Following a late surge above the critical resistance level of $41,500, Bitcoin fell to an intraday low of $39,714.69 on Monday.
Bitcoin, the world’s most valuable digital asset, has dropped about $10,000 from a two-week high of $48,220, its highest level in more than four months.
During a news conference, Russian President Vladimir Putin stated that peace talks with Ukraine have come to a halt.
Bitcoin’s 200-day moving average stymied the recent bull run, resulting in a significant price drop on a technical front.
Despite Bitcoin’s poor performance, a prominent trader believes the cryptocurrency’s price could double in the next two years.
According to the latter, Bitcoin tends to erupt “like nothing else on this planet” after long periods of consolidation.