Bitcoin Struggles To Claim $20,000 Mark Amid Bear Market
06 Settembre 2022 - 7:07PM
NEWSBTC
Bitcoin shows no reversal, and many altcoins are still in the red
zone. The market condition can be traced to several factors, such
as the Federal Reserve’s hike in interest rates. A few weeks back,
the crypto markets dropped even further after the announcement of
the interest rate hike. Several altcoins, including Bitcoin and
Ethereum, reacted negatively to the report. Bitcoin and Ethereum
went down by 0.9% immediately after the Federal Reserve report. In
24 hours, they dropped by 2.4% and 2.0%, respectively. Related
Reading: WATCH: Weekend At Bitcoin’s: Will The Dead Crypto Make A
Comeback? BTCUSD September 2, 2022 This motion brought the price of
Bitcoin to a little above the $23,300 price mark. Ethereum, at the
time, was trading at a price just above the $1,800 price level.
Other markets also went down to the red zone during this period. A
notable example is the stock market. Dow Jones, for instance,
dipped by about 0.23%. Additionally, the Nasdaq and the S&P 500
are also trending sideways. Dating from then up to now, the crypto
markets continue to drop, bringing Bitcoin a little lower than the
$20K price level. Bitcoin Strives For The $20K Price Mark In the
last 24 hours, the crypto market has shown that the bears are
creating no room for the bulls. This fact leaves Bitcoin struggling
to attain the $20,000 price level. This price mark is as essential
to BTC as it is to the digital currency market. The reason is that
the $20K price level marks the 2017 to 2018 bull market top price.
So, for the crypto market movement to continue in a bullish trend,
it must stay above this price level. While it appears BTC will hit
$20K, it trades at a price just below the coveted price. According
to the market watch, BTC has been down by 7% in the last seven
days. Meanwhile, its 24-hour drop rate is about 1.5%. A chart
revealed that the volatility of the BTC has also reduced in the
last 24 hours compared to two days back. This was evident when it
surged above the $20K price level almost immediately after hitting
the $19,500 price mark. The Bearish Crypto Market From the present
look of the crypto markets, only a few tokens display bullish
movement. Aside from these digital tokens, the market fluctuates
around the red zone. At the moment, there’s no positive sentiment
about the current state of the market. Related Reading: WATCH:
Bitcoin September To Remember: The Good, The Bad, & The Ugly |
BTCUSD September 1, 2022 Some of the altcoins are down by a few
percent in the past 24 hours. For example, Ethereum, the second
largest cryptocurrency, is up by 3%. Featured image from Pixabay
and chart from TradingView.com
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