The BTC/USD declined sharply in he overnight session as its recovery hit a strong resistance at 31,426.
Bitcoin Slow Recovery
Bitcoin’s declined happened as stocks and other assets erased earlier gains. On Monday, the Dow Jones and Nasdaq 100 indices rose by more than 0.50% but pared gains towards the close. Their futures show that they have dropped by more than 0.30%. The BTC/USD pair is also reacting to the decision by New York politicians to ban Proof-of-Work, which is the technology that allows Bitcoin mining. The bill will now be sent to Governor Hochul, who is expected to sign it into law. Meanwhile, on-chain data shows that there is more inflow among Bitcoin buyers.Bitcoin has been in a tight range in the past few weeks after it crashed to the lowest level in months.
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