Bitcoin price is found to have fallen to a trading level of $24,898.60 today. This price level is the lowest traded since March 16, three months ago.
BTC has lost over a thousand dollars in less than an hour resulting in a daily loss of 3.6%. At the time of writing, BTC is seen showing a downward trend. Some analysts are of the view that if the trading volume cannot support the price movement, the price of BTC could fall to the level of $23K.
The decline in BTC prices is believed to be due to the Federal Reserve's announcement that it has halted interest rate hikes in June. It is the first time it has been stopped after ten consecutive rate hikes since March 2022.
BTC has now broken out of its bound channel and has been gradually declining since mid-April. There is some support at current levels, but further declines are likely. Analysts are of the view that the chart also shows bearish momentum.
In terms of derivatives, there are billions in liquidation at lower levels, said 'Bleeding Crypto,' on his Twitter. He added, "There was a liquidation of $63.9 billion at $24,200 and $52.3 billion at $21,800 but those leaning towards Bull momentum want to be reassured that "everything is fine" "we will go higher"."
Furthermore, the Bitcoin Fear and Greed Index has fallen to its lowest level since the mid-March market crash. The sentiment indicator reads 'fear' at 41 at the time of writing.
Analytics firm Santiment noted that trader sentiment "is officially at its most negative level since Covid hit in March 2020."
On the other hand, other cryptocurrencies such as Ethereum and altcoins were also affected. ETH has declined 5.5% on the day of the fall to $1,645 at the time of writing.
