{"id":33788,"date":"2023-07-10T15:41:34","date_gmt":"2023-07-10T19:41:34","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/bitcoin-price-falls-to-near-30000-why-cryptos-could-go-deeper-into-a-correction\/"},"modified":"2023-07-10T15:41:36","modified_gmt":"2023-07-10T19:41:36","slug":"bitcoin-price-falls-to-near-30000-why-cryptos-could-go-deeper-into-a-correction","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=33788","title":{"rendered":"Bitcoin Price Falls to Near $30,000. Why Cryptos Could \u2018Go Deeper Into a Correction.\u2019"},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n<\/figure><\/div>\n

\n Bitcoin
\n and other cryptocurrencies fell Monday, with a key level for the largest digital asset at risk as sentiment among traders soured. Macroeconomic catalysts in the days to come could prove influential for cryptos.<\/p>\n

The price of
\n Bitcoin
\n has dropped less than 1% over the past 24 hours to $30,150, with prices briefly plunging below the psychologically important $30,000 level in earlier trading before paring losses. Bitcoin remains below recent peaks near $31,500, and looks to be losing some momentum at the bottom end of the $30,000 to $31,000 range that has dominated for much of the past three weeks.<\/p>\n

\n

\u201cBitcoin starts the week near $30,200, having fended off attempts to break below a meaningful round level since the second half of last week,\u201d said Alex Kuptsikevich, an analyst at broker FxPro. \u201cWe should be prepared for Bitcoin to go deeper into a correction just below $29,000.\u201d<\/p>\n

There are some signs of dampening sentiment among crypto traders, with the Crypto Fear and Greed Index on Monday sitting to 56\u2014just narrowly in \u201cgreed\u201d territory\u2014from a high of 64 last week. Bitcoin capped its best first six months of a year since 2019 at the end of June, helped by optimism over applications by
\n BlackRock
\n (ticker: BLK) and other traditional financial giants for a spot Bitcoin exchange-traded fund. But investors are now waiting for the next catalyst to move digital assets, with prices languishing in rangebound trading for weeks.<\/p>\n

The days ahead could bring such a catalyst, with the release of the U.S. consumer-price index for June likely to move Bitcoin and the
\n Dow Jones Industrial Average
\n and
\n S&P 500
\n alike.\u00a0<\/p>\n

Cryptos, like stocks, are highly sensitive to interest rates. The major question facing investors is how much more the Federal Reserve will raise rates to bring inflation under control. CPI\u2014a key inflation reading\u2014due Wednesday is among the last economic indicators before the Fed\u2019s next decision on rates at the end of the month. While markets are pricing in another rate hike in July, the CPI data could shift future expectations for rates through the end of this year.<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest crypto\u2014fell less than 1% to $1,850. Smaller cryptos, or altcoins, exhibited much of the same, with
\n Cardano
\n and
\n Polygon
\n each down less than 1%. Memecoins were slightly weaker, with
\n Dogecoin
\n and
\n Shiba Inu
\n both shedding near 2%.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and other cryptocurrencies fell Monday, with a key level for the largest digital asset at risk as sentiment among traders soured. Macroeconomic catalysts in the days to come could prove influential for cryptos. The price of Bitcoin has dropped less than 1% over the past 24 hours to $30,150, with prices briefly plunging below […]<\/p>\n","protected":false},"author":1,"featured_media":4505,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-33788","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nBitcoin Price Falls to Near $30,000. 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