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Bitcoin fell to a multi-week low on Wednesday as the world's most popular digital currency continued to face headwinds.
As of early Wednesday, the digital asset was trading at just above $18,600, the lowest in over two months. By 1:59pm (UAE time), the cryptocurrency stood at $18,798.17, down by 5.66%, according to CoinMarketCap.
Last month, Bitcoin plummeted below the $19,000 mark amid worries over economic recession, rising interest rates and inflation.
"Bitcoin is in a falling trend channel in the medium long term. This shows that investors over time have sold at lower prices to get out of the currency, and indicates negative development for the currency," according to Investtech's latest technical analysis.
Other digital currencies were also in red on Wednesday, with Ethereum Classic, Ethereum and PancakeSwap plunging by 13.95%, 8.2% and 5.57%, respectively.
(Reporting by Cleofe Maceda; editing by Mily Chakrabarty)
