Bitcoin (BTC) Price Continues Bear Domination as Investors Not Optimistic

Bitcoin (BTC) Price Continues Bear Domination as Investors Not Optimistic
  • The price of Bitcoin dipped up to $28,000, and the level acted as a support level.
  • For the ninth week in a row, the token is projected to end up in the red.

Because of its recent losses, Bitcoin’s (BTC) performance has been considerably different from those of major U.S. stocks this past week. The biggest cryptocurrency globally, now trading at $28,920, is down 4.45 percent in the last seven days. Although BTC’s closest stock market analog is expected to rise 2% this week, the Nasdaq 100 is expected to rise just 1%.

BTC/USDT: Source: TradingView

Even more of a gap exists between this index and the S&P 500. This week, the benchmark index is up 3.3%. Bitcoin (BTC) has been lagging behind the U.S. stock market recently. The token’s Thursday trading session also showed this. While Wall Street rebounded in the wake of disappointing U.S. GDP statistics, Bitcoin fell below the $29,000 mark.

No Signs of Bullish Momentum

The price of Bitcoin dipped up to $28,000, and the level acted as a significant support level. As recently as this month, it was trading at a low of $25,000. As a result of this week’s losses, the performance gap between Bitcoin and the Nasdaq 100 has grown significantly this year.

Nasdaq has recovered some of its losses and is currently trading at a loss of approximately 25%, while BTC has now fallen by about 40%. However, positive corporate earnings have supported the Nasdaq, whereas no such positive factors have supported the BTC.

For the ninth week in a row, the token is projected to end up in the red, which would be its worst weekly performance. Most of BTC’s profits from 2021 have been wiped out by this year’s dramatic decline. As inflation and interest rates rise, investors are losing money. As a result, demand for cryptocurrencies has been significantly dented. Altcoins have lost more than BTC in the last several days.

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