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Why Is Bitcoin Down Today? BTC Price Sees Sharpest Drop in 135 Days
- Bitcoin (BTC) is facing significant volatility following the Federal Reserve's (Fed’s) latest monetary policy announcement.
- Bitcoin touched $98,760 in a sharp downturn, losing nearly $10,000 from its recent all-time high (ATH).
- This marked the largest single-day drop since August 5. $661 million in leveraged long positions have been liquidated in the cryptocurrency market.
- Federal Reserve's hawkish stance on future interest rate cuts caused the decline and reassessment of risk positions across assets.
- Bitcoin fell by 5.6% during Wednesday's session, testing levels below the $100,000 mark again.
- The cryptocurrency market's reaction mirrors the complex interplay between monetary policy and digital asset valuations.
- Ethereum (ETH), XRP, Solana, and Dogecoin also saw losses.
- Market specialists suggest the possibility of short-term price movements toward the low $90,000 range.
- Bitcoin benefits short-term support provided by the 20-day exponential moving average (20 EMA).
- VanEck forecasts $180,000 for Bitcoin by Q1 2025 and anticipates the ongoing crypto bull market to culminate in its first major peak during Q1 2025.
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