Bitcoin Collapses By Most In Nearly A Month – Its Golden Days Are Over?

Bitcoin fell to its lowest level in nearly a month as the optimism that had pervaded global markets following the Federal Reserve’s meeting on Thursday quickly vanished. On Thursday, sellers returned in full force, driving equities and cryptocurrencies down. Despite short-term price movements, the risk-off mood among market participants has been a recurrent trend this year. Bitcoin price fell below the $38,500 support level after failing to cross the $40,000 resistance level. The cryptocurrency has lost 8% in the last 24 hours and is now consolidating about $36,500. Suggested Reading | Bitcoin Seen Dropping To $32K – But Not This Month – As Analyst Sees It Hitting $48K In the past seven days, BTC has also decreased by 8%. This was also one of the worst declines for cryptocurrencies this year. The token is now approximately 10% above its January 2022 low – a far cry from the $66,000 it registered in November last year. Dragged By The Stock Market On April 5, its value opened at $46,614, but since then, between small and slight recoveries, it has declined to Friday’s closing price of $36,230. Bitcoin is the most volatile cryptocurrency, and market observers say these types of declines are usual given that the crypto market increasingly follows the stock market’s price movements. According to CoinMarketCap statistics, the largest cryptocurrency has a 24-hour trading volume of $35,046,532,955. In addit...