Bitcoin Struggles To Claim $20,000 Mark Amidst Bear Market
Bitcoin shows no reversal and many altcoins are still in the red zone. The state of the market can be traced to several factors, such as the Federal Reserve’s interest rate hike. A few weeks back, the crypto markets fell further after the announcement of the interest rate hike.
Several altcoins, including Bitcoin and Ethereum, reacted negatively to the report. Bitcoin and Ethereum were down 0.9% immediately after the Federal Reserve report. In 24 hours they fell by 2.4% and 2.0% respectively.
This move brought the price of Bitcoin to just above the $23,300 price mark. Ethereum at the time was trading at a price just above the $1,800 price level. Other markets also went down into the red zone during this period. A notable example is the stock market.
The Dow Jones, for example, fell by around 0.23%. In addition, the Nasdaq and S&P 500 are also trending sideways. From then until now, the crypto markets continue to fall, bringing Bitcoin slightly lower than the $20K price level.
Bitcoin strives for the $20K price mark
Over the past 24 hours, the crypto market has shown that the bears are not making room for the bulls. This fact makes Bitcoin struggle to reach the $20,000 price level.
This price tag is as important to BTC as it is to the digital currency market. The reason is that the price level of $20,000 marks the peak price of the bull market for 2017 to 2018. So for the crypto market movement to continue in a bullish trend, it must stay above this price level.
Although it looks like BTC will reach $20K, it is trading at a price just below the sought after price. According to the market watchdog, BTC has been down 7% in the last seven days. Meanwhile, the 24-hour rate of decline is about 1.5%.
A chart revealed that the volatility of BTC has also reduced in the last 24 hours compared to two days back. This was evident when it rose above the $20,000 price level almost immediately after hitting the $19,500 price mark.
The bearish crypto market
From the current look of the crypto markets, only a few tokens are showing bullish movements. Apart from these digital symbols, the market fluctuates around the red zone. At the moment there are no positive feelings about the current state of the market.
Some of the altcoins have gone down by a few percent in the last 24 hours. For example, Ethereum, the second largest cryptocurrency, is up 3%.
Featured image from Pixabay and chart from TradingView.com
