Bearish Chart Pattern Threatens BTC’s Price

The price of Bitcoin, Ethereum, and a few popular coins are experiencing a collapse leading to a bearish chart pattern.

Until February 10, 2023, the crypto market was flourishing and saw good surges in most of the crypto coins. However, the crypto market being uncertain has been trending downward. Bitcoin (BTC), Ethereum (ETH), Binance (BNB), Solana (SOL), Dogecoin (DOGE), and Aave (AAVE) all experienced losses in trading. The price of bitcoin, the most popular cryptocurrency, soared since the new year and settled around $23,000 till last week. Bitcoin's price suddenly dropped, now valued at around $21,000. This intricate value made the market experience a bearish chart pattern.

The BTC value declined to 4.10% in seven days. This descending chart pattern indicates that the value even falls lesser than US$20,000. Experts foresee the declining value of cryptocurrencies could be due to the new regulations imposed by US Securities and Exchange Commission (SEC). Although each nation wants to encourage digital assets, they can't oversee the impostor activities that happening in the crypto sector. To address this concern, SEC has regulated new rules to have transparency and accountability. However, with strict regulations, the crypto coins prices are currently swinging.

Along with Bitcoin, Ethereum also experienced a downfall of 6.56 % in a week currently holding a value of US$1,521.41. Proving Ethereum is a trading partner with Bitcoin. Whenever Bitcoin sees a downfall Ethereum also witnesses a downfall in the same. The price of Bitcoin is directly proportional to the price of Ethereum. The other coins like XRP witnessed a downfall of 6% in a week currently holding a value of US$0.3753. Cardano is down by 7.44% in one week with a value of US$0.3631. However, Dogecoin remains to maintain the coin value with an increase of 2.58% in a week. While Dogecoin which was also trending for a few days experienced a downfall of 0.23% settling with a value of US$0.000013.