Bitcoin price is on a continuous decline since it has touched an all-time high of $69,000 on November 10th, 2022. Although the price has shown a shine of hope every now and then, it has not been able to come out of the bearish trend. The recent hike of $45K has sparked hope in crypto holders, however, the price was not able to hold this zone for longer. BTC’s price has witnessed a dramatic sell-off since hitting $45,000K price. The sell-off is still continuing with price breaching the key support of $38K.
The technical parameters indicate a further slump before any significant movement and trend reversal.
The Williams Alligator, a combination of the simple moving average, has given a downward cross-over in a while. Such cross-overs do not usually occur, and it reveals the trend of Bitcoin prices in the near future. Furthermore, the downward trend is solidifying with the ‘M’ pattern, which shows BTC may touch the historical support of $29,000 before bouncing back.
The current situation in Ukraine has further panicked crypto users. And the situation has got worsened with Canada’s crackdown on the users dealing and holding Bitcoin. If reports are to be believed, Canada is freezing the private Bitcoin wallet to curb the cross-border funding in digital assets. It has again sparked a wave of negativity surrounding virtual assets and led to a decline in BTC prices.
Gargi Sinha is working as Senior Journalist at Confea. She has completed her Masters in Journalism from Delhi University. She has interest in crypto and blockchain technology.