Bitcoin Price Continues Decline Despite Google Crypto Adoption

Bitcoin Price Continues Decline Despite Google Crypto Adoption
  • Bitcoin is continuing its weak price action and is currently trading at $39650.
  • The bearish sentiment is prevailing despite news that Google is tiptoeing into crypto.
  • One major source of FUD is Russia joining Singapore in their crypto crackdown.

Bitcoin is continuing its weak price action for roughly two months now after an astounding run from October to November 2021. In fact, Bitcoin is only barely able to defend its $39,000-$40,000 support zone from bears.

At the time of writing, Bitcoin price is at $39654.54, according to CoinGecko.

BTC/USDT 1-day chart (source: TradingView)

As seen on the chart, bulls attempted to pump Bitcoin price today, although they failed to breach the $44,000 resistance. As a consequence, Bitcoin dipped to $40,000, with a slight recovery back to almost $41,000.

Interestingly, Bitcoin’s bearish sentiment prevails despite widespread news of Google’s partnership with crypto companies Coinbase and BitPay. According to a report by Bloomberg, Google is planning to issue its own digital cards where customers can store crypto. 

On the other hand, Russia stole the headlines today after it proposed measures against the use and mining of cryptocurrency. The recent crackdown seemed to have caused massive FUD, leading to a continued bearish market.

Russia now joins Singapore and other countries in proposing and imposing measures against cryptocurrency.

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