Bitcoin Price Drops Below $23,000 as Bearish Trend Continues
Bitcoin, the world’s largest cryptocurrency, has continued its downward trend as it dropped below the $23,000 mark against the US Dollar. The decline comes after the digital currency failed to break through the $24,000 resistance zone.
According to data from Coinbase, the BTC/USD pair is now trading below the 55 simple moving average (4-hours) and there is a major bearish trend line forming with resistance near $22,500. Analysts predict that the pair could extend its decline towards the $21,500 and $21,000 levels.
The decline in Bitcoin’s price has been attributed to a number of factors, including increased regulatory scrutiny and concerns over the cryptocurrency’s environmental impact. Some investors have also been taking profits after the digital currency’s recent rally.
Despite the recent decline, many analysts remain bullish on Bitcoin’s long-term prospects. They point to the growing adoption of cryptocurrencies by institutional investors and the increasing use of blockchain technology in various industries.
However, others warn that the volatility of cryptocurrencies makes them a risky investment. They advise investors to be cautious and to only invest what they can afford to lose.
As of writing, Bitcoin is trading at $22,200 against the US Dollar. The cryptocurrency’s market capitalization has also dropped to $414 billion, down from its all-time high of $1.2 trillion in April.
