Bitcoin price is at $24,300: a reversal or a pullback?

Bitcoin‘The midweek slip and slide has taken everyone by storm.‘s attention in the crypto world. The star child of the crypto market, Bitcoin, was trading on shaky ground ahead of the release of the FOMC minutes. However, it rallied after the dip and is now rising above the $24,100 mark. Although the token is a bit shaken by these dramatic price swings, it has refused to sink any further for now. Is there going to be a reversal now or a pullback?

Let’s get into an in-depth analysis to find out more about Bitcoin price action this week.

Bitcoin Price Pulls Back to $24,300

Bitcoin was trading at $24,345 at the time of writing this article.

BTC yesterday‘The price of s was around $24,120. This indicates an increase of around 1.2% in the last 24 hours. The BTC price hit a low of around $23,500 and a high of around $24,500 in the last 24 hours. This indicates a fluctuation of around $1000 per BTC token.

BTC’s mid-week price swings have left its market cap at around $470.1 billion. Bitcoin‘The 24-hour trading volume is around $895 million. The trade value of the last 24 hours surpasses the $3.6 billion mark, while the 24 hour transaction count for Bitcoin is around 278k.

FOMC Meeting Minutes Could Be a Hurdle for Bitcoin

Bitcoin was rallying earlier this week. It was going up from one milestone to the next and kept its price at $24,500 for some time. There were speculations about Bitcoin breaking out of the $25,000 resistance level. There were a fair number of predictions that BTC would go into a full bullish move.

However, BTC‘The truth was far from this optimism. BTC‘The price of s plunged below $23,500. Since BTC is a massive part of the digital asset market, the drop in its price caused the entire crypto market to fall by at least 3%. According to experts, this sudden downward trend in Bitcoin prices occurred just before the FOMC minutes were released. However, shortly after the minute was published, the Bitcoin price surged back to $24,000.

According to the FOMC meeting minutes, the US economy is doing better than previously expected. There are clear signs that inflation is falling slowly. However, the labor sector in the economy has taken off. The country‘The current employment rate is now the lowest in 50 years. Its retail sector has also improved and is now on the rise again. This potentially means that the Fed is looking to raise interest rates. This could have a detrimental effect on the cryptocurrency market.

BTC‘Behavior of s in the last 4 hours

Bitcoin‘The 2023 uptrend after a long crypto winter was interrupted. BTC‘The price of s fell from the $25,000 levels, not once but more than twice in the last two weeks.

Only in the last 4 hours, BTC‘The price has gone up and down within the range of $24,550 to $24,350. The average price per token has been around $24,450. BTC‘Price action is volatile right now.

Yes BTC‘If the last one day price movement is considered, then it is clear that the price has fluctuated around $1000 per token. Its price trend has been bumpy and moved between the $24,600 to $23,600 range.

Crypto Space Faces Vulnerability

Some industry experts believe that this fluctuation could be due to regulations in the cryptocurrency market. These past few weeks, the cryptocurrency industry has experienced a lack of stable regulations. On top of that, there are speculations of heavy scrutiny of the cryptocurrency market by the US federal government in the future. This puts the entire industry in a vulnerable state.

This could indicate the possibility of sudden developments that could cause the cryptocurrency market to fluctuate further.

Bitcoin’s Fourth Scheduled Halving

Among these bleak times for BTC, there is still a glimmer of light.

Bitcoin‘The fourth halving will take place in early 2024.

Bitcoin was created in 2008 as a response to the economic crisis that affected the world in 2008-2009. To continue his motive of curbing inflation, he was mentioned in Bitcoin‘s mining algorithm that every four years, the network will reduce its mining rewards. Their goal is to counter inflation by maintaining a token shortage in the market.

In the year 2012, the first halving event took place. As a result of which, BTC‘The price of s per token increased and left the market capitalization at around $1 billion. After the second halving event in the year 2016, its price increased by 95% and the price of a token stood at around $20,000. BTC‘The third mining event during a global pandemic in 2020 brought its price to a staggering $40,000.

It is clear that during all the previous halving events, the cryptocurrency‘The price of s grew many times and was able to create a market capitalization of more than 450 billion.

Given the fourth halving event in the offing now, it’s fair to assume that Bitcoin is looking to meet a bullish move again next year. Industry experts believe that investors would want to buy the token this year in order to maximize their profit by selling next year during the bull run. Therefore, if more demand is created now, then BTC‘The price of s could rise again very soon.

Final words on Bitcoin

In recent months, the cryptocurrency market has gained more interest. This could be because the beginning of 2023 started as a rally for many cryptocurrencies from last year.‘s depression. The bullish rally of a strong competitor like Bitcoin gave a lot of hope to this global industry.

The recent Bitcoin fluctuations took everyone by surprise. however, let‘Don’t forget that the asset market relies on these fluctuations to manage supply and demand. yes bitcoin‘If the price goes down from here, the buyers will surely raise the price again.

It is challenging to accurately assess such a vulnerable market that sees dramatic moves every day. The current volatility of the Bitcoin market is medium, below 4%. Market sentiment is very neutral. In this situation, investors are advised to wait and see if BTC continues to rally in the next 24 hours. If it does, it could indicate that the price drop was a pullback in BTC.‘s way to the top again.

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