Bitcoin and Altcoins Crashed! Why Did The BTC Price Drop? What’s the Latest?

bitcoinIt had made an upward movement with the positive opening of the US stock markets during the day.

With the rise in Bitcoin, rising to the level of $ 3273 Ethereum It also made all altcoins turn green.

However US stock markets Although it started the day with a rise, it closed the day negatively with the downward wave that followed. The price of Bitcoin, which was negatively affected by this situation, dropped below $ 41,000.

Testing to break the blue downtrend upwards during the day BTC, bounced right back from this resistance level. As we mentioned in our previous analyzes, this trend line is currently seen as the biggest obstacle to the rises.

Bitcoin 4-Hour Chart

also Fed’s interest rate decision expected on January 26As the market creates a tense environment, as this date approaches, the appetite to buy decreases.

The most important support level for BTC, which hits the $ 40,950 level, is $ 40,500. If this level is broken, a drop to $38,000 can be seen.

Along with the recent declines, it is seen that the fear and greed index is in the “extreme fear” position with 24 points, which is the lowest score of recent days.

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