Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-declines-due-to-fed-announcements/" data-wpel-link="internal">Bitcoin Declines Due to Fed Announcements</a> 
Bitcoin (BTC) dropped to $66,250, marking the lowest price in the last 24 hours. Despite a $400 jump, it remains in a risky zone. What drove investors to sell over $3,000 in 24 hours? Why did BTC fall by 5%? 
<h2 style="text-align: justify" id="why-is-bitcoin-falling">Why is Bitcoin Falling?</h2> 
For days, we mentioned that Wednesday’s Fed <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">announcements</a> could be a key point for a break. Investors were hopeful with inflation data an hour before the US markets opened, but it didn’t go as expected. Half an hour before Powell’s statements, the <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">interest rate</a> decision and members’ 3-year rate forecasts were released. The dot plot showed a median view of a 25bp cut for 2024. 
At the beginning of the year, the median view was a 75bp cut, while the market expected a 150bp cut. Powell emphasized that these forecasts were not revised despite the positive June 12 (May data) inflation report. 
The market is now trying to digest the possibility of only one cut this year. Although these forecasts are not mandatory, the drop from 75bp to 25bp indicates a problem, and the market received this message. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-362134 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/06/BTCUSDT_2024-06-13_19-10-03.png" alt="" width="1814" height="836"> 
BTC at $66,270 is a significant support area tested multiple times. If it closes below this level, sales could deepen to $64,700 and $60,200 supports. This indicates that the <a href="https://en.coin-turk.com/grok-coin-price-soars-after-billionaires-announcement/" data-wpel-link="internal">altcoin</a> sales since Friday are minor compared to what might happen. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-declines-due-to-fed-announcements/" data-wpel-link="internal">Bitcoin Declines Due to Fed Announcements</a></h5>

Bitcoin Declines Due to Fed Announcements

Table of Contents

COINTURK NEWS

Other articles published on Jun 13, 2024

IO Trending In Top AI Token & AIAT Trending Coin Of Last 24 Hours

Is $4k Still Achieveable for Ethereum? Ethena Continues To Bleed As Viral Token Raboo Steps Up!

Self-custodial Bitcoin wallet Bitkit launches on app stores

Investors Turn to MoonBag Presale as Hedera Faces Skepticism and BitBot Struggles

Shiba Inu Whale Transactions Explode 170% Following Forbes Endorsement

US PPI Inflation Drops, Sparks Optimism Amid Fed’s Dovish Stance

Join our free newsletter for daily crypto updates!