Edul Patel, CEO of Mudrex, claims Bitcoin's fall happened due to increased sell-offs and the Bank of Japan's rate hike, which strengthened the yen and dropped the Nikkei index. The US Federal Reserve's decision to keep rates unchanged and escalating Middle Eastern tensions have also added pressure. Patel claimed that bitcoin's next support level is at $53,200, with resistance at $55,800.
Despite current market volatility, there are positive signs on the horizon. Morgan Stanley's plan to offer Bitcoin ETFs to its wealthy clients indicates growing institutional interest in digital assets, potentially stabilising and boosting the market in the long term.
