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- 1 Bitcoin is facing a crackdown from the US regulators with market sentiment not so positive
- 2 BTC price is currently trading near the value of $26348 with a drop of 3.79% in the intraday session
Bitcoin is one of the world’s first cryptocurrencies which was originally described in 2008 and has observed strong growth since then. The blockchain uses Proof Of Work to verify transactions. The adoption of Digital money has seen a spike since then. The number of people who hold Bitcoin has also gone up. One of the most prominent supporters of Bitcoin is tesla ceo elon musk. The new bitcoins are added to the circulating supply through Mining. The current block reward for Bitcoins is 6.25 Bitcoins. The current circulating supply of Bitcoin is 19,371,093. It is one of the most valuable cryptocurrencies and has a market capitalization of over $512 Billion. Bitcoin network has been seeing a spike in the retailer’s activity in the past week. Bitcoin transactions have seen an increase of over 200% in the past few months. The overall cryptocurrency market has been seeing a crackdown from the US regulators. It might be pushing the price of Bitcoin down.
Meanwhile, Bloomberg has recently reported that two of the biggest crypto market makers are stepping down from crypto trading in the USA. There are various personalities on Twitter who are saying that Bitcoin is under DoS attack. Bitcoin wallet of whales has observed no significant changes. Meanwhile, the number of active Bitcoin users has seen a decline in the past few days. There are currently over 16.5 Million cryptocurrency wallet addresses that are in a loss at the current price of Bitcoin. Bitcoin Blockchain has recently seen a spike in average transaction fees. The rise in Bitcoin transactions fees is shifting users towards Bitcoin Cash. Bitcoin Mining inflow has seen a rise of 44% in the past 30 days. Bitcoin Mining has seen a slight surge in the has rate in the past few weeks. Bitcoin protocol is seeing a decline in the number of large transactions. There is also a huge outflow of Bitcoin from the cryptocurrency exchanges. This is a good sign for the Bitcoin Blockchain and the upcoming digital currency trend. Bitcoin miners have also been seeing an increase in revenue. Bitcoin network is observing a spike in bear activity as per Intotheblock.
Recently Bitcoin Mining company Marathon received another subpoena from SEC. The Biggest decentralized cryptocurrency Bitcoin social engagements and dominance has been in a neutral direction. The price of bitcoin is currently in a downside move but can see a new high in the future.
Will BTC Price Test The Support Of $25000?
Bitcoin price chart is currently seeing a bearish trend in the weekly chart. It is forming a strong bearish candle on the daily chart. Bitcoin’s price is currently trailing near $26363 with a drop of 3% in the intraday session. The upside momentum of Bitcoin price can see a halt near the value of $28000. Meanwhile, the support of Bitcoin price can be observed near the threshold of $25000. Bitcoin price currently trading below just the 50 DMA and near the 100 Daily Moving Average. If BTC price dumps below the $25000 then a downside trend till $20000 can be seen.
The RSI of the live Bitcoin price is near 35 hinting at its presence in the oversold zone. There is a downside slope in RSI suggesting a downside momentum in price.
Summary
Bitcoin has seen strong regulatory pressure which is pushing the price of Bitcoin down. Bitcoin price is currently in downside momentum but can soon see a bounceback.
Technical Levels
Major Support:$25000
Major Resistance:$28000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
