Bitcoin [BTC] users were left with losses yet again as the king coin slumped down to $32K. The digital asset witnessed a drop by around 10% over the last seven days as BTC’s market cap fell to $637.70 billion. However, it’s not just Bitcoin but every other cryptocurrency was seen drowning in the Red Sea during the time of writing.
Bitcoin Prolongs Bearish Occupancy
The one-day price chart of Bitcoin formed a symmetrical triangle pattern. The volume was also seen going earthward in the BTC market on Bitfinex further affirming the credibility of the aforementioned pattern. The direction of breakout during this pattern is usually uncertain. However, the Awesome Oscillator indicator laid out red closing bars suggesting a bearish momentum. The MACD line was overhauled by the signal line which suggested the presence of bears in the BTC market.
The direction of breakout is probably downwards, suggested by the above indicators. The Fibonacci Retracement line revealed that $32,787 could be the next stop for the king coin. If the pattern breaks out further, the asset could go down to $30,429 or 61.8% fib level.
While the value of the king coin was seen growing, several negative comments surfaced. This included the comments of Janet Yellen the nominee for treasury secretary. Cryptocurrencies had to fend off its association with the dark web. However, Yellen went back to affiliating Bitcoin to the dark web and said,
““Cryptocurrencies are a particular concern. I think many are used – at least in a transaction sense – mainly for illicit financing. And I think we really need to examine ways in which we can curtail their use and make sure that money laundering doesn’t occur through those channels.”
This engrossed several members of the crypto community who didn’t wait too long to hit back. The co-founder of Gemini, Tyler Winklevoss took to Twitter to respond to Yellen’s comment.
This is completely false. #Bitcoin is mainly used by citizens to protect themselves against the incompetence and gross negligence of central bankers.https://t.co/mC6J8Sgqj8
— Tyler Winklevoss (@tyler) January 21, 2021
The Winklevoss twin wasn’t the only one expressing concerns over Yellen’s latest comment, an array of people joined hands against this.
