Bitcoin (BTC) has been experiencing a continuous price decline, leading to speculation about the cause. One potential reason is the distribution of $100 million worth of BTC by the defunct crypto exchange Mt. Gox to three different wallet addresses. This selling pressure could worsen if Mt. Gox distributes billions of dollars worth of BTC to creditors. Another possible reason for the price decline is Fed Chair Jerome Powell's anti-crypto stance, which he expressed during a rate cut announcement. Additionally, BTC has broken below a crucial support level, leading to a 6.5% price decline. If BTC fails to hold the current support level, it could drop further, but if it holds, upward momentum is expected. In the past three days, BTC has seen a 14% crash, breaching its ascending support level.



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