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Bitcoin’s price is crashing to $25,000, a dramatic bearish trend for the number 1 cryptocurrency. As of the time of writing, the bears seemingly dominate the market, pushing Bitcoin’s price down by 3% to trade at $27,341.
Coinmarketcap data shows that BTC has lost more than 8% of its 7 days prices gain. And its trading volume shows a 16.82% loss in 24 hours. Persistent interest rate increases and regulatory crackdowns have re-injected fear into the market while the inflation narrative dominates.
But while BTC and other top assets plunge, the new meme coin project, Love Hate Inu, boasts a $5 million milestone due to its cutting-edge innovation in the voting system. Investors are flocking to this new Vote-to-Earn network to maximize their returns after its presale.
The popular sentiment that Bitcoin impacts other cryptos is becoming questionable as Love Hate Inu’s presale succeeds persistently amid Bitcoins price decline. Traders and investors wonder why BTC is falling and why LHINU presale is booming.
Bitcoin Price Trend
Bitcoin has tasted several price drops, fluctuations, and rallies in the past few months. It ended last year at $16,603 on December 31, 2022, after reaching a high price of $17,168 on December 1.
At the beginning of January, Bitcoin traded at $16,547 before climbing to $17,093 in 9 days (January 9, 2023). It traded for four consecutive days within the range of $17,000 to $18,000 and reached $17,944 on January 12. The following days were bullish for the asset, and by January 30, BTC was around $23 774.
The price rally continued throughout February amid persistent fluctuations. This caused Bitcoin to drop from $23,263 (February 8) to $21,801 in 7 days (February 14). Notwithstanding, the bullish movement continued.
March was an eventful month for Bitcoin as it tasted different prices in short durations. On March 20, BTC was $28,041; by March 23, it dropped to $27,301. As of March 30, it hit $28,350 and ended with a minor decline of $28,032 on March 31.
As of April, there has been a drastic uptrend in the asset’s price compared to its past performance in other months. In the gap of 12 days, BTC hit the $30,000 mark, as expected by many investors and crypto analysts.
However, the fear of regulatory crackdown in the market has become a significant factor in the declining value of Bitcoin. Today, April 22, 2023, BTC trades at $27,472, with a price drop of 2.20% at the time of writing. Thus, investors wonder if it will reach the $25,000 price mark in the coming days.
Bitcoin Price Analysis with Technical Indicators
Bitcoin’s sideways push on the daily chart indicates the bull’s effort on its price. However, Bitcoin is in a downtrend today, losing its major gains in the past few days. The Fear and Greed Index at 53 hints at a reduction in investors’ quest for accumulation.
Bitcoin is trading a few pips above its 50-Day Simple Moving Average (SMA) and its 200-Day SMA with a BUY signal. This means that BTC will likely rally in the coming days if the market loosens.
Furthermore, the Relative Strength Index (RSI) value of 43.05 shows a neutral position on the indicator. BTC may drive to the oversold region (below 30) to start a trend reversal.
BTC’s support levels are $25,748, $26,484, and $26,879, while its resistance levels are $28,010, $28,746, and $29,141. Bitcoin is trading between its $26,879 support and $28,010 resistance.
If the market fears more crypto crackdowns, the bears might win and push BTC to the $25,000 level. However, investors expect the opposite.
Why Bitcoin is Crashing to $25,000
The regulatory crackdown fear is dragging BTC’s price lower. The revival of the crackdown took place after the inability of Gary Gensler, the SEC chairman, to answer if Ethereum is a security or a commodity.
https://twitter.com/Cointelegraph/status/1648626109649485828?
The vague comments rekindled fear into the marker as the argument continued to determine which altcoins are perceived as security. Also, the SEC claims that the altcoin exchange, Bittrex, operates as an unlicensed clearing agency and securities exchange. However, before this lawsuit, the SEC had sued a few crypto projects like Coinbase.
With all these happening one after the other, many analysts believe that more crackdowns on crypto projects are approaching. Due to the harsh regulatory environment, the global macroeconomic system is frightening the market again.
As a result, traders wait anxiously for the upcoming FOMC meeting on May 3, 2023. They also hope that no other 75 BPS rate spike will appear soon.
While Bitcoin struggles in this situation, altcoin projects are recovering dramatically. Love Hate Inu, a new meme coin project, has raised over $5 million in presale.
Here’s what to know about Love Hate Inu.
Love Hate Inu Presale Success So Far
The Love-Hate Inu presale began on March 7, 2023, and today, it’s pumping up to a $5 million milestone in its presale.
This new meme coin project aims to revolutionize the voting sector, promoting transparency, anonymity, and the safe expression of its users in polling systems.
As the first blockchain-centered project in the space, Love Hate Inu aims to restore honesty to social media via its vote-to-earn concept. Users can participate in polls by staking and holding their Love Hate Inu (LHINU) tokens for up to 30 days. This will prevent rug-pull attacks from users.
Since Love Hate Inu projects a promising future in the voting system and crypto space. Many investors are harnessing the benefits of the presale. Currently, the LHINU token is worth $0.000125. However, after the presale, it will spike, rewarding early investors with returns on investment once the tokens list on several exchanges!
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