In the last 24 hours, the prices of major crypto assets have fallen by more than 5 percent as the Bitcoin price declined by around 2 percent.
In consideration of the pattern of BTC since early January of achieving lower highs across four consecutive weeks, some traders expect Bitcoin to test its 12-month low.
Bitcoin price chart from TradingView
In mid-December, Bitcoin dropped to as low as $3,122 against the USD. After showing some signs of recovery in the latter half of the month, the dominant cryptocurrency initiated a continuous sell-off.