Bitcoin Price Drops All the Way to $25,000, More Pain Likely Ahead – Crypto News – Crypto News
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Bitcoin Price Drops All the Way to $25,000, More Pain Likely Ahead – Crypto News

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3 years ago

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In the hours following Jerome Powell’s announcement of keeping interest rates unchanged, Bitcoin and the broader cryptocurrency market have entered a steep correction. The Bitcoin (BTC) price is down over 3.5% in the last 24 hours and has moved closer to the $25,000 level.

Similarly, the broader cryptocurrency market has eroded over $40 billion of investors’ wealth and is on the verge of falling under the $1 trillion mark.

As of now, $25,000 stands as a strong support level for Bitcoin (BTC), and any fall below this could push it further down to $23,500 and below.

Popular crypto analyst Ali Martinez Reported: “Bitcoin sits on thing ice! Notice the most important support zone is between $22,785 and $23,595 where 1.34 million wallets hold 450,000. $BTC, On the flip side, #BTC faces stiff resistance between $26,000 and $28,250 where 5.18 million wallets bought 2.1 million BTC”.

Courtesy: IntoTheBlock

As we have seen, so far in 2023, the correlation between Bitcoin and US equities has been disclosed to a great extent. After the Powell speech on Tuesday, the US equities ended flat as the US Fed Chair hinted at the possibility of two more rate hikes ahead this year.

Bitcoin and the crypto market have reacted quickly to this since the market is already facing liquidity challenges in the wake of the SEC lawsuits on crypto exchanges Binance and Coinbase. Already several banking partners have been considering their ties with the crypto exchange in the wake of the current developments.

Altcoins Face Deeper Correction Than Bitcoin

Along with Bitcoin, the correction seems more pronounced in the altcoins space. The world’s second-largest crypto Ethereum (ETH) has tanked by more than 5.5% and has currently slipped under the $1,650 levels.

Other top ten altcoins such as BNB, XRP, Cardano ADA, and Polygon MATIC, have all corrected over 6%. The bears seem to have taken a clear hold of the markets over the bulls and it remains to be seen how far the market can correct further from here.

Mooky

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explores his culinary skills.

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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