Bitcoin continues its descent amid whispers of U.S. Federal Reserve tapering economic stimulus and China's ongoing pressure on crypto miners.
Once bitcoin breaks through $38,000, it may signal an upward trend toward its medium-term average of around $47,000, an expert said.
Bitcoin rallied following a proposal from global regulators that would introduce capital requirements for banks dealing in crypto.
Galaxy Digital founder Mike Novogratz still sees catalysts ahead for bitcoin to regain its footing.
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