Bitcoin price is plunging!
Global market cap is approaching $900 billion!
The start of the fresh trading day was marked by bloodshed within Satoshi’s Street! The US president, Joe Biden, proposed a new tax regime to control mining activities and slaughtered the markets, igniting a fresh bearish wave. The impact does not appear to have reduced at the moment as the BTC price continues to drop and may approach crucial support very soon.
The BTC price has dropped by more than 8% since the early trading hours, which has not been followed by a decent rebound and is restricted to very minute levels. The bulls are constantly failing to induce the required pressure, and hence the bearish action may prevail for a long time ahead.
What bottoms may be tested by the BTC price amid the current descending trend?
Bitcoin’s price is melting down as it is dropping below the immediate resistance levels as the bears continue to mount enough selling pressure. After the initial breakout, in the first few days of March, the token was compelled to drop below the February lows of $21,500 with expanding volumes. At this pace, every high will be a liquidation opportunity for aggressive traders eyeing a bottom at $19,700 or lower.
The recent price action has driven the token towards the lower Bollinger Bands, which suggests a strong selling momentum. Moreover, yesterday’s bar was a bearish engulfing, slicing through $21,000. In the coming days, the traders are expected to witness more losses in the short term, while the long-term pattern is yet to be validated.