Cryptos: Fundamentals Are Improving But Price Is Dropping

Published 02/21/2022, 03:03 AM

According to recent reports, the European Union is willing to adopt cryptocurrency if certain regulations are put in place to prevent illegal and fraudulent activity.

The European Union is open to the idea of cryptocurrencies becoming the norm in the coming years, but it must be done in a way that prevents terrorists and criminal organizations from benefiting from the anonymity provided by blockchain technology.

In terms of price analysis, Bitcoin price seems to be in trouble once again. This is because over the weekend, the price dipped below the 40K price level and traded below this important support zone.

Today, we are only seeing a continuation of the same downward trend and it is likely that we may re-test the lows that we saw earlier this year. The most important support zone is at 32K and traders are hoping for the price to stay above this price point.

BTC/USD Weekly Chart

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