Bitcoin price nowadays is cemented between re-defined levels as the asset is experiencing equal pressure from both sides. Currently, no positive market sentiments are able to rise the price beyond the pivotal zones, but the FUD or any negative rounds squashes the previous gains in no time.
In a recent update, the exchanges have witnessed a huge influx of Bitcoin which is the highest in the last 11 months. Therefore, major price action is believed to take place in the next 24 to 48 hours, while the direction still remains misty.
A whopping 1.69 million Bitcoin has been moved to the exchanges in the past week which is the highest amount moved after October 2021. Hence a significant price action can be speculated, which largely points toward a bearish trend ahead. As the transfer in October resulted at the beginning of a long-lasting bearish trend that prevails until the press time.
The Bitcoin (BTC) price is currently trading below $19,800 and carries huge bearish pressure at the moment that may keep the price restricted below these levels. On the other hand, the US has also announced its plans to bring the cryptos under the regulatory frame, which may further impact the price negatively.