We can no longer count on the growth of bitcoin?

fell to $31,000 on Tuesday, having lost more than $5,000 (about 15%) in the last 24 hours. At such levels the first cryptocurrency traded three weeks ago, during the short-term decline below $30,000.

"Bitcoin's long inability to build momentum above $40K every day is pushing more investors into a wait-and-see position, or even profit taking. New buyers are in no hurry to enter the market, realizing that the risks of investing at the current stage are high, seeing the uncertainty with regulation and the fall of cryptocurrencies last month," notes FxPro's team of analysts.

CoinShares reported that investors continued to withdraw assets from bitcoin funds over the past week - the net outflow reached $141 million, a record amount since the publication of these reports, writes ttrcoin.

"China continues to put pressure on cryptocurrencies, first by talking about banning mining and then by purging the most popular social network Weibo of the accounts of cryptocurrency opinion leaders," said Jehan Chu, managing partner at investment firm Kenetic Capital. - "This all speaks to the tightening of the noose around cryptocurrencies on the mainland."

Chu also noted that the possibility of a rollback of U.S. quantitative easing policy is suppressing markets in general, but added that long-term fundamentals are still in place.

The deanonymization of cryptocurrency transactions could hit bitcoin's popularity hard. The statements of former U.S. President Donald Trump, who also called on authorities to more strictly control the circulation of cryptocurrencies in the country, do not add to the positivity either.

"Bitcoin has remained below its 200-day simple moving average for 17 consecutive days. This metric has always indicated the end of a bull market and the beginning of a bear market," notes investment manager Timothy Peterson.

According to analyst Michael van de Poppe, the level of $30,000 will be a reliable support for bitcoin. He allowed for a price reversal from this level.

In general, experts are convinced that bitcoin is now experiencing an acute shortage of positive news. Only a qualitative improvement in the fundamental background can serve as a growth trigger.

"If bitcoin does not start attracting active buyer demand in the near future, the fight will already go beyond $30K with a likely attempt by the bears to sink the coin even lower with potential targets at $23K," the FxPro analyst team notes.