Bitcoin (BTC) has been steadily declining since the start of 2022 despite the bulls’ best efforts to keep the price high. At this stage, the crypto market leader’s dominance is down more than 30%.
Despite the mini rally that was recently seen in the crypto markets where the descending trendline was broken, the price of BTC fell below the $19k level. As a result of this, BTC lost a huge portion of its intraday gains.
This was bad news for the bulls as it resulted in an almost instantaneous drop of bullish momentum for stocks and other cryptos.
Bitcoin / Tether US 1D (Source: TradingView)
BTC’s chart indicates that bear flags are continuously being produced, which is only contributing to the ongoing bullish-bearish conflict. The recurring bear flag that is also visible on the chart indicates a persistent downward trend.
Despite the funding rates for BTC turning neutral for the first time in about two weeks, traders still seem unwilling to increase long-term investment, according to Arcane Research. This could be attributed to concerns about macroeconomic issues and the always-present threat of harsh crypto regulations and legislation.
Bitcoin perpetuals: Funding rates (Source: Arcane)
According to the crypto market tracking website, CoinMarkerCap, BTC is currently trading at $19,346.31 with a 3.40% increase in price over the last 24 hours after reaching a high of $19,688.34 over the same time period. The king of crypto is also still in the green by more than 1% over the last week.
BTC’s 24 hour trading volume is currently down by more than 11% and stands at $48,953,932,378 at press time.
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Source: Cryptocurrency - investing.com
