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Bitcoin Continues To Bleed As BTC’s Free-fall Moves To $33K

The entire crypto market is enveloped in red, with the flagship cryptocurrency falling to its lowest value in recent months.

The price of Bitcoin has continued to tank steady over the past couple of days in a row which has already breached the support level set at $35,000, and the possibility of the decline continuing is high.

Additionally, the expected freefall will push the price of BTC to the $33,000 support zone should the sellers continue to be active in the current situation.

CoinGecko revealed that the largest cryptocurrency by market capitalization had shed 4.5% of its value over the past 24 hours, culminating in the breach of an important support level and recording a daily price low of $34,405.

In reaction to the below-par performance of BTC, the market value of Bitcoin also plunged to $657 billion, as revealed by CoinMarketCap. As of 28 March, Bitcoin’s market cap was more than $900 billion.

Panic Mode Present

The flagship digital token is selling at $34,515, which is a 10% decline over the past week and a 40% down from last year to date.

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Accordingly, the Bitcoin Fear and Greed Index has attained an extreme level of fear that traders and investors exhibit due to the loss of nearly $6,000 in just some days, which has caused a shift in expectations and mindsets of investors and traders in the Bitcoin network.

As noted by Rick Bensignor from the Bensignor Investment Strategies, the failure of Bitcoin to maintain its key support has given way to a severe decline in the value of the token. As a result, Bitcoin is following the downward pattern exhibited by the equities market as investors from all categories of asset classes unanimously react to the news of a future hike in the interest rates by the Federal Reserve.

The past 24 hours have seen the whole crypto market fall by 4.4% at times that the majority of the top tokens cannot serve as a buffer to the sector despite their standings.

No Counter Trend for Bitcoin

According to Katie Stockton of Fairlead Strategies, there are currently no indications of a counter-trend for Bitcoin to ascertain the possibility of a swift recovery. Still, the equities market is set for a comeback in the coming week, which will have a spillover effect on the crypto Industry.

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However, it is worth noting that the vast majority of the losses experienced by Bitcoin arose after the Federal Reserve announced a rise in the interest rate by 0.50%.

In a move that is considered somewhat a panic mode, institutional investors started selling huge parts of the Bitcoin ETF over a week ago. And the week before this, the outflow from Bitcoin totalled $133 million, which is considered the biggest outflow of the year coming from the network.

That said, analysts have forecasted a further drop in the price of Bitcoin by 13%, which is down to the $30,000 price mark.


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Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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