Bitcoin (BTC) Testing Key Support Level After Sudden Drop
2024-12-23
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The price of Bitcoin, the leading cryptocurrency by market capitalization, has slipped to an intraday low of $93,054. 
According to Andrew Thrasher, portfolio manager for The Financial Enhancement Group, the leading cryptocurrency is currently testing the 50-day moving average (MA) on the daily chart. 
Cryptocurrency analyst David Vallieres believes that the price of Bitcoin coud potentially re-test the breakout point of $73,600 if it breaks below the $92,600 level. "The probability of that happening are about 40% imo. However, my ultimate target for the measured move is still $123K," the chartist noted in a recent social media post. 
The flagship cryptocurrency is down 2.7% over the past 24 hours. It now down by nearly 13% over the past week. 
Most alternative cryptocurrencies have also taken a beating, with XRP slipping by as much as 4%. The Ripple-linked cryptocurrency, which stunned the market with tremendous gains in November, has now dropped to fourth place by market capitralization. It is currently valued at $122.7 billion. 
Dogecoin DOGEUSD and Cardano ADAUSD are also down by 2.5% and 2.2%, respectively. 
Earlier today, business intelligence firm MicroStrategy announced another significant Bitcoin purchases for the seventh week in a row. However, it expectedly failed to push the price of the cryptocurrency higher. 
On Dec. 17, the leading cryptocurrency soared to a record high of $108,135. However, it lost its bullish momentum after the Fed indicated that it was preparing to implement fewer rate cuts than initially expected in 2025. The cryptocurrency is down 14.1% from its record high. 