Bitcoin Price Prediction – Why is BTC Down and Where is the Next Support?

cryptonews.com:

Bitcoin has experienced a significant decline in its value over the past few days, prompting concerns among investors and traders. The market is currently trying to gauge the reasons behind this decline and determine where the following support for the cryptocurrency may lie. 

In this article, we will examine the factors contributing to the recent drop in Bitcoin's price and explore potential support levels for the cryptocurrency.

Recently, there has been a growing trend of banks in the UK cracking down on cryptocurrency purchases. As the popularity of Bitcoin and other digital assets continues to rise, several banks have taken steps to limit their customers' ability to purchase these assets.

Among the UK's biggest banks, Nationwide and HSBC have implemented daily limits for buyers or restricted credit cards from making crypto purchases. This move follows the lead of other banks that have taken a tougher stance on crypto in the past year, with some tightening regulations after the collapse of FTX, a major digital asset exchange, in November.

Despite this crackdown, several banks in the UK still permit Bitcoin purchases. These include Barclays, which allows customers to make crypto purchases via its banking app; Lloyds Bank, which permits credit card transactions for crypto purchases; and Santander, which supports crypto purchases through its mobile banking app.

In addition, some digital banks like Revolut and Monzo have also made it easier for users to buy and sell cryptocurrencies through their mobile apps.

Overall, while the restrictions on crypto purchases by UK banks may impact the demand for Bitcoin, it is difficult to predict the extent of this impact. As with any regulatory changes in the crypto market, it is important