The Bitcoin price has fallen below the $30,000 mark again in the last few hours. This was the second drop below this mark in the past few days. The rise of the last few weeks has therefore faltered somewhat. Why did Bitcoin Crash Today?
How has the Bitcoin price moved in the last few hours?
The Bitcoin price had to accept slight losses again in the last few hours. From $30,300, the price fell back below the $30,000 mark. That was the second big drop below this mark in the last few days.
The Bitcoin price fell below $19,200 overnight. The crash happened within a few hours. The nervousness of the market could have something to do with the approaching meeting of the US Federal Reserve. At the next meeting on May 3rd, they will decide whether the base interest rate for the US dollar should be increased again.
Why did Bitcoin Crash Today?
After surging above $30,000, euphoria was high in the short term and bulls expected further increases in the following days. But the further breakout did not materialize and the course seems to be moving sideways again.
As mentioned, the market is waiting for the next FED meeting. Until then, the Bitcoin price could move sideways. Depending on the decision of the FED, the course could rise again massively or rather fall slightly.
The big rally after the banking crisis stalled at a Bitcoin price of $28,000. But the great collapse of even more banks did not materialize. This could be the reason for the current stagnation. Right after the Silicon Valley Bank collapsed, bulls were extremely optimistic. At the moment they are waiting to see in which direction the markets will move in these weeks.
Is the Crypto Bull run really over?
So the Bitcoin bull run of the last few weeks has stalled a bit. Still, we must not forget that over the last 3.5 months, Bitcoin has seen almost a 100% increase, a doubling. The bullish momentum remains.
We also have to remember that we already saw an extremely strong second quarter in 2019. The crypto market in 2023 is very comparable. If the percentage increases are repeated, we would see a Bitcoin price increase to $45,000 in the summer. As such, we see the bull run as still ongoing and the rise may only pause briefly.