Bitcoin has not shown a reversal. Many altcoins still remain in the red. The market condition can be traced to several factors, such as the Federal Reserve’s hike in interest rates. After the Federal Reserve’s interest rate rise, crypto markets fell further a few weeks later.
Many altcoins, such as Bitcoin and Ethereum, responded negatively to this report. Bitcoin and Ethereum plunged by 0.9% after the Federal Reserve report. They dropped 2.4% and 2.0% in 24 hours.
Bitcoin’s price rose slightly to $23,300 by this action. At the time Ethereum was trading just below the $1,800 level. Other markets saw their prices drop to the bottom of this time. The stock market is a notable exception.
Dow Jones fell by around 0.23%. Additionally, the Nasdaq and the S&P 500 are also trending sideways. The crypto markets are continuing to decline, with Bitcoin now a bit lower than $20K.
Bitcoin Strives for the $20K Price Mark
The crypto market shows that bulls have no place in the cryptocurrency market over the past 24 hours. Bitcoin is now struggling to reach the $20,000 level.
The price level of Bitcoin is just as important as the market for digital currencies. It is the 2018 top price in the bull market, which was $20K. To continue a bullish trend in crypto markets, the price must remain above $20K.
BTC is expected to reach $20K but it currently trades for a little less than that. BTC is down 7% since the beginning of the week according to Market Watch. Currently, the 24-hour drop rate for BTC is around 1.5%.
The chart showed that volatility has decreased in Bitcoin over the past 24 hours, compared with two days ago. The BTC surged almost instantly above $20K after it hit the $19,000.500 price mark.
Bearish crypto market
The crypto market is showing only very few tokens that show bullish activity. Other than these digital tokens the market oscillates around the red line. At the moment, there’s no positive sentiment about the current state of the market.
Some altcoins fell by as much as 5% in the past 24 hour. Ethereum, which is second in cryptocurrency volume, has seen an increase of 3%.
Featured image taken from Pixabay. Chart from TradingView.com