The market opened today, bringing the price of Bitcoin (BTC) to its two-month low at $26,200. The cryptocurrency hadn't reached that price level since March 17.
After hitting $26,200, Bitcoin managed to slightly recover to $26,500, as indicated by the calculator. However, several analysts who were expecting this price drop predict that it will continue to decline.
Furthermore, this price drop may be motivated by sales made due to the not-so-positive sentiment among traders, which were triggered by two events this week: the United States inflation report and false rumors of the U.S. government selling off.
As a result, Bitcoin lost the solid support (the minimum) it had formed and maintained in the $27,000 range for two months. This situation occurs simultaneously with the cryptocurrency recording lower highs, reflecting weakness in the market to drive a price increase.