Cryptocurrency News: Bitcoin’s Recent Price Drop Explained by Analyst il Capo
Bitcoin’s price took a sudden dip once again, with a nearly two percent loss in the cryptocurrency market. As of now, Bitcoin is trading at $65,473, down by approximately 2% in the last 24 hours. The decline happened rapidly, just missing the $67,000 mark.
The Federal Reserve’s dot plot chart, released after maintaining interest rates on Wednesday, is being held responsible for the recent drop. The chart indicated a change in interest rate expectations, causing some uncertainty in the market. Additionally, Bitcoin miners have been under pressure to sell their holdings, leading to an influx of BTC to exchanges.
Analyst il Capo highlighted the $65,000 level as a crucial point of support for Bitcoin’s price. The recent drop resulted in a $22 million liquidation in the cryptocurrency market, with $21 million coming from long positions.
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