Why did Bitcoin break the $60,000 support level?

Bitcoin (BTC) has once again fallen and broken the $60,000 support level. This situation is quite bad for altcoin investors. The fall below the $60,400 level made investors fear even greater losses, and the expected result did happen. So, what is the reason for the fall of cryptocurrencies? Why is Bitcoin falling? The BTC price has fallen again and continued its decline in July, after a few hours when it tested $64,000. This frustrating decline has led to further weakness in the already weak altcoins. After the resistance test, the altcoins have started to fall back to the support level again.

In the next few hours, the minutes of the US FOMC meeting will be released. In these minutes, we may see new details about the last decision of the Federal Reserve. Specifically, we will see why the members of the Federal Reserve raised the 3-year interest rate forecast despite the recent good inflation data. BTC's nearest stop is $58,500, and if this level is lost, the optimism formed by higher lows will be weakened. Eventually, people will worry about a drop to $52,000.

Some of the reasons for the decline are as follows:

MTGOX refunds will begin this month.

The German government continues to sell BTC.

The United States has begun selling Silk Road assets.

Yesterday's JOLTS data reflects strong employment.

PMI data continues to reflect economic strength.

Fed Chairman Powell is not very optimistic about rate cuts this year.

Finally, if you are a pure novice, and you want to rush into the currency circle when you see BTC hit a record high before, then I suggest you pay attention to me first, learn the knowledge of the currency circle with me, and make up for your basic skills. Lay a good foundation to go further.

#IO     #NOT     #BOME     #BTC      #ETH🔥🔥🔥🔥