Bitcoin retreats 7% after sharp rejection at $20K

Crypto Update
3 Min Read

bitcoin (BTC/USD) asset class pressure demolished bullish plans on Tuesday, as the price hastily retreated from the $20k level.

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Part of bitcoin news Circle had a sharp rise in its price yesterday – in fact the Belvedere crypto rose from a low of $18,600 to a two-week high above $20,300.

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BTC Spikes as Fiat Currency Struggle

Fiat currencies were struggling, including GBP Which saw huge trading volume. James Butterfil, Head of Research at CoinShares, noted and shared the high BTC trading volume against the UK currency.

Microstrategy founder and executive chairman Michael Sayer also noted ‘record’ spot volumes for bitcoin on crypto exchange Binance.

However, on a psychological level, trading volumes that hit a multi-month peak amid massive sell orders also meant a fall – a decline. It happened, and how quickly it grew and then was left with profits and high sales volume is just as spectacular.

Market intelligence platform sentiment data has shown Bitcoin trading volume hit a three-month high as BTC price dipped below $18,800.

as before informed ofSome analysts believe a worst-case scenario for BTC to retreat to the June 2022 trough and possibly retest the below $12,000 area.

Bitcoin is currently hugging the $18,600 area with a decline of over 7% over the past 24 hours.

The decline also came as the S&P 500 took early gains to close to a two-year low, which continued in the market on the overly aggressive US Federal Reserve.

The Fed’s more aggressive rates mean that stocks and other riskier assets tend to hover around levels with analysts likely to include further pain. 3,200. pointing to for the S&P 500. The index closed at 3,647.29 in Tuesday’s session.

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