The Bitcoin price has lost a lot in the last few hours and fell below the $ 42,000 mark. Numerous factors caused a significant loss in the market. The hope for bullish weeks was high. What are the reasons for the Bitcoin price crash?
Bitcoin course with stronger losses
The Bitcoin price had given hope in the last few weeks that we could see bullish weeks again in the future. Big gains to over $45,000 and strong fundamentals made it suddenly possible to climb back over $50,000.
In the last few hours, bitcoin has fallen sharply again. The Bitcoin price fell below the $42,000 mark. A few days ago we saw some similar drop when the price failed to break the upper resistance at $45,000.
Several external factors create waste
The relapse happened as a result of several external factors. The American Federal Reserve recently announced that it could raise key interest rates as early as next month. Higher key interest rates could ensure that speculative investments fall in the future. Such announcements have led to bearish price action in the past.
Furthermore, concerns about a possible war in Ukraine have led to uncertainty on the market and thus to a drop in the Bitcoin price. Institutional investors in particular are deterred by such developments. Stricter regulation of cryptocurrencies in Canada also had a negative impact on the Bitcoin price.
The current development of the price raises the question of whether the bears should again determine the Bitcoin price in the coming weeks. The support at $40,000 will be particularly important over the next few days. If this support breaks, we could see a drop to $35,000 due to unwinding of short positions.
The bad external factors are opposed to the good fundamental data of the network. However, worries and fears seem to be dominating the market more at the moment. At the same time, we are seeing fewer and fewer small investors on the exchanges, so Bitcoin could run out of air in the next few days.
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