OP 13 May, 2022 - 05:12 AM
Bitcoin’s price fell nearly 6% in the past 24 hours to below $30,000 Thursday, continuing a descent that began at the end of last week and carried on throughout the weekend.
Bitcoin hasn’t fallen below $30,000 and neared the $29,000 mark since December 2020, according to NextAdvisor’s price tracker data.
The last time Bitcoin briefly spiked above $40,000 was on May 4 after the Federal Reserve announced it would fight inflation without larger rate hikes, but those gains were short-lived. The price has continued to fall since, though it briefly rebounded Tuesday.
“Interest rates increased, crypto markets dumped,” Crypto expert Wendy O said in a TikTok analyzing the market. “Personally, I feel we may bottom out at $29,000 again and get a pump in July. This is why you should have a bullish and bearish plan because the markets can switch super fast.”
Bitcoin had been trading in a tight range for several weeks now, primarily hovering between $36,000 and $42,000, but broke past the $36,000 support level over the weekend.
The increased market volatility can be attributed to rising inflation, geopolitical crises, and concern over tighter monetary policy by the Fed. The Fed delivered the first-rate hike in 22 years Wednesday and signaled more rate increases are appropriate and the balance sheet runoff will begin in June. The Fed is racing to combat inflation, which rose to 8.5% in March, according to the latest inflation report.
FULL ARTICLE: https://time.com/nextadvisor/investing/c...inues/amp/
Bitcoin hasn’t fallen below $30,000 and neared the $29,000 mark since December 2020, according to NextAdvisor’s price tracker data.
The last time Bitcoin briefly spiked above $40,000 was on May 4 after the Federal Reserve announced it would fight inflation without larger rate hikes, but those gains were short-lived. The price has continued to fall since, though it briefly rebounded Tuesday.
“Interest rates increased, crypto markets dumped,” Crypto expert Wendy O said in a TikTok analyzing the market. “Personally, I feel we may bottom out at $29,000 again and get a pump in July. This is why you should have a bullish and bearish plan because the markets can switch super fast.”
Bitcoin had been trading in a tight range for several weeks now, primarily hovering between $36,000 and $42,000, but broke past the $36,000 support level over the weekend.
The increased market volatility can be attributed to rising inflation, geopolitical crises, and concern over tighter monetary policy by the Fed. The Fed delivered the first-rate hike in 22 years Wednesday and signaled more rate increases are appropriate and the balance sheet runoff will begin in June. The Fed is racing to combat inflation, which rose to 8.5% in March, according to the latest inflation report.
FULL ARTICLE: https://time.com/nextadvisor/investing/c...inues/amp/
![[Image: 81QoXii.gif]](https://imgur.com/81QoXii.gif)
![[Image: PUm4fxA.gif]](https://i.imgur.com/PUm4fxA.gif)
![[Image: LuLwraI.gif]](https://i.imgur.com/LuLwraI.gif)
![[Image: feelssadman.png]](https://external-content.duckduckgo.com/iu/?u=https%3A%2F%2Fstatic.cracked.io%2F%2Fimages%2Fsmilies%2Ffeelssadman.png)
maybe btc has already reached its highest point