Bitcoin Slides As Greater Financial Market Is a Sea of Red, How Far Will BTC Drop?

Most major stock indexes have collapsed under pressure from the weak economy. Regardless of whether this is due to the ongoing correlation between Bitcoin and equities or whether the general market sentiment is bearish, the cryptocurrency, which leads by market capitalization, has also decreased.

How far could the cryptocurrency fall before the rebound recovers when the rest of the market is in a sea of ​​red and Bitcoin's uptrend is just coming to an end to give the asset enough momentum to try again to break $ 10,000 ?

Financial markets a sea of ​​red after the FOMC meeting

There is a red sea everywhere in the financial world. Having most assets since Sale on black ThursdayThe carpet may have just been pulled out by bullish investors hoping for the legendary V-shape recovery.

Signs indicated a full recovery. The Nasdaq Composite Index reached a new all-time high, and both the S&P 500 and the Dow peaked again in February 2020. Even Bitcoin found that it retested $ 10,000 again.

Related Reading Bitcoin rises abruptly to $ 10,000: but a brutal rejection awaits you here

After yesterday's FOMC meeting, which was forecast to see a 6.5% decline in GDP next year, the markets fell 5% and 3.5% in the following years, with no rate hikes by 2022, and the markets started to fall.

Even gold, which had its first upswing in the news, fell during the day. In the meantime, the Dow has dropped over 2000 points since the meeting. Other major stock indices around the world have experienced a dramatic collapse along with individual stock prices.

Bitcoin market sea of ​​red

Bitcoin pulled down from the Dow again, S & P 500, More

Although the markets will resume the turmoil from March 2020, Bitcoin, an asset known for its extreme volatility, has remained relatively stable.

BTCUSD was down only 5% during the day, which is nothing compared to the asset's intraday movements of over 20-40%.

The Bitcoin price was rejected again by resistance of $ 10,000, further extending the breakout into a new bull market.

BTCUSD has risen steadily throughout April and May, but investors might have benefited if they followed the May sale and abandoned the strategy that many cyclical traders swear by.

Related Reading Bitcoin Daily Close shows that bulls are losing control: Doji explains with long legs

Today's decline colored the monthly candle red in June 2020 after two months of positive price growth.

The block reward halving of the asset came and went without any significant momentum going up or down. Instead, the bitcoin price was trading sideways, as many analysts expected.

The brutal sell-off that has hit traditional markets has pulled Bitcoin down again. The last collapse on Black Thursday brought the price per BTC back to below $ 4,000.

After a lower high has been set, a lower low cannot be excluded. However, if Bitcoin can find support before a new low is set, it could find the strength needed to finally break and hold above $ 10,000.



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