Will bitcoin be able to maintain its support level above $21,500 amid tough market conditions and upcoming fed announcements?
Bitcoin has been liquidated the most in the last 24 hours with almost $225 million has been taken off the market in form of bitcoin. The recent market fall on 19th Aug forced the leading coin to fall below the $21,500 price mark to touch a low at the $20,940 price mark. Bitcoin has been down by 2.3% in the last 24 hours and 11.5% in the past 7 days. Global Market Indexes such as S&P 500, Nasdaq Composite and Dow Jones have fallen between 1.4% - 2.1% etc.
According to some reports, 170,359 traders have liquidated their assets in the past 24 hours resulting in total liquidations of the cryptocurrency market at $700 million (At the time of writing). Also, the reports of the federal reserve announcing a hike (in September) in interest rates could result in more liquidations in the upcoming future.
Now the question is "Will Bitcoin be able to survive in the upcoming time?", If we look at Bitcoin's history, for example, Bitcoin made a massive comeback in the month of July, So there's a probability bitcoin could do that again this time. However, it would be interesting to watch its price movement in the nearby future.
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