Bitcoin Price Slumps to $83k Amidst Regulatory Scrutiny and Mixed Sentiment

Bitcoin's price has fallen to $83k after a sharp decline in trading volume and transaction value over the last 24 hours. The market cap of the top digital asset has reduced to $1.66 trillion following the failed attempt by BTC to surpass $90k in its recent rally.

The 24-hour trading volume has decreased by 33%, bringing the transaction value down to $28 billion, according to data from a cryptocurrency exchange. Traders attribute the decline to a mix of technical pullbacks and long-term forecasts, as well as regulatory scrutiny.

Despite the recent drop, key support levels for Bitcoin are clustered around $82,600-$83,000, while resistance sits at $85,200. The bull structure remains intact, but a sustained break below $82,600 could trigger a deeper correction towards $81,000.

Ric Edelman, founder of Edelman Financial Engines, has projected that Bitcoin could reach $1 million by 2030-2035 if global investors allocate just 2% of their portfolios to it. This projection is based on the substantial value of global assets such as stocks and bonds, and emphasizes the importance of financial advisors in mainstream adoption.