Is the Bitcoin Downturn Over

After the Fed's interest rate decision, the cryptocurrency markets started to decline. While Bitcoin dropped below $30,000 yesterday, ETH is positioned around $2,000. May 11, the latest situation in cryptocurrency markets…

Is the Bitcoin downturn over? The leading cryptocurrency Bitcoin lost value as the risk appetite in global markets weakened. BTC, which fell to a 10-month low, was traded at $ 30 thousand. Starting the day with a rise of 2.56%, BTC continues its recovery struggle at $ 31 thousand 834. Ethereum, which lost value in parallel with the general cryptocurrency markets, started the day at $ 2,418. While the decline in crypto assets worried some investors, the majority saw it as a buying opportunity. Many companies announced that they bought Bitcoin for around $ 30 thousand. Bybit Turkey Research Manager Beste Naz Süllü analyzed the latest situation in cryptocurrency markets for Hürriyet Bigpara. According to the news compiled by Hürriyet, Beste Naz Süllü said:

“Cryptocurrency markets have been experiencing serious volatility and fear lately. Bitcoin, which has lost value every day in the last week, regressed from the $ 40 thousand region that it tested before the Fed last week, to the $ 29 thousand 800 region. With the growing concerns of investors, the amount of Bitcoin they sent to sell to stock markets reached the highest level in 3 months. Especially in Bitcoin, which has been acting like a US index for the last 3 months, it has become necessary to follow the global markets. The S&P500 Index fell below 4000 for the first time since March 2021. Fear of Recession is Greater Than Ever Recession fears for the US economy are greater than ever. On the other hand, with the statement made by the Fed yesterday evening, there were statements that stable coins are vulnerable. The algorithmic parity UST's regression to 0.70 yesterday shook the system and some exchanges stopped their withdrawals for a while. The main reason for this was that large withdrawal requests that broke the algorithm. Therefore, we see that some big investors want to exit the cryptocurrency market. However, although there is no clear signal that the said selling pressure is over, we can follow the recovery efforts of the markets with the reaction that may occur after heavy sales. Rather than your estimates of the price bottom as $ 28 thousand 900, the reaction came from the level of $ 29 thousand 750. It is technically possible for the bullish reaction to form towards the 36 thousand dollar levels. This short-term perspective, when looking at the long-term, here we need to talk about the potential, not the decline.”

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