- Bitcoin struggles to gain upside momentum
- Price slides for a second straight day, down about 0.80% on Thursday
Bitcoin’s Price Floats Slightly Negative
The biggest digital asset by value is having a second difficult day this week as price is unable to push higher. In fact, selling pressure has been keeping a lid on Bitcoin’s climb as price is currently hovering near $54,000. Yesterday, Bitcoin couldn’t maintain its weekly bullish trend and closed at negative territory, snapping a two-day winning streak.
On Thursday, the outlook remains uncertain as price is currently in the red, down by around 0.80% on the day. On a seven-day basis, the apex crypto token is hovering virtually flat, higher by 0.30%. However, starting Monday, Bitcoin proponents created a relatively high buying momentum and drove the price higher by 17% in the first two days of this week. Accordingly, on Monday alone, the price of Bitcoin climbed 10% to $54,400 a coin.
Still, the current sentiment shows Bitcoin is poised to end the month in negative territory for the first time since September last year. Month-to-date, the price of Bitcoin has declined by 8% to current market price. Bitcoin needs to close April above $58,920 so it could avoid a down month.
Promising Signs for the Future
The price of Bitcoin has risen 85% this year fueled by backing from institutions and corporations that invested in the digital asset. More recently, the crypto space feels pressured by warnings of potential regulations from governments and regulatory agencies. Several regulatory bodies, including the US Treasury, the US Securities and Exchange Commission and the European Central Bank have expressed worries over the unregulated nature of the crypto market. Thus, they perceive the need to introduce a regulatory framework if Bitcoin is to be used in mainstream finance.
Nevertheless, positive signs indicate cryptos are entering the traditional markets. Large investments banks are working on offering Bitcoin to their clients. JPMorgan, for example, is preparing to launch a Bitcoin fund as soon as this summer. The fund promises to enable private wealth clients to invest in the biggest and most popular cryptocurrency.
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