Following the Federal Reserve’s meeting in June, cryptocurrency values dropped, and Bitcoin lost its important price mark of $25,000. In today’s trade, the price of Bitcoin fell below $25K for the first time since March, falling as low as $24,750.
BTC was worth $25,000 at the time of writing, down 3.77% over the previous day.
After the Federal Reserve’s June meeting, when it was announced that interest rates would remain unchanged for the time being but that two further rises were anticipated later this year, the falls started to occur.
The Securities and Exchange Commission’s (SEC) lawsuit against the two biggest cryptocurrency exchanges, Coinbase and Binance, further froze the market this week, resulting in limited price movement and unfavourable sentiment.
Veteran trader Peter Brandt delivers a caution regarding the price of Bitcoin as market uncertainty persists. Brandt recently tweeted that Bitcoin could be headed downhill for the time being. It’s unclear from the context whether the “now” in this instance refers to the immediate or longer term.
As previously mentioned, Brandt observed what he calls “hinge” behavior—price equilibrium—for Bitcoin. This would indicate that Bitcoin was prepared to make the next move, either upward or downward.
Brandt follows up his tweet by stating, “Hinged to downside for now,” suggesting that the price of BTC may be on the decline.
In the meantime, Bitcoin’s domination of the whole crypto market, or BTC dominance, is at its greatest level in approximately 20 months, reflecting the cautious attitude towards digital assets.
According to on-chain monitoring company Glassnode, Bitcoin dominance has increased 7.6% year to date and is currently standing at 47.6%.
This, according to Glassnode, may indicate a sustained movement of capital from minor assets to big ones as capital starts to focus on the most liquid crypto assets.
