May 23, 2024
Bitcoin price today

Bitcoin Faces Uphill Battle Amid Market Turbulence

Saturday, May 11, 2024: The live Bitcoin price today registers at $61,020.39, marking a marginal 0.92% increase within the last 24 hours. However, despite this incremental rise, Bitcoin remains 17.22% below its all-time high (ATH) of $73,780.07.

Image Source: TradingView

Recent market trends indicate a struggle for Bitcoin to sustain its upward trajectory, as bears seize opportunities to drive prices down, potentially signaling further declines. Friday witnessed a notable plunge in Bitcoin’s valuation, plummeting nearly 5% from $63,000 to slightly above $60,000. Analysts attribute this downturn to pessimistic inflation projections and hawkish remarks from Federal Reserve policymakers.

According to market intelligence firm Santiment, Friday’s sell-off suggests a waning interest from investors looking to buy on dips, hinting at a possible bottoming-out scenario. Despite several attempts at a sustained rally in recent weeks, Bitcoin has encountered resistance, with blockchain activity signaling reduced participation and a decline in transactions on the Bitcoin network.

Adding to the uncertainty, Lorie Logan, President of the Dallas Fed, conveyed cautious sentiments at a conference in New Orleans, suggesting a potential delay in rate cuts. As per Reuters, Logan said “it’s not clear if monetary policy is tight enough to bring inflation down to the U.S. central bank’s 2% goal, and with price pressures still too strong, it is too soon to be cutting interest rates,” further unsettling market sentiment.

The broader cryptocurrency market has also felt the impact, with most digital assets trading in the red over the past 24 hours. Ethereum, the second-largest cryptocurrency by market capitalization, witnessed substantial selling pressure, exacerbating the overall market downturn.

As Bitcoin grapples with market turbulence and regulatory ambiguities, investors remain vigilant, closely monitoring developments that could shape the future trajectory of digital currencies.

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