Bitcoin is losing blood: What awaits the crypto market?

Bitcoin, which fell after Fed Chairman Jerome Powell's press conference, caused a large amount of money to exit the crypto market.

Despite the Fed's interest rate cuts, the #Bitcoin ($BTC ) price fell to $98,500 due to Powell's hawkish statements. With BTC losing nearly 6 percent, it was seen that many altcoins fell to potential support levels.

According to Coinglass data, $750 million was deleted from the crypto market after this sudden loss of value. Mainly long (bullish) positions were liquidated. Crypto analyst Michael van de Poppe stated that BTC's rise may have ended.

Addressing his followers via X, Poppe suggested that BTC could fall to $92,000. According to the analyst, although BTC entered the consolidation phase, it created a potential bearish divergence.

Poppe, who stated that the declines did not cause anxiety, said that the next stage was to accumulate altcoins at appropriate levels.

Rekt Capital, on the other hand, stated that BTC's bounce from the $ 98,500 support was not enough. According to Rekt, the declines will continue as long as the BTC price cannot hold above $ 100,000.

"Losing $ 100,000 could create significant selling pressure that forces the market to decline."

Addressing his followers in the morning hours, Mikybull Crypto gave the signal of the altcoin bull. The analyst predicted that the last corrections before the altcoin bull had taken place and that major increases would begin soon.

Mikybull used the following statements: "You better get ready for the upcoming altcoin season. It will be huge!"

According to CoinGecko data, the total value of the crypto market decreased by 4.9 percent in the last 24 hours and fell to $ 3.688 billion. While $BTC dominance increased to 55 percent, $ETH dominance decreased to 12 percent.

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