The price of Bitcoin has dropped to an intraday low of $93,054 and is currently testing the 50-day moving average on the daily chart. There is a possibility that it could re-test the breakout point of $73,600 if it falls below the $92,600 level. Despite this, an analyst suggests that the ultimate target for Bitcoin is still $123K. Bitcoin is down 2.7% in the past 24 hours and nearly 13% in the past week. Other cryptocurrencies like XRP, Dogecoin, and Cardano have also experienced losses. Business intelligence firm MicroStrategy made another significant Bitcoin purchase, but it did not positively impact the price. The drop in Bitcoin's price came after the Fed announced that it would implement fewer rate cuts than expected.



Other News from Today