy - Certain strategies favor shorter or longer-term focus. For example, scalping works on very short time frames, while position trading looks at long-term trends.
• Market Conditions - During strong trends, higher time frames provide guidance. In choppy markets, shorter time frames may identify opportune trades. Adapt your focus.
• Goals - Day traders want regular profit taking, while HODLers aim for bigger long-term gains. Set goals to match your desired approach.

In summary, know thyself. Consider your own trading style, risk tolerance and goals first when deciding on short vs long-term focus. The market conditions can then dictate adjustments to your approach.

Is Cryptocurrency Price Volatility Good or Bad for the Market?

Cryptocurrency price volatility generates strong opinions. But is it ultimately good or bad for the crypto market? There are two sides to the debate:

• Volatility is Bad - Wild price swings can deter mainstream adoption. Businesses/consumers want currency stability for practical use cases. Crashes also erode confidence in the crypto market's maturity.
• Volatility is Good - Major price moves attract investor/speculator interest. Volatility presents opportunities to profit from both rallies and declines. Survival of big crashes builds anti-fragility into the crypto ecosystem.

There are merits to both viewpoints. Ultimately, volatility may pose short-term growing pains but offer long-term benefits. It fuels needed speculation early, but stabilization must follow for cryptocurrency to evolve into a true global currency alternative. Therefore, don't fear volatility, but don't depend on it indefinitely. The crypto market's maturation will eventually smooth the ride.