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The leading cryptocurrency Bitcoin (BTC) rose yesterday, approaching the $26,800 level. However, it fell again to the $26,000 level after Federal Reserve (FED) officials signaled that interest rate hikes may continue. A cryptocurrency analyst evaluating the current market situation pointed out possible price levels that could play a crucial role in the near future.
Leading Cryptocurrency Bitcoin (BTC) Falls Again
Yesterday, the leading cryptocurrency Bitcoin (BTC) experienced a rise, approaching the $26,800 level. As a result of these increases in BTC and the cryptocurrency market, most altcoins gained value. However, Federal Reserve (FED) officials’ statements during the day signaling that interest rate hikes may continue caused the cryptocurrency market to fall again.
The leading cryptocurrency Bitcoin (BTC) fell below the $26,100 level and started trading at around $26,070 after recording losses within hours. Ethereum (ETH) also fell below the $1650 level. The total market value of the crypto industry retreated to $1.05 trillion according to CoinMarketCap (CMC) data.
Analyst Points to Critical Price Levels
While the uncertainty in Bitcoin continues, cryptocurrency analyst Michael Van de Poppe evaluated the current market situation through a series of tweets and pointed out possible price levels that could play a crucial role for the leading cryptocurrency BTC in the near future. The analyst drew attention to the recent rise in the market and stated that BTC moves in parallel with commodities, and Silver has reached price levels it traded in July due to its recent gains.
Furthermore, cryptocurrency analyst Michael Van de Poppe also mentioned possible bullish scenarios. The analyst suggested that if the leading cryptocurrency Bitcoin falls between the $24,000 and $25,000 price levels, it could present a new opportunity and initiate another uptrend.
