Bitcoin rallied to reclaim $40,000 after a crash that saw a 15% drop in 24 hours. At the time of publication, the leading cryptocurrency by market cap is at $40,219, down 3.3 percent on the day, according to the data. Meanwhile, BTC could decline, according to a Bloomberg report. Here are the details…
BTC price is starting to recover
As we have also reported as Kriptokoin.com, the largest crypto currency fell below the $40,000 level for the first time since mid-May on Monday, making it a tough start to the week. did it. According to the data, approximately $439 million worth of cryptocurrencies have been liquidated in the last 24 hours, with 88 percent of liquidations being long positions.
On the other hand, the hawkish turn of the US Federal Reserve (FED) rekindled the dollar rally while simultaneously putting pressure on risky assets like Bitcoin. The US dollar index (DYX), which measures the strength of the dollar relative to a basket of foreign currencies, recently climbed above 100 to reach a new two-year high. The US stock market also closed in the red on Monday, with the Dow Jones Industrial Average falling 1.89 percent.
Bloomberg report: Bitcoin could drop to $26,000
According to a recent Bloomberg report, if a “bearish flag” technical pattern emerges, Bitcoin price could drop as low as $26,000. According to the report, BTC could now be on its way to testing a key support level of around $37,500. Not finding any footing here could be disastrous for the bulls.
Meanwhile, the cryptocurrency market remains firmly in the red, with the combined market cap of all cryptocurrencies falling by 3.76 percent in the last 24 hours to $1.86 trillion. Both Bitcoin and Ethereum have dropped over 13 percent in the past seven days. Among the top 10 cryptocurrencies by market capitalization, Solana and Cardano have been hit hardest in the last 24 hours, down 6.4 percent and 5.9 percent, respectively.
15022
