| At this point, it seems like $10,000 indeed is a coveted level for Bitcoin bulls. Another week passed, and we saw yet one more failed attempt to reclaim this level. Interestingly enough, it happened minutes after the US Federal Reserve concluded its two-day June meeting, confirming near-zero interest rates for the short- and medium-term. In light of the news, Bitcoin's price shot up to $10,000, where it was met with strong resistance, and it dropped almost immediately. The following day, however, was when more pain came to the market. Bitcoin tumbled to slightly above $9,000, losing a sizable chunk of its value. But it wasn't just the crypto markets that suffered. The S&P 500, Nasdaq 100, and the Dow Jones all lost over 5%, outlining a clear correlation between both markets. At the same time, Gold was nothing but stable. |
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