The cryptocurrency market has been experiencing volatile price movements since last week. This situation was particularly evident on the Bitcoin front, with the price falling to $48,800 and then rising to $62,000, and the large fluctuations that made investors nervous. While investors were trying to predict the direction of the market amidst all these price movements, the biggest loser of the day was a project on the Bitcoin network. So what's happening in the cryptocurrency market?

Latest Situation in the Cryptocurrency Market

The total crypto market value was seen to fall to $2.06 trillion after a 3% decrease in the last 24 hours. It was noted that the selling pressure in the market intensified during the day after crypto assets rose at the beginning of the stock market session in Asia.

The fluctuation in the market is thought to be due to the release of the US Consumer Price Index (CPI) data. The change in the US CPI revealed that inflation fell to 2.9% in July, as expected. This rate, which fell from 3.0% in June, seems to reflect expectations of an interest rate cut.

TOTAL is currently holding above the $2 trillion support level, and it is unknown whether this level will be revisited. The main target is thought to be to stay above the $2.03 trillion level.

Bitcoin Price Continues to Fall

The price of Bitcoin lost the $60,000 support level in the last 24 hours after the CPI was announced and the decline continues. After the rise to $61,850, which marked the highest level seen for BTC yesterday, investors were seen to start selling, which paved the way for the current drop to $58,000.

The BTC price is seen to remain above the $54,500 support level, which is known to have been tested in the past. A bounce back from this level may be possible, as it is thought that a recovery that may occur despite the bearish environment could carry the price above $60,000 again.

However, if BTC is affected by general world economic conditions and starts to decline, it could fall to $55,000, which is an important psychological support level, and a scenario where the price reaches $54,500 as a result of larger declines could occur.

How Many Dollars is ORDI?

While the declines continue in the entire crypto market in general, the biggest loser of the last 24 hours was ORDI, one of the new faces of the BTC network. The decline in ORDI was 8%, beyond the market, and its price was seen to fall to $ 28.4 at the time of writing.

It was known that the altcoin tested the downtrend line seen in the chart above as support. However, a rally attempt from the mentioned level has not been seen successfully in the last three months. If ORDI loses the $27.7 support, it can be seen that the decline deepens and the formation changes.

However, if there is a possible trend reversal and it bounces off this support, it could be reflected on the charts as it moves towards $34, invalidating the bearish thesis.