Bitcoin couldn’t take forward its movement beyond $21000 as it just fell below the mark. Despite bullish emotions triggering the market in the last two weeks, a series of unfortunate incidents could have influenced the market negatively in the last 24 hours. BTC had risen consecutively for 14 days before shedding almost 3%. The overall market value of the crypto markets also fell by almost 4%.
Almost all other cryptos were trading with losses in the previous 24 hours. Ether, Dogecoin, Polkadot, Chainlink, and many other altcoins were trading below their earlier levels. The downward trend in BTC isn’t significant, but analysts have maintained a cautious approach for now. Many experts believe that the sell-off in the market was due to the United States cracking down on a crypto exchange based in Hong Kong, whose founder was arrested.
BTC/USD 1 month price chart
Bitcoin is currently trading at around $20700 on January 19, 2023, with BTC/USD up by 0.58% in the previous 24 hours, though it had fallen steeply in the late hours of January 18. BTC/USD is trading higher, above its 20-day EMA (17,941.37), with most other cryptos trading downwards.