The bitcoin (BTC) price had another special day yesterday. In the morning, bitcoin fell rapidly to below $57,000, but in the evening the price rose just as quickly to around $60,000 after the new American interest rate decision. The price has now completely returned to square one, and tension is increasing among crypto investors about the further price movements of bitcoin and the rest of the crypto market.
BTC price extremely volatile
Yesterday morning, the bitcoin price took a huge dive to a low of approximately $56,500. The last time the price was below $57,000 was in February this year.
The price then moved sideways around $57,000-$58,000. Around 7 p.m., when the price was around $56,700, bitcoin suddenly felt like it. The price rose sharply and reached a peak of almost $60,000 about 2 hours later.
As bitcoin skyrocketed, the FED announced that it would leave interest rates unchanged at between 5.25 and 5.50 percent, the highest level since 2001. Almost everyone on the financial markets was already taking this scenario into account. Nevertheless, it caused a significant revival for bitcoin.
However, the resistance zone around $60,000 turned out to be too strong and threw a spanner in the works. In no time, the price plunged back down to $57,000, where it largely consolidated overnight. If the price also loses the current level of $57,000, a further decline to $52,000 is in the offing.
At the time of writing, the BTC price on crypto exchange Bybit powered by SATOS is equal to $57,355. On the Dutch crypto exchange Bitvavo, the BTC price in euros amounts to 53,497. Compared to 24 hours ago, BTC is down 4.60%.
Solana, XRP and Cardano rise in red market
Most altcoins are logically in the negative. However, several crypto coins also do not care about bitcoin’s price drop.
Within the top 10 crypto coins, solana (SOL), ripple (XRP) and cardano (ADA) have escaped a decline. Solana is up 3.13% in the last 24 hours, ripple is up 1.34% and cardano is up 0.44%
The rest turns red one by one. For example, ethereum (ETH) fell by 2.68%, BNB (BNB) by 3.92% and dogecoin (DOGE) by 4.81%. The Telegram-related toncoin (TON) is the biggest loser of the past day with a decline of 6.80%.
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Tags: Bitcoin price rises sharply interest rate decision falls
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