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In hours following Jerome Powell’s announcement of keeping interest rates unchanged, Bitcoin and the broader cryptocurrency market have entered a steep correction. The Bitcoin (BTC) worth is down over 3.5% in the final 24 hours and has moved nearer to the $25,000 degree.

Similarly, the broader cryptocurrency market has eroded over $40 billion of traders’ wealth and is on the verge of falling underneath the $1 trillion mark.

As of now, $25,000 stands as a robust help degree for Bitcoin (BTC), and any fall underneath this might push it additional down to $23,500 and under.

There we go on #Bitcoin.

The lows are getting swept.

Heavily to see response at the $25K area. pic.twitter.com/0ekuDdRptL

— Michaël van de Poppe (@CryptoMichNL) June 14, 2023

Popular crypto analyst Ali Martinez reported: “Bitcoin sits on thing ice! Notice the most important support zone is between $22,785 and $23,595 where 1.34 million wallets hold 450,000 $BTC. On the flip side, #BTC faces stiff resistance between $26,000 and $28,250 where 5.18 million wallets bought 2.1 million BTC”.

As we’ve got seen, thus far in 2023, the correlation between Bitcoin and US equities has divulged to an important extent. After the Powell speech on Tuesday, the US equities ended flat as the US Fed Chair hinted at the chance of two extra charge hikes forward this yr.

Bitcoin and the crypto market have reacted shortly to this since the market is already going through liquidity challenges in the wake of the SEC lawsuits on crypto exchanges Binance and Coinbase. Already a number of banking companions have been reconsidering their ties with the crypto change in the wake of the present developments.

Altcoins Face Deeper Correction Than Bitcoin

Along with Bitcoin, the correction appears extra pronounced in the altcoins house. The world’s second-largest crypto Ethereum (ETH) has tanked by greater than 5.5% and has presently slipped underneath the $1,650 ranges.

Other high ten altcoins resembling BNB, XRP, Cardano ADA, and Polygon MATIC, have all corrected over 6%. The bears appear to have taken a transparent maintain of the markets over the bulls and it stays to be seen how far the market can right farther from right here.

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Bhushan is a FinTech fanatic and holds an excellent aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in direction of the new rising Blockchain Technology and Cryptocurrency markets. He is constantly in a studying course of and retains himself motivated by sharing his acquired information. In free time he reads thriller fictions novels and typically discover his culinary abilities.

The introduced content material might embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability to your private monetary loss.