Bitcoin’s struggle to regain strength could indicate a bear run

Bitcoin price has been threatening a further drop, trading near the $30,000 USD support level early this week. To make matters more volatile, experts and analysts in the field are predicting that the token will possibly be looking at a bearish trajectory.

With a nearly 11% price drop over the past 24 hours of trading, Bitcoin is showing little to no signs of a short-term uptrend. After tagging an all-time high of $64,863 USD in April, Bitcoin has struggled to retain any strength in the market. At the time of writing, the cryptocurrency is looking at a $32,759 USD price tag.

According to Janet Yellen, United States Treasury Secretary, has voiced that she foresees higher inflation – an indicator that would usually promote the price of Bitcoin. Instead, Bitcoin dropped a further nearly $1000 USD after a minor rebound back to $33,000 USD.

Crypto Ed, one of the industry’s prominent traders, noted that he sees Bitcoin bouncing down before taking a step back up:

Bearish news for the market?

While it is still early days, analysts believe this might be beginning of another cryptocurrency winter heading out of a significant bull run. As Timothy Peters, of Cane Island Alternative Advisors investment, put it, this drop has lasted 17 days consecutively with no signs of a rally. He noted that historically, this has signalled the end of a bull run.

Related Articles

CBDC adoption: Russia enters final phase to test digital ruble

Russia is in the final phase of testing a central bank digital currency (CBDC), which will be used for both national and international...

What exactly is DeFi? Decentralised finance explained

DeFi is a set of technologies that enables people to manage their funds on a peer-to-peer basis and it's changing the way money can be used.

Expansion: Coinbase will be launching in the Netherlands

As part of its global expansion, Coinbase has announced that it has been granted regulatory approval from the Netherlands' national bank.

Is Bitcoin better than retail estate as an investment?

According to MicroStrategy CEO Michael Saylor, Bitcoin presents a much better long-term asset than property.

See All