Since mid-July, Bitcoin (BTC), the flagship cryptocurrency, has encountered significant challenges in its price action following a remarkable climb to a new yearly high.
However, in a matter of days, the market momentum shifted, leading to an uphill battle for bulls as they fought to defend critical support levels and prevent further declines.
Nevertheless, their efforts proved insufficient, as Bitcoin has now breached the crucial $28,000 mark and its 50-day Moving Average (MA), which was previously regarded as a robust support line for the digital asset.
This ongoing downtrend has intensified, with mounting selling pressure exacerbating the situation for Bitcoin.
Influential Bull Flips Stance Amidst $28,000 Meltdown
In a recent statement, Max Keiser, Senior Advisor of El Salvador’s President Nayib Bukele, highlighted the ongoing challenges that the rising US interest rates pose for Bitcoin’s price.
Keiser pointed out…
