Bitcoin Again Falls Below $30,000 As Rally Fizzles

The price of Bitcoin (BTC) has fallen back below $30,000 U.S., settling into the middle of a narrow range where it has been trading since May.

Bitcoin slid 6% to trade around $29,500 U.S., wiping out the previous three days of gains and ending the largest cryptocurrency’s brief break above $31,000 U.S. earlier this week.

Investor concerns about tighter monetary policy and tougher regulations have dampened optimism that Bitcoin may have found a bottom. The digital token faces “significant resistance” around $31,500 U.S. to $32,000 U.S., according to digital asset broker GlobalBlock.

The declines for cryptocurrencies come as the U.S. dollar extends its gains. A jump in Treasury yields has fueled concerns that rising borrowing costs could lead to a recession.

Adding to fears of tougher oversight, U.S. regulators are investigating whether Binance Holdings broke securities laws by selling digital tokens as the cryptocurrency exchange was getting off the ground five years ago.

Ethereum (ETH), the second-largest cryptocurrency, fell as much as 7.3% and traded at $1,747 U.S. in London trading, while Solana (SOL) dropped as much as 11% in trading that saw all major cryptocurrencies fall.