Bitcoin and the global cryptocurrency market experienced a significant decline as worries about the U.S. economy led to panic among investors. Bitcoin dropped to its lowest level in four months at $76,000, resulting in massive liquidations and losses of $952 million for traders in a 24-hour period. The drop is believed to be linked to rising fears of a U.S. recession, potentially influenced by former President Donald Trump's policies aimed at pressuring the Federal Reserve to lower interest rates. The 10-year Treasury yield has also declined, leading to speculation that the Federal Reserve may adjust its monetary policy. Despite the decline, Bitcoin is still slightly above the 50-week Exponential Moving Average, although further selling could potentially push it down to an important support level at $73,750. However, if buyers step in and push the price above $80,000, Bitcoin could recover and potentially reach $85,000.



Other News from Today