For bulls, things aren’t going as planned, as Bitcoin (BTC) extended its downward trend early Thursday, testing $43,000 for the first time in April.
BTC/USD hit a 2-week low of $42,720 on Bitstamp, down nearly 10% from the month’s peak, according to TradingView data, however prices have begun to recover, albeit slowly.
Despite favorable triggers such as new buy-ins from MicroStrategy and Terra, experts were looking to macro factors as the next possible BTC price enhancer.
Approximately 61k traders were liquidated across the cryptosphere in just 24 hours as a result of the market crash, bringing the total amount liquidated to more than $158 million.
The cryptocurrency market initially shook earlier this week as a result of recent statements by numerous members of the US Federal Reserve (Fed), which reaffirmed the market’s belief that the world reserve currency issuer’s rate hike plans are unstoppable.
Bitcoin, which was gaining traction in an attempt to break through the $48k resistance, lost a significant amount of value as traders reacted negatively to the market.
Bitcoin is now valued at $43,480 USD at the time of writing. In the previous 24 hours, the most popular cryptocurrency has lost 0.28 percent of its market share, giving it a market share of 43.03 percent. Cryptocurrencies have a total market capitalization of $2.009 trillion.