The Bitcoin price is struggling. After soaring to an all-time high of $61,690 in February, the BTC has struggled even to move above the psychological level of $60,000. Today, the currency is trading at $52,740, which is slightly above yesterday’s low of $50,455.
Bitcoin news: The BTC price has struggled at a time when it ought to be doing well. For one, Fidelity has filed for a BTC ETF with the SEC. If granted, the fund will be a cheaper option for institutional investors to invest in Bitcoin. Bitcoin, therefore likely dropped because of investors who were selling their Grayscale Bitcoin Trust holdings in anticipation of the ETF.
Also, the digital currency dropped even after Tesla announced that it would allow customers to buy using the currency. While this was good news, it was already priced-in since the company has already committed itself to start accepting the currency. In trading, this is known as buying the rumour and selling the news.
Other reasons why the Bitcoin price fell is the overall strong US dollar and the performance of the US bond yields.
Bitcoin Price Prediction
The three-hour chart shows that the BTC price has been on a slow downward trend after it reached an all-time high of $61,690. It has formed what looks like a head and shoulders pattern and moved below the 25-day and 15-day moving averages. The price is also slightly above the second support of the standard pivot points.
Therefore, any move below this support will open the possibility of the price falling to the third support at $46,000, which is about 12% below the current level. However, a move above first support at $53,618 will invalidate this trend.
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BTC price chart
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