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The cryptocurrency market has experienced volatile price movements since last week. This situation is especially evident on the Bitcoin front, with prices dropping to $48,800 and then rising to $62,000, causing investor anxiety. Amid these price movements, investors are trying to predict the market’s direction, with one project on the Bitcoin network being the biggest loser of the day. So, what is happening in the cryptocurrency market?
Current State of the Cryptocurrency Market
The total cryptocurrency market value dropped by 3% in the last 24 hours, falling to $2.06 trillion. The existing selling pressure in the market intensified during the Asian trading session when crypto assets started to rise.
The market fluctuation is believed to be triggered by the release of the US Consumer Price Index (CPI) data. The change in the US CPI showed that inflation fell to 2.9% in July, as predicted. This rate, down from 3.0% in June, seems to reflect expectations of a rate cut.
TOTAL continues to stay above the $2 trillion support level, but it is uncertain if this level will be revisited. The main target is believed to be staying above the $2.03 trillion level.
Bitcoin’s Price Decline Continues
Bitcoin’s price lost the $60,000 support level in the last 24 hours following the CPI announcement, and the decline continues. After reaching $61,850, the highest level seen yesterday, investors started selling, leading to the current drop to $58,000.
BTC’s price remains above the $54,500 support level, which has been tested in the past. Despite the downturn, a potential recovery could push the price back above $60,000, making a rebound from this level possible.
However, if BTC is affected by global economic conditions and continues to decline, it could fall to the significant psychological support level of $55,000, and further drops could see the price reaching $54,500.
ORDI’s Current Price
While the overall cryptocurrency market continues to decline, the biggest loser in the last 24 hours has been ORDI, a newcomer to the BTC network. ORDI’s decline exceeded the market, dropping by 8%, and its price fell to $28.4 at the time of writing.
The altcoin was known to test the downtrend line as support, as seen in the above chart. However, a successful rally attempt from the mentioned level has not been seen in the past three months. If ORDI loses the $27.7 support, the decline could deepen, and the formation could change.
Still, if a trend reversal occurs and it bounces from this support, it could move towards $34, invalidating the downtrend thesis.
