Bitcoin's price depreciation can be attributed to a confluence of pivotal factors.

Diminished Market Demand: The primary impetus behind the downward trajectory of Bitcoin's price resides in a notable contraction of market demand. This connotes a reduction in the pool of prospective buyers willing to engage in Bitcoin transactions. When demand wanes, it exerts significant downward pressure on the price, engendering a decline. Regulatory Apprehensions: Escalating concerns pertaining to the regulatory framework and supervision of cryptocurrencies, particularly Bitcoin, have considerably contributed to the ongoing price descent. Regulatory authorities are actively deliberating more stringent measures to govern digital assets, thereby fostering an environment of heightened uncertainty among investors. Subsequently, this climate of caution induces some market participants to divest their Bitcoin holdings, thus exerting an adverse influence on its price. Market Dynamics: Bitcoin's price dynamics can be swayed by macro-level market dynamics and prevailing sentimen...