As of Monday, Bitcoin and other cryptocurrencies have been experiencing a decline in prices, following last week’s sector rally. Over the past 24 hours, Bitcoin has fallen 1.2% to $30,392. Despite events in Russia over the weekend, Bitcoin has remained above $30,000 after reaching a 12-month high on Friday.
Currently, regulatory prospects for the crypto sector in the U.S. are believed to be the determinants of cryptocurrency prices’ future performance. The Securities and Exchange Commission is assessing applications for the launch of the initial exchange-traded funds to own Bitcoin.
According to market analyst Javier Molina of eToro, “the large $25,000-$31,000 range is now under pressure…If $31,000 is exceeded, the immediate bullish target is at $36,000. If it can’t break that resistance, $28,000 first and then $26,500 are the supports to watch.”
Apart from Bitcoin fluctuations, Ether, which is the second-largest cryptocurrency, witnessed a 1.2% price fall to $1,893. Other smaller altcoins also experienced a decline, with Cardano recording a 3.2% drop, Polygon falling 2.2%, and Dogecoin experiencing a 2.4% decrease.
It is still unclear whether the fluctuations will continue or whether the coins will experience bull or bear status in the near future.
