The price of Bitcoin has confused many investors after it had fallen below $ 84,000. Despite strong bullish factors in the past week, the recent price movement is far from the high expectations of analysts who are after the announcement of the strategic Bitcoin reserve.
Bitcoin drops more than 6%
Bitcoin is currently being traded at $ 80,909, a decrease of more than 6% in the past day. Bitcoin has fallen 3.37% in the past week, with trade volumes by 53%. Despite the falling figures, Bitcoinwalvissen actively buy and collect more than 22,000 BTC in just three days.
Despite a week full of positive news, including the signing of an executive order for a strategic Bitcoin reserve, a crypto top in the White House, and the encouraging of statements from the OCC, the price of Bitcoin falls unexpectedly and can fall under $ 80k.
The out-of-sync price promotion!
On March 7, President Trump signed an executive order to use seized Bitcoin instead of buying it from the market. This step ensured that the price of Bitcoin fell more than 6%, from $ 90,400 to $ 84,979. “The knee-jerk reaction lower is probably due to the realization that no actual budget has been assigned for BTC purchases in the short term,” QCP Capital shared in a recent remark.
However, it also noted that although this was not the bullish catalyst as many had expected, it is still positive for crypto. The risk of random Silkroad BTC sales that disrupts the market has disappeared and the US government has re-confirmed its dedication to a long-term crypto strategy, noted.
An analyst expressed surprise and said that in his 8 years with Bitcoin he never saw the price promotion out of synchronous with the news. This week was one of the most bullish in the history of Bitcoin, but the market is confronted with deterioration.
What causes the drop?
Various factors are behind the recent price fall in Bitcoin. Macroeconomic issues, such as new US rates, have fueled a sale in Bitcoin and other cryptocurrencies. In addition, the release of the non -agricultural wage lists (NFP) report on Friday suggests that the Federal Reserve can tighten the monetary policy, which could harm the price of Bitcoin.
Experts noted that although the executive order for a strategic Bitcoin reserve and the crypto -top were positive, the lack of concrete policy possibly cooled the enthusiasm of investors. By the way, the decline of Bitcoin also drags down Altcoins, with ETH, XRP and BNB that, respectively, lose more than 6%, 6% and 4% in the last 24 hours.
