Despite recovering some of its losses, Bitcoin was unable to reach its pre-Federal Reserve decision level of $27,000. However, analysts have noted that Bitcoin has managed to maintain a closing value above $26,500 since Thursday. This figure served as a significant resistance point last week. Analysts anticipate that if volatility in broader financial markets decreases as expected, Bitcoin may see a slight rebound in the coming days.
Nevertheless, potential triggers for a more substantial rally appear scarce as federal lawmakers continue to grapple with creating comprehensive legislation for cryptocurrencies.
The decline was not confined to Bitcoin; other cryptocurrencies also saw drops in their values. Ether, the second-largest cryptocurrency by market capitalization, fell by 1% to $1,595. Similarly, smaller cryptocurrencies or “altcoins” also experienced reductions in their values. Cardano fell by 1.3%, Solana decreased by 0.2%, and Dogecoin, a popular meme cryptocurrency, declined by 1.5%.
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Source: Cryptocurrency - investing.com
