Bitcoin (BTC) dropped more than 15% in the last two weeks. The cryptocurrency hits a fresh all-time high of above 68,000 this month. At the time of writing, $BTCUSD is trading below the $60000 psychological level.
The recent bearish sentiment started after the U.S. Securities and Exchange Commission rejected a Bitcoin spot ETF and the US recently implemented the infrastructure bill to include crypto activities within the regulatory scope of the Internal Revenue Service (IRS).
Technically the overall momentum remains mixed after the pair witnessed sustained downside pressure over the past 2 weeks. However, the bears need to see a confirmed break below the crucial support of $50,000 to objectively tell us that the uptrend has ended. So, if it is sustaining above $50,000 in coming weeks and the momentum picks up there are chances the Bitcoin may eventually rise to a new height of $70000 and above. Meanwhile, any break below the $50000 level will open the doors to $47,500 and $43,000 levels.
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