Bitcoin and other cryptocurrencies have faced regulatory uncertainties and price drops over the past week. The largest cryptocurrency lost slightly over 4% following an intense battle initiated by the U.S. Securities and Exchange Commission against the world’s two largest crypto exchanges.

Glassnode reported significant Bitcoin outflows from miners to exchanges, providing further evidence to support the ongoing sell-off. However, other on-chain metrics offered a more optimistic outlook for Bitcoin, with decreasing supply and long-term holders remaining confident in the cryptocurrency's prospects.

Technical analysts highlight the importance of defending the crucial trendline support and key price levels to watch. At present, Bitcoin is trading at $25,886, up 0.21% in the past 24 hours.