Cryptocurrency market has lost 1% in value in the past 24 hours with Bitcoin (BTC) leading the drop. BTC, after losing 1% in value in the last 24 hours, halted its advancement towards $31,000 and fell back to $30,200. The critical resistance of $30,000 for BTC’s price will draw attention from here on, however, it appears that other cryptocurrencies have started to experience drops even before descending below this support level.
The crypto market took an unexpected turn downwards in the past 24 hours and the top 10 doesn’t look good. ETH lost 0.7% in value in the last 24 hours, followed by a 2.5% drop in BNB, 0.6% in XRP, 2.2% in Cardano (ADA), 0.8% in Dogecoin (DOGE) and 1.6% in Solana (SOL).
This dip in the crypto sector precedes the positive data of the June consumer price index. Despite this, the observed dip has created worries in the sector. The US consumer price index showed a 0.2% increase in June, which is actually lower than the expected 0.3%. The core inflation came at 4.8% which is generally expected to be around 5% in the market. The reason for the drastic drops in BTC and generally altcoins could be the statements of the FED officials, despite such changes in inflation data.
Famous crypto analyst Michael van de Poppe stated that the sector needs patience, underlining that he expected a sharp drop at first. Despite all the data coming better than expected, the observed drop points to the inevitable downturn.
Another analyst, Bluntz, predicts a fall to $28,000 for BTC. Bluntz, who is confident that BTC’s current chart will lose $30,000, pointed out that the critical support here is $28,000.
On-chain analysis company Santiment indicated that whales are focusing on the $30,000 to $31,000 range, actually showing which level will draw attention after the drop to $28,000. This drop and the expected rise afterwards may bring the excitement and volume that the altcoins have been seeking for a while now.