Bitcoin witnessed seven weeks of disappointments for the first time in its history. Experts insist the plunge is because of more stringent crypto regulations, systematic threats in the digital currency space, and reducing the retail interest.
In mid-March this year, Bitcoin touched the 47,000 USD level, which lasted for about a fortnight. However, it dipped to a price of 37,000 USD. The crypto has since then been down every week.
Meanwhile, the 2nd largest cryptocurrency, Ether also dipped as low as 1,704.05 USD for each coin. This is the first such occasion when the token came down below the 2,000 USD mark since June last year.
Good news for BTC fans
However, Bitcoin fans have something to rejoice about. On May 26, Bitcoin saw a recovery from its earlier price of 28,000 USD on the NY trading day. The digital currency steadied itself at the price level of 30,000 USD over the last fortnight.
The token was trading at a value of 29,500 on May 26 and was more or less flat for that day. However, it decreased by 2 percent over the previous week.
As of now, the chart shows a strong resistance. In the beginning, it was at 33,000 USD before being at 35,000 USD. It might halt its price upswing though. The momentum of the crypto has to go up on a weekly and monthly basis to continue with a price surge. A majority of indicators are neutral in the short term. However, they are bearish in the long term, which indicates upside can be restricted from there.
