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

In 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) value is down over 3.5% in the final 24 hours and has moved nearer to the $25,000 degree.

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

As of now, $25,000 stands as a robust help degree for Bitcoin (BTC), and any fall beneath this might push it additional down to $23,500 and beneath.

There we go on #Bitcoin.

The lows are getting swept.

Heavily to see response at the $25K area. pic.twitter.com/0ekuDdRptL

— Michaël van de Poppe (@CryptoMichNL) June 14, 2023

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”.

As we’ve seen, up to now in 2023, the correlation between Bitcoin and US equities has divulged to an ideal extent. After the Powell speech on Tuesday, the US equities ended flat as the US Fed Chair hinted at the chance of two extra price hikes forward this 12 months.

Bitcoin and the crypto market have reacted rapidly to this since the market is already dealing with liquidity challenges in the wake of the SEC lawsuits on crypto exchanges Binance and Coinbase. Already a number of banking companions have been reconsidering their ties with the crypto alternate in the wake of the present developments.

Altcoins Face Deeper Correction Than Bitcoin

Along with Bitcoin, the correction appears extra pronounced in the altcoins house. The world’s second-largest crypto Ethereum (ETH) has tanked by greater than 5.5% and has presently slipped beneath the $1,650 ranges.

Other prime ten altcoins equivalent to BNB, XRP, Cardano ADA, and Polygon MATIC, have all corrected over 6%. The bears appear to have taken a transparent maintain of the markets over the bulls and it stays to be seen how far the market can appropriate farther from right here.

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Bhushan is a FinTech fanatic and holds a great aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in direction of the new rising Blockchain Technology and Cryptocurrency markets. He is repeatedly in a studying course of and retains himself motivated by sharing his acquired data. In free time he reads thriller fictions novels and generally discover his culinary abilities.

The introduced content material might embody the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability in your private monetary loss.