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After a decent recovery rally, Bitcoin price is once again trending lower. This downtrend can be attributed to profit raking after a very strong bounce in the BTC and altcoin market. The sell-off started on Wednesday evening, sending most of the crypto coins to their fresh weekly lows.
On Thursday, April 25, Bitcoin changed hands at $63,860 in the London session. The bearish market sentiment caused the Total3 market capitalization to drop by $6.4 billion. WIF, JUP, HBAR, and ALGO were the biggest losing altcoins today, as their prices dropped by 10%-12%.
According to the latest Bitcoin news, US lawmakers continue to tighten the screws on the digital economy. Recently, the US Senate has introduced a new crypto bill that will allow the authorities to regulate the stablecoins pegged to the US dollar.
In similar news, the founders of the Samourai crypto wallet have been arrested by the United States Department of Justice (DOJ). As per the reports, CEO Keonne Rodriguez and chief technology officer William Hill are facing charges of money laundering and conspiracy to operate an unlicensed money transmitting operation.
Contrary to the market expectations, the recent Bitcoin halving hasn't resulted in any significant price movement in the cryptocurrencies. Many analysts are of the opinion that the impact of halving may take months to kick in due to pre-halving speculation.
Analyzing the BTC-USD chart on different timeframes gives contradictory results. The 4-hour chart shows a failed breakout attempt above the $66,800 resistance level. Additionally, the price has also slid below the middle of the trading range, putting a retest of the range lows on the cards.
The recent price drop started with a rejection from the 200 SMA on the 4H chart. This moving average has been acting as a dynamic resistance since the price broke below it on April 12. A breakout above this key moving average will be a good signal for a market reversal.
However, the daily and weekly timeframes still show a bullish market structure. This may change if the Bitcoin price breaks below the $60,500 level. Such a move might send the entire crypto market into a prolonged consolidation before another leg up.
