Why is Bitcoin Down Today? It has to do with the Feds…

Posted On July 28, 2023 7:52 pm

Bitcoin, the heavyweight of cryptocurrencies, witnessed a significant drop in its price, casting a shadow of uncertainty over the digital currency market. This sharp downturn came as a surprise to many, occurring just before the much-anticipated Federal Reserve meeting and amidst brewing concerns over Binance, one of the largest crypto exchanges. Why is Bitcoin down? Let’s assess the damages…

Why is Bitcoin Down Today?

Often, the financial world anticipates notable shifts around the time of Federal Reserve meetings, with the impact rippling out to various markets, including cryptocurrencies. Bitcoin’s recent slump might not be an exception. With investors bracing for what the Fed might announce, many are holding their breath, expecting a knock-on effect on Bitcoin and other digital currencies.

Turbulence on the Horizon: Concerns over Binance

Adding to the unease among crypto enthusiasts and investors is the uncertainty surrounding Binance. Widely regarded as one of the largest and most influential crypto exchanges globally, Binance has recently come under the scanner of multiple regulatory bodies worldwide. Concerns about Binance’s regulatory compliance have sent jitters through the market, with some fearing that it could have a broader impact on the crypto industry. As a result, Bitcoin’s price fell sharply, reflecting the market’s anxiety.

BTC/USD 1-day chart – TradingView

Will Bitcoin Crash to 20K?

According to data from various sources, the world’s largest cryptocurrency by market value, Bitcoin, slid 8% to a price of around $29,100, well below the critical resistance level of $30,000. This sharp fall paints a bleak picture for the short-term future of Bitcoin, at least until the outcomes of the Fed meeting and the situation with Binance become clearer.

Until then, prices can continue to fall, even to reach the first support of $26,000, then $22,000, till the last strong support of $20,000.

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