Bitcoin Price At Just Under $22,000 - What Will It Take To Push Back Up?

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The global cryptocurrency market was painted in red, as a massive market-wide sell-off resulted in a price decline for most cryptocurrencies, including the much-cherished market leader Bitcoin. In less than 24 hours, bitcoin fell by over 3.4% and landed below $22,000, last seen three weeks back.

Investors expect the volatility to return with the unfolding of important macroeconomic data, with the US Consumer Price Index (CPI) being released on February 14th. Volatility around the dollar index too is expected to play a major part in deciding bitcoin’s near future.

The Bitcoin Price Falls Under $22,000 While Market Players Stay Divided

Bitcoin falling below $22,000 was a long-awaited retracement after experiencing a continuous upside throughout January. Although the $21,800 level was suggested to be critical, analysts believe that positive assertions could only be made by understanding the market behavior when bitcoin falls below $21,400. Currently, Bitcoin is trading between 200 days Exponential Moving Average (EMA) and 400 days EMA on 4-hour timeframes.

With the awaited release of the US Consumer Price Index (CPI), market players believe the inflation to continue on a decline. The effect of these figures has been quite consistent historically, as the market has undergone an “instant dump” immediately after the release while following a recovery soon after.

The importance of CPI is currently discussed not just in relation to the crypto market, but also in policy adjustment and capital markets, as some industry experts look at the metric with negligence.

After having undergone a golden cross recently, bitcoin has caught between a death cross on the weekly chart, which has normally resulted in a downside when calculated over longer timeframes. For Bitcoin, however, this is quite new.

The intersection of these crosses is also suggested to lead to a bear market by some market analysts, leading to a harder depression than ever before.

The decline in the price of bitcoin has attracted bear attention since there has been an increase in trading activity around the weekly close. During this weekly dip on Saturday, whale addresses responded three times stronger than normal.

Long-term holders, on the other hand, have been continuously accumulating the token and buying new positions over the past month. This behavior suffered an attack during the FTX crash, however, it is back again to its previous levels.

SEC’s New Regulations Won’t Help Uplift Market Sentiment

The US Securities and Exchange Commission (SEC) has recently announced new regulations intended to tackle fraudulent malpractices in the crypto space. These regulations are suggested to be a way to mitigate the risk presented by digital assets to investors.

The cryptocurrency market has grown quite exponentially over the last few years, as new market participants wish to take advantage of the high returns promised by cryptocurrencies. This, however, is met with a lack of idea about the risk associated with these digital assets. And fraudulent individuals exploit these new investors since there is a lack of regulation in the market.

To deal with the issue, SEC has demanded cryptocurrency exchanges and other crypto-related platforms to report to the SEC and provide regular information about their operation and periodically implement better measures that guarantee security for their customers. These actions have been taken to increase transparency in the market and provide better accountability to users.

In addition to this, the SEC has also decided to put a stop to Initial Coin Offerings (ICOs) which have been a popular way for crypto companies to raise money. Companies will now be required to provide detailed information about their operation and the risks associated with their operations. All offerings from these service providers will also be monitored to ensure compliance with securities law.

Kraken, a popular cryptocurrency exchange recently received a security violation from the SEC which has raised concerns among executives, leading them to question the agency’s stance. The agency has been particularly looking after staking, and its importance & requirement to cryptocurrency investors.

Staking is a process where investors lend their crypto tokens to an exchange or a mediating authority, which uses it to validate transactions. While users get rewarded with tokens for their contribution to keep the respective network operational.

Will Bitcoin Push Back Up?

Bitcoin, the world’s biggest cryptocurrency, is currently trading for $21,622 with a trading volume of $22.2 billion over the last 24 hours. The current market cap for the token is $417, while it has 92% of its total supply in circulation.

The price of bitcoin is considered to be highly bearish at the moment, with $21,600 and $21,400 being considered super critical in dictating the price performance from here on. The token has dropped below its 61.8% Fibonacci retracement which suggests that it could be heading towards the $20,000 level.

Bitcoin is holding up resistance at $21,300 and $21,700 levels respectively according to historical data. Most technical indicators suggest a “sell” signal in the short term, we can expect the coin to drop well below $21,400 over the next few days.

Join The EV Charging Revolution With C+Charge

Although bitcoin may not be the best investment token in the market right now, there are a bunch of other alternatives that show a lot of promise for the future and C+Charge is just one name that ranks on top.

The Electric Vehicle industry is relatively new and has some fundamental problems that need immediate attention. For one, there is a serious lack of uniformity when it comes to paying for EV charging since different companies have different payments, and different offers and incentives with each payment method, which makes it quite difficult for EV owners to conveniently charge their vehicles.

C+Charge solves this with the help of its utility token CCHG, which will be used to pay for charging EV vehicles at charging stations spread across the globe. Upon charging, users will receive carbon credits which can be sold independently or be converted to CCHG tokens and then used for charging again, effectively reducing the cost.

In addition to this, the C+Charge mobile app will also help track the nearest charging station for EV users to plan their long trips conveniently, as well as find a station in no time. And lastly, the platform will also offer a diagnosis of the car, to ensure optimum safety before a trip. Making EV commute safe, reliable and convenient.

You can become a part of the project by joining the CCHG presale currently live on the website, where CCHG tokens are available to purchase for 0.0145 USDT and soon to increase to 0.016 USDT as the presale progresses in the next round. Once the presale is concluded, these tokens will be listed on centralized exchanges, as of March 31st.