Bitcoin Price Prediction – Why is BTC Breaking Down and Where is the Next Support?

Bitcoin has seen a significant drop in value over the past few days, raising concerns among investors and traders. The market is currently trying to assess the reasons for this decline and determine where the next support for the cryptocurrency may be.

In this article, we will examine the factors contributing to Bitcoin’s recent price decline and explore potential support levels for the cryptocurrency.

UK Crypto Crackdown: Which banks in Britain allow Bitcoin purchases?

Recently, there has been a growing trend of banks in the UK cracking down on cryptocurrency purchases. As the popularity of Bitcoin and other digital assets continues to rise, several banks have taken steps to limit their customers’ ability to purchase these assets.

Among the largest banks in the UK, Nationwide and HSBC have implemented daily limits for buyers or banned credit cards from making crypto purchases. The move follows the example of other banks that have taken a tougher stance on crypto over the past year, with tighter regulations following the collapse of FTX, a major digital asset exchange, in November. .

Despite this crackdown, several banks in the UK still allow Bitcoin purchases. These include Barclays, which allows customers to make crypto purchases through its banking app; Lloyds Bank, which allows credit card transactions for crypto purchases; and Santander, which supports crypto purchases through its mobile banking app.

Additionally, some digital banks like Revolut and Monzo have also made it easier for users to buy and sell cryptocurrencies through their mobile apps.

Overall, although restrictions on crypto purchases by UK banks may have an impact on Bitcoin demand, it is difficult to predict the magnitude of this impact. As with any regulatory change in the crypto market, it is important for investors to stay informed and stay abreast of any potential impact on BTC and other digital assets.

ISM Services PMI

According to the latest services ISM, purchasing and supply officials across the country reported that economic activity in the services sector increased in February for the second month in a row.

The services PMI recorded 55.1%, indicating growth in the sector. The services sector has grown in 32 of the past 33 months, with the only contraction occurring in December.

As the service sector continues to grow, it can have a positive impact on Bitcoin and other cryptocurrencies. Indeed, increased economic activity generally results in greater investor confidence and a greater willingness to invest in riskier assets like Bitcoin.

bitcoin price

Currently, Bitcoin is trading at $22,396 with a trading volume of $26 billion in the last 24 hours. Technical analysis of the BTC/USD pair shows that the symmetrical triangle pattern has been breached at the $23,250 level, and the price of BTC may fall to the $22,046 support zone if the breakout continues. If the price drops further, it can reach $21,450.

Despite the formation of bearish engulfing candles indicating a strong selling bias, there is still potential for a bullish bounce if the candles close above this level.

The rebound target is $22,800 or even higher, reaching the $23,750 mark.

Buy BTC now

Bitcoin Alternatives

Investors looking to buy Bitcoin may want to consider exploring other options that offer greater short-term growth potential. Cryptonews has conducted an in-depth analysis of the top 15 cryptocurrencies investors should consider for 2023. Click the link below to learn more.

^{Disclaimer: The Industry Talk section features information from crypto industry players and is not part of the editorial content of Cryptonews.com.}

Find the best price to buy/sell cryptocurrency