Bitcoin Drops $25,000 - What Happened to Crypto Market?

Crypto price: Bitcoin at $24,000, Ether Scales 2-Month High

On Friday, July 29, the cryptocurrency market extended its climb after the US Federal Reserve raised interest rates. According to CoinMarketCap data, the global crypto market cap increased 3.90% daily to $1.10 trillion. Bitcoin, Ethereum Solana, and other major cryptos have achieved gains in the last 24 hours, restoring the global cryptocurrency market valuation to levels it had lost earlier this year. The rise in the Fear & Greed index, which reached its highest level since April of this year, also contributed to the spike.

Bitcoin closed in the green after breaking through the $24,000 barrier on Thursday, holding those levels at the open on Friday. Later in the day, the price dropped slightly, hovering around the $23,900 mark. At the time of writing, the price of bitcoin was $23,920.29, up 4.37 percent in the previous 24 hours.

Following the recent FOMC decision to raise interest rates by another 75 basis points, Bitcoin closed in the green again Wednesday, edging above the $24,000 barrier. The Fear & Greed index, which measures market emotion, rose to its highest level since April this year. Despite being in an uptrend, the daily trend for BTC remains within a declining channel pattern. The next significant resistance level for BTC is projected to be $32,300. This bullish trend could continue for the next few days.

BTC continued to rise, reaching a high of $24,000 on Thursday before falling to its consolidation level of $23,000. With a broad accumulation trend, the bulls have been propelling the price towards the next crucial resistance level at US$25,000.

Ethereum gained 14% and 6% in the last few days, respectively, crossing the $1,700 mark for the first time in nearly two months. Investors remain optimistic about Ethereum’s bullish surge ahead of its Proof-of-stake (PoS) shift. Ethereum’s daily trend has broken out of the pattern and is soaring ahead.

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