Bitcoin (BTC) Price Drops Below $42K as Bears Start to Takeover
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- The price of Bitcoin (BTC) has fallen to $41,897.15, a three-week low.
- BTC’s long holdings were liquidated in big numbers last week.
BTC continued its downward trend on Monday, slipping even farther into the trading range it has been in for much of the year. Inflation and a more hawkish Federal Reserve are expected to put further pressure on the token, which means analysts predict it to continue to lose value.
The price of Bitcoin (BTC) has fallen to $41,897.15, a three-week low. End-March gains of about $48,000 in 2022 have been nearly completely erased from the token. The token’s recent decline has been compounded by the recent declines in other crypto assets. Interest rate rises by the Federal Reserve have also sparked a sell-off in the stock market and the foreign currency market.
Trend Primarily Negative
In addition to BTC’s drop below $42,000, it temporarily fell below its 200-day moving average, indicating that the coin may be destined for even worse losses below $40,000. Famous crypto analyst @SmartContracter, predicts that the token will fall to as low as $37-$38,000. While the world’s biggest cryptocurrency may enjoy a temporary relief rally in the near term, the trend remains primarily negative.
According to recent statistics, BTC’s long holdings were liquidated in big numbers last week. Due to recent losses, traders’ expectations for further growth in the token may have shifted. Several reasons are against BTC’s price, including increasing inflation, a growing link with equities, and a continual halving.
According to CoinMarketCap, the Bitcoin price today is $42,314.11 USD with a 24-hour trading volume of $21,542,821,039 USD. Bitcoin has been down 0.76% in the last 24 hours.
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