In the past 24 hours, the digital currency market has faced another steep decline, with the price of Bitcoin (BTC) and other cryptocurrencies dropping again. One of the reasons for this price drop is the gaps created in the Chicago Mercantile Exchange (CME), which analysts believe Bitcoin needs to fill. Analysts predict that Bitcoin may need to drop to $85,000 to fill the next price gap. Another gap at $77,900 remains. Sellers will try to push the price to these levels to fill the gaps quickly, initiating a new upward trend sooner. The Titan of Crypto also points to price gaps from $92,900 to $85,700 that Bitcoin usually fills, indicating a potential correction as a prelude to a new uptrend. Another reason for the recent market downturn is the $2.7 billion outflow from Bitcoin ETFs last week. Meanwhile, altcoins like Ethereum, Dogecoin, and Ripple have also experienced price drops due to their positive correlation with Bitcoin. On the other hand, Trump recently announced that the US strategic reserves of digital currencies will include Bitcoin and altcoins such as Ethereum (ETH), Solana (SOL), Cardano (ADA), and Ripple (XRP). While this news initially boosted the market, uncertainty about the implementation of this decision has increased selling pressure. Some analysts, including Arthur Heise, believe that this decision cannot be implemented without the approval of the US Congress and will not have a significant impact on the market. Additionally, Trump has officially implemented a new 25% tariff for Canada and Mexico and a 20% tariff for China, further increasing selling pressure in the digital currency market. On the other hand, the Federal Reserve has predicted a sharp decline in the US Gross Domestic Product (GDP) and announced that this will be the worst economic recession since the COVID-19 pandemic in 2020. A widespread economic recession could have a further negative impact on the digital currency market. You can track the prices of all tokens and cryptocurrencies live on the momentary digital currency price page.
