Bitcoin’s trading price was not able to move past the $28,500 level after it had reached it the other day. The asset did rise over the $28,500 level but that was recorded for a brief moment.
Right after hitting the particular level, the trading price of BTC retreated and it continued losing its weighted.
BTC Price Plummeted below $28,000
As the selling pressure increased, Bitcoin’s trading value kept on declining and soon, it was below the $28,000 mark.
According to the market observers, the decline has been recorded prior to the meeting of the FOMC that is expected to take place in the running week.
The investors seem to have dialed back on their investment decisions until the FOMC data comes out. The investors do not plan on making any future investments in BTC until the FOMC data has been released.
This is the reason the decline is being recorded in the trading price of Bitcoin for now.
Decline in Other Cryptocurrency Prices
Bitcoin is not the only asset that has recorded a decline in its value. Major altcoins have also witnessed huge declines in their trading values due to the same reason.
Tokens such as Solana (SOL), Polygon (MATIC), Polkadot (DOT), and many more have also witnessed declines in their trading values.
The report shows that the trading values of these cryptocurrencies have declined from 7% to 8% in the past 24-hours.
Bitcoin Price falls below $28k before the FOMC Meeting
The performance of the largest cryptocurrency has been spectacular in the latest trading sessions. The data shows that the asset has been recording stronger gains ever since the banking situation has started to worsen.
The situation around the banks went south starting from the United States. From there, the contagion expanded to the European banks. With the situation taking a bad turn, the entire crypto market has become very attractive for the mainstream users.
This is where the strong adoption and performance of Bitcoin comes into the picture. The asset has become very popular and attractive among the mainstream investors and users.
They want to save up their funds and money into Bitcoin and the altcoins. The top pick among the users who were recently rattled by the banking issues, is none other than Bitcoin.
The adoption level of Bitcoin has continued rising among the affected users and its future is also looking very bright.
Due to the recent performance, the Fear and Greed Index has been pushed extremely high. It has reportedly reached the peak, a level that was not witnessed for several months.
This means that although the trading price of BTC is facing a minor decline, it may resurge, and hit even higher levels in future.