Bitcoin Continues to Fall Sharply

Bitcoin continues to fall sharply. Overbought signals are coming from the crypto currency.

Bitcoin (BTC), the leading unit of the crypto market, continues its downward trend that started on Monday. The largest cryptocurrency, which fell nearly 17 percent on Monday, also fell more than 10 percent on Tuesday. Bitcoin (BTC), which broke its new record based on $ 59,000 over the weekend, fell below $ 48,000 after the last sales. In particular, the decline of the crypto currency accelerated after Tesla's founder, Elon Musk, who caused an increase in the price of Bitcoin, announced that excessive pricing occurred in the crypto currency. On the other hand, despite all this decline, the leading crypto currency Bitcoin (BTC) has gained 66 percent since the beginning of the year.   US Treasury Secretary Yellen Finds Bitcoin Speculative In addition to the statements of Elon Musk, the critical comments of US Treasury Secretary Janet Yellen and Bill Gates on Bitcoin were also influential in the decline of Bitcoin. Speaking at a conference hosted by the New York Times, US Treasury Secretary Janet Yellen warned about Bitcoin and used the following statements: "Bitcoin is highly speculative, people should be careful, Bitcoin, which is often used for illegal finance, is inefficient." These statements supported the suspicious attitude towards cryptocurrency, and some technical indicators pointed to overbought. The relative strength index signaled overbought in Bitcoin (BTC).