Bitcoin price has left several investors scratching their heads after the asset dipped below $84,000. Following a wave of bullish fundamentals in the past week, Bitcoin’s recent price action pales in comparison to the projections mooted by analysts after the signing of the Strategic Bitcoin Reserve.
Bitcoin Price Falls Below $84,000 Amid Lacklustre On-chain Indicators
The largest cryptocurrency by market capitalization has shed nearly 4% of its value over the last day. At the moment, the Bitcoin price is hanging onto $83,000 with on-chain indicators painting a grim picture for the asset.
Bitcoin’s seven-day chart confirms a 3.37% decline while daily trading volumes are down by a staggering 53%. Alongside the falling metrics, Bitcoin whales are scooping coins en masse, racking up over 22,000 BTC in three days.
The recent decline in Bitcoin price follows a bullish week capped by the signing of an executive order for a Strategic Bitcoin Reserve. A Crypto Summit at the White House and declarations by the OCC for cryptocurrencies were expected to send prices rallying. However, the reverse appears to be the case with Bitcoin price threatening to slip below $80K
“In my entire 8 years of being in Bitcoin, I don’t think I’ve ever seen price action more disconnected from the news,” said an analyst. “This week was possibly the most bullish week in Bitcoin history and we’re dumping.”
Why Are Prices Falling After A Bullish Week?
There are several reasons for unsavory prices after the rally-inducing fundamentals of the past week. Right off the bat, macroeconomic factors like tariff implementation by the US have triggered sell-offs for Bitcoin and other cryptocurrencies.
Furthermore, the release of the non-farm payrolls (NFP) report on Friday signaled that monetary tightening by the Feds could be on the horizon, negatively affecting Bitcoin price.
Experts say an executive order for a Strategic Bitcoin Reserve and Crypto Summit without the “actionable” policies may have dampened the enthusiasm of investors. Bitcoin’s decline is dragging altcoins underwater with ETH, XRP, and BNB losing 3.24%, 6.38%, and 4.78% respectively over the last day.
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