Bitcoin News, Market Analysis

Bitcoin Price Falls To New Lows After Taproot Goes Live On 14th Nov.

As BTC price action remains higher through the weekend, markets have put the ETF rejection behind them. After the successful activation of the Taproot soft fork, Bitcoin (BTC) traded above a crucial zone into the weekly close on Nov. 16th.

Due to US regulators rejecting what would have been the first spot-based exchange-traded fund, the pair rebounded in the latter half of Monday after briefly falling below $63,000.

Bitcoin, seemingly undeterred by the move, fell to new lows of around $60,408 USD on Bitstamp before settling after a sudden fall.

Bitcoin Price Falls To New Lows After Taproot Goes Live On 14th On 14th Nov.

Bitcoin Price Chart – Source: CoinMarketCap

Taproot is the most significant change to the Bitcoin protocol since 2017, bringing a slew of new features that affect everything from security to Lightning Network performance. Developer Greg Maxwell first proposed it seven years ago, and it has now become a reality.

“The real work will be in designing wallets/protocols that build on top of it to take advantage of its capabilities,” stated Bitcoin core engineer Pieter Wuille in a statement released earlier on Sunday. Meanwhile, bulls seeking a clean break over a six-month resistance level may have a struggle with Sunday’s weekly close.

In recent weeks, the market remained in the dark as the start of this weekend, with Bitcoin often putting in worse price moves today on Tuesday and trying to recover for now. “I’m looking for price to hold the previous high from April and for this to be a higher low,” trader Pentoshi revealed, referring to daily timeframes.

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