Bitcoin’s Upward Momentum Is Waning, Making Investors Wary

• Bitcoin price has slowed, making analysts uncertain about the future direction of the flagship cryptocurrency.
• The Mid-February retracement in Bitcoin price coincided with escalated regulatory behavior by the United States Securities and Exchange Commission (SEC).
• The bulk of the Bitcoin rally in the past two months happened in January.

After an eventful January, Bitcoin price has slowed, making analysts uncertain about the future direction of the flagship cryptocurrency. The Bitcoin price rallied by 52.97% before making a 10% retracement in the middle of February 2023. The price has since moved sideways as users remain uncertain about what the coming months could bring.

The Mid-February retracement in Bitcoin price coincided with escalated regulatory behavior by the United States Securities and Exchange Commission (SEC). The SEC accused Kraken, a top cryptocurrency exchange, of marketing unregistered securities. This accusation caused Kraken to pay a fine of $30 million and terminate its staking-as-a-service program for users.

During the same period, adjusting macroeconomic policies in the U.S. contributed to the stalling of the Bitcoin rally, eventually …

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