Bitcoin Falls to $62,666, Selling Pressure Continues in Markets

Bitcoin price dropped to $62,666 at the time of writing and continues to remain below the $63,000 level. The king cryptocurrency quickly rebounded from the recent $70 rally, leading to negative consequences for altcoins. With this decline, many cryptocurrencies lost more than 5% at the beginning of the day.

While the interest rates that have been increasing since 2022 have reached their peak, it has been confirmed that the first interest rate reduction will be made as of September. Fed Chairman Powell's more moderate attitude at yesterday's meeting and his statement that he did not want a further decline in the employment market, but his statements that he could act faster in case of weakening attracted attention. Still, Bitcoin doesn't pay much attention to these developments. We have stated that we do not consider it appropriate to lower the federal funds rate target range until we have greater confidence that inflation is sustainably moving toward 2%. It is stated that second quarter inflation data increased our confidence and better data will reinforce this confidence.

During this period, when inflation fell to 3%, it rose to 9% at its peak. According to FedWatch, there is a 100% chance of a 25 basis point rate cut in September. While this development is expected to lead to an increase in the stock markets, it seems possible for Bitcoin to target $ 60,000 again.

Bitcoin Comments and Expectations

While assessing the current situation, Crypto Chase said, “Mental illness persists. “Historically, liquidity scans often fail if run from the front,” he commented. According to the analyst, it may not be a surprise if Bitcoin falls further. “There is no strong signal here, but any level from the mid-61,000s to 59,000 is possible. “The offers depend entirely on how aggressive or safe you are.”

Although CrypNuevo states that it expects a quick reversal and short squeeze, the current chart does not seem to support such a scenario. QCP Capital, on the other hand, suggests that a recovery may occur as sales in the ETH ETF channel weaken.

It is stated that in August, Democratic candidate Harris will make statements aimed at improving her image on crypto. The signals coming from the party are in this direction. Interest rates are expected to fall at the next meeting and the ETHE sell-off that triggered net outflows in the ETH ETF channel will end soon. However, these developments do not have a major impact on the direction of Bitcoin for now.

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