Cryptocurrency Market Experiences Another Drop in Bitcoin Price
The cryptocurrency market took a hit once again, with Bitcoin (BTC) losing nearly two percent in value. As of the latest data, BTC is currently trading at $65,473, marking a 2% decrease in the last 24 hours.
The sudden decline in BTC price was particularly noticeable in the past hour and a half, just before it could reach the $67,000 mark. The recent Federal Reserve (FED) dot plot chart, released after the decision to keep interest rates unchanged, is being blamed for this drop. The chart suggested a reduction in expected interest rate cuts, causing some uncertainty in the market.
Furthermore, Bitcoin miners have been facing selling pressure lately, leading to an increased movement of BTC to exchanges. Cryptocurrency analyst il Capo emphasized the importance of the $65,000 level as a crucial support line in the current market conditions.
Following the decline in BTC price, there was a liquidation of $22 million in the cryptocurrency market, with $21 million coming from long positions. It is important to note that this article does not provide investment advice.
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