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Bitcoin price collapsed following the rate of BNB, which reacted with a decline to the information that the US Securities and Exchange Commission (SEC) has launched an investigation into the altcoin. The local uptrend, which has been forming for almost a month and provides support, restrains bitcoin from further decline. In case the trend is broken, bitcoin rate will fall to $28 000.

If another negative trend appears in the market, it will help to determine if bitcoin has already reached the bottom of the correction and started to form the basis for growth in the future.

The material is not an investment recommendation and is published for information purposes only. Remember: technical analysis does not guarantee successful trading, as it is based on historical data only.

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