The flagship of the cryptocurrency market, Bitcoin (BTC), has been losing momentum since the beginning of 2023. The critical level indicated by experts, $29,000, has just been broken downwards! What will happen to BTC now?
The Twitter icon, which has been a symbol of Elon Musk for years and was acquired by the billionaire investor a few months ago, has been replaced with an “X” after today’s announcements. This change in the Twitter icon has led to a shift in focus towards Dogecoin (DOGE) in the cryptocurrency markets. Following this event, the price of Bitcoin instantly fell below the $29,000 level.
Meanwhile, prior to the announcement, Dogecoin was trading around $0.70, but it rose to $0.73 after the news. According to analysts, the shift in market demand towards meme tokens like Dogecoin and Shiba Inu could lead to a slight decrease in liquidity and small price drops in the cryptocurrency giants.
On the other hand, according to cryptocurrency analysts, the US Services PMI, which is expected to be announced today, could play a significant role in the volatility of the markets. The expectation for the PMI data is 54, with the previous data at 54.4. We will see together what will happen to Bitcoin after the release of the data.
As of the time of writing, Bitcoin (BTC), according to the data obtained from the website 21milyon.com, is trading at $29,267 after its recovery from the decline.