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Why Has Bitcoin Price Plunged Again? Here’s Why and Analyst il Capo’s New Expectations

source-logo  en.bitcoinsistemi.com 14 June 2024 18:45, UTC

The cryptocurrency market also spends Friday in the red zone.

According to data, the price of Bitcoin (BTC) has lost approximately 2% additionally in the last 24 hours and is trading at $ 65,473 at the time of writing.

A significant part of today's decline occurred in the last hour and a half, and BTC suffered a sudden loss just before reaching the $67,000 mark.

BTC chart with minute candles showing the decline in BTC price.

The dot plot chart published by the FED after leaving interest rates constant on Wednesday is blamed for the decline. The chart in question predicted that while three interest rate cuts were previously expected, only one interest rate cut was expected this year, and that it would be only 25 basis points. However, dot plot charts are published by the FED only as predictions and are subject to change.

However, as we have previously stated as Bitcoinsistemi.com, there has been a sales pressure on Bitcoin miners lately and miners are sending BTC to exchanges in an accelerated manner.

Cryptocurrency analyst il Capo said in a recent statement that the $65,000 level is the “last line of defense.”

As a result of the decline in BTC price, there was a liquidation of $22 million in the cryptocurrency market in the last hour, and $21 million of these were in long positions.

*This is not investment advice.