Bitcoin price witnessed a massive 5% drop after Fed Chairman Jerome Powell’s statements. With the recent decline, it is heading towards the CME gap, which is suggesting a 20% loss.
Will Bitcoin price fill the CME gap that has suggested a 20% drop?
The crypto market has been in turmoil since the Binance and Coinbase lawsuits of the week of June 5. The second crisis was triggered by the Fed’s decision to keep interest rates constant. Bitcoin lost $25,000 last night after Powell’s statements. The downward momentum continues with a 5% decline that engulfs the market today.
In the current situation, there are concerns about whether Bitcoin will continue to drop to fill the $20,000 CME gap. A huge gap was formed between $20,260 and $21,340 during mid-March trading, just before the leading crypto advanced to the year-high $31,200. This is currently the only unfilled CME gap that could be filled in the coming days. If it does, the Bitcoin price will see a 20% loss from its current levels.
Crypto market trades sideways after Fed signals falconry
The market movements of June 15 strengthen the possibility of BTC filling the CME gap. Data from TradingView shows that Bitcoin was trading at $26,000 within $200 on either side of the support for most of the day, but was hit by a sell-off that dropped it to a daily low of $24,925 in the afternoon. Right now the bears are pushing to extend the losses further.
According to Jim Wyckoff, senior technical analyst at Kitco, the lack of early action for BTC reflected the futures market as “July Bitcoin futures prices were almost flat in quieter US trading on Wednesday.”
“BTC bears have the short-term overall technical advantage as there is still a slight price bearish bias on the daily bar chart,” Wyckoff said. “The path of least resistance for prices is currently falling sideways.”
Bitcoin price quickly lost the critical $26,400
Prior to the FOMC announcement, crypto analyst Michaël van de Poppe said that $26,400 would be a crucial resistance level for Bitcoin. He stated that this level will likely result in a pullback to the $24,500 – $25,000 region. Poppe’s predictions came true in part with the price movements of the day.
Market analyst Rekt Capital posted the chart below, which says, “The bearish trend continues for BTC as the price has made another Weekly Close below a key Weekly level.”
Rekt Capital stated, “Blue ~$26600 support is lost. If BTC relief rises from here, it will soon turn into resistance. “After the rejection at $26,600, $20,000 awaits us,” he says. Bitcoin is currently consolidating just under $25,000. cryptocoin.com As we have reported, miner sales were also behind the downward momentum.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.