Bitcoin Continues to Bleed Out, Reaching Intraday Low at $21,580
Bitcoin’s price has failed to recover over the past 24 hours, instead continuing to decline slowly. The cryptocurrency reached an intraday low of around $21,580 on Binance, with the majority of the market also charting mild declines as trading volume across the board diminishes.
Despite some exceptions, Bitcoin’s price is currently trading at slightly above $21,600, representing a decline of around 1.3% on the day on relatively low volume. The volatility picked up on a couple of occasions yesterday but failed to produce any meaningful differences.
The Chairman of the US Federal Reserve, Jerome Powell, testified before the Financial Services Committee and reiterated that inflationary pressures are currently higher than what the Fed had anticipated. This news may have contributed to the decline in Bitcoin’s price, as investors seek to hedge against inflation.
While Bitcoin’s price continues to slip further away from $22,000, some analysts remain optimistic about its long-term prospects. They believe that the current market conditions are merely a temporary setback and that Bitcoin will eventually rebound and reach new all-time highs.
However, others are more cautious, warning that the cryptocurrency market is highly volatile and unpredictable. They advise investors to exercise caution and to diversify their portfolios to minimize risk.
Overall, the cryptocurrency market remains in a state of flux, with Bitcoin’s price continuing to decline slowly. Investors will be closely monitoring market conditions and news developments to determine the best course of action.
