The cryptocurrency market is experiencing a significant downturn, with Bitcoin’s price plummeting to a multi-week low. Since its all-time high on December 17, BTC’s value has dropped by over $16,000, reaching $91,330 on Bitstamp.
Recent Price Volatility
The decline began after the US Federal Reserve’s FOMC meeting, where Chairman Jerome Powell’s hawkish comments sparked a market downturn. Despite a brief bounce, Bitcoin’s price failed to regain momentum, and subsequent rejections drove it south.
MicroStrategy’s Consecutive Purchases
The latest price slump came just hours after MicroStrategy announced its eighth consecutive Bitcoin purchase of Bitcoin. While the move may seem bullish, almost all of the company’s Monday purchases have been followed by immediate corrections.
Altcoins and Meme Coins Also Affected
The negative trend has spread to other cryptocurrencies, with XRP and ADA experiencing significant drops. Meme coins have also been hit hard, with many seeing substantial losses.
Support Level at Risk
Bitcoin’s price is currently at risk of dumping further if it loses the $90,000 support level. Analysts warn that a break below this level could lead to a significant decline, potentially reaching $80,000 or lower.
Key Statistics
* Bitcoin’s price has dropped by over $16,000 since its all-time high on December 17. * The cryptocurrency’s value has reached a multi-week low of $91,330 on Bitstamp. * MicroStrategy has made eight consecutive Monday purchases of Bitcoin, with almost all of them followed by immediate corrections. * Altcoins and meme coins have also been affected by the negative trend.
Source: Cryptopotato.com
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