Both the cryptocurrencies Bitcoin (BTC) and Ethereum (ETH), which are both showing bearish signals at the start of the new week, are still losing money. The overall cryptocurrency market is also having trouble, as Bitcoin and ETH have both dropped by more than 6% over the last few days.
Other well-known cryptocurrencies with unfavorable sentiment include Litecoin (LTC) and Dogecoin (DOGE).
The Federal Reserve is more likely to adopt a hawkish attitude as a result of the steady stream of positive US economic statistics, which is one of the main causes hurting the market for cryptocurrencies, including Bitcoin.
The Silvergate scandal has also made the market’s losses worse. In the meantime, Binance’s management voiced worries about potential regulatory problems stemming from their partnership with Binance US.
It’s important to note that Binance thinks US regulators will see them as a single organization, which might lead to regulatory challenges and significant Bitcoin losses.
Moving ahead, the cryptocurrency market is projected to strengthen as traders and investors eagerly await strong economic data from China, which is anticipated to be announced this week.
Today’s Bitcoin Price
| DATE | BTC | USD |
|---|---|---|
| Today | 01 | $ 22,227.44 |
Bitcoin Price Prediction
Bitcoin is currently trading at $22,357.71 and has a 24-hour trading volume of $18,546,058,671. The price of Bitcoin has dropped by 0.26% over the past 24 hours.
The BTC/USD pair is currently stabilising inside a constrained trading range of $22,000 to $22,500, according to technical analysis. The Bitcoin market may experience additional price movement if this range is violated.
A bullish breakthrough, which may expose BTC to the $22,800 or perhaps $23,250 levels, is possible if the price breaks over the $22,500 mark. But, there is a chance for a rebound if support maintains around the $22,000 or $21,750 level.
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