The crypto market has traded under a bearish influence for two consecutive days, indicating a drop in the buying power for cryptocurrencies. Further, top tokens have lost significant value to their portfolio, resulting in them trading close to their key levels.
The proposal of Elizabeth Warren’s Bipartisan Bill for stricter cryptocurrency regulations is assumed to be the prime reason for the market leader, Bitcoin price, to record the recent price drop.
The BTC price traded in a closed range between $36,000 and $37,033 for a brief period. During this time, Star Crypto experienced significant price volatility in its chart. The bulls regained momentum, and the price broke out of the range, but the rally was short-lived as the coin faced rejection at $38,250.
The price then traded in a consolidated range between $37,033 and $38,250 for a while, after which the price regained momentum and jumped 17%, resulting in it recording a new yearly high of $44,716.
Following this, the BTC coin faced rejection. After trading sideways for a week and multiple failed attempts to break out, the market leader lost momentum, resulting in a price breakdown.
Since then, the price has been trading under a bearish influence and has recorded a correction of over 5%.
The Moving Average Convergence Divergence (MACD) displays a constant red histogram, indicating a bearpower in the market. Further, the average shows a constant decline in the chart, suggesting the price will continue losing momentum in the coming days.
If the bulls push the price above the resistance level of $42,019, the BTC price will regain momentum and prepare to test its upper resistance level of $43,168. Further, if the market maintains the price at that level, it will make a run to retest its yearly high of $44,716 by the year-end.
Conversely, if the bears continue to overpower the bulls, the Bitcoin price will lose momentum and fall to test its support level at $40,986. Moreover, if the bears continue to dominate the market, it will plunge further and prepare to test its lower support level of $40,000 by the coming week.
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