Bitcoin price continues to trade below the critical resistance of 38K

Following the current crypto market downturn, Bitcoin, the global cryptocurrency benchmark, has failed to regain ground and go over the critical $40,000 threshold. The infamous digital currency is presently worth roughly $37,000. However, with mainstream use of cryptocurrencies increasing, both among institutional investors and people, and supported by robust fundamentals, the future outlook for cryptocurrencies remains bright.

Wendy Rogers, State Senator of Arizona, is aiming to have a law enacted that would make Bitcoin a legal currency in the state, in an unexpected turn of events. The bill's chances of passing are exceedingly slim, and even if it does pass, it will most likely be just symbolic, with no influence on its practical implementation. This is due to the fact that Arizonian people would be under no duty to accept it as payment, and it would also have no influence on Bitcoin's tax status.

The BTC price continues to trade below the critical resistance of 38K and it seems like that the price is likely to test its recent support sooner than later.