Bitcoin price continues to fall, dragging the broader crypto market down with it. BTC is down 4.52% in the last 24 hours, while ETH is down 4.10%. With a current price of $26,289, Bitcoin records its lowest value since March 14 this year, when the price dipped as low as $26,544.<\/p>\n
As always, the reasons for the deep pullback of the Bitcoin price are complex. Remarkably, there was actually good news<\/a> on Wednesday, May 10, as the CPI continued to fall causing the Bitcoin price to rise as high as $28,317.<\/p>\n However, then fake news about an alleged sale of 9,800 BTC by the U.S. government shook the market. The Bitcoin price flash crashed as a result and has seemingly not been able to recover since. But this narrative is only half the story.<\/p>\n A variety of other factors are currently weighing on the crypto market: the dollar index (DXY) is currently experiencing a bounce and was recently able to hold above the historically important support, the liquidity issue intensified once again with the departure of US market makers Jump and Jane Street, BTC formed a (supposed) head and shoulders pattern in the 1-day chart, the congestion of the Bitcoin and Ethereum blockchains and last but not least a lot of FUD (US government selling, Binance US and Grayscale).<\/p>\n