Bitcoin price hit amid mounting market pressure
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Bitcoin and the cryptocurrency market seem to have succumbed to market pressure today and posted declines.
BTC is succumbing to market pressure
Bitcoin reached the $24,000 mark for the first time in six months just last week. However, BTC is currently trading at around $21,700, down 4% from its value of $22,500 24 hours ago.
Based on the market charts, Bitcoin’s sustained bearish trend continued last weekend, resulting in a price loss of more than 8% over the past seven days. Amidst the price declines, bitcoin trading volumes took a positive trend increasing by over 12% to $31.6 billion.
Stats from Barcharts show that the immediate resistance level for BTC is at $22,600, while the support stands at $21,400. At the moment, Bitcoin is closer to support than resistance. As such, the most reasonable breakout would be below support, which could lead to a sharper dive.
The ongoing price movements are mainly due to the ongoing economic pressures surrounding the cryptocurrency markets. For example, there were rumors yesterday that the SEC may ban cryptocurrency trading in the US
Moreover, there are rumors that the Fed is planning to raise the interest rate by 25 basis points to further reduce inflation rates. Labor market woes are also piling pressure on Bitcoin. Other rumors suggest that The Block will cut its staff.
Biggest gainers and losers
Even under extreme conditions, some crypto assets have posted huge gains. Coingecko’s analysis indicates that the two biggest cryptocurrency gainers over the past 24 hours are Shikoku and ZigZag, posting 59% and 45% increases in value respectively. However, both coins still trade for less than the dollar.
Coingecko’s charts also show that Gas and MarsDAO were the biggest losers. Coins have lost 36% and 28% in the last 24 hours. The big name among the biggest losers was the popular meme coin Floki which lost 24% of its value and is currently trading at $0.00002.