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Title: Bitcoin (BTC) Testing Key Support Level After Sudden Drop
In a shocking turn of events, the leading cryptocurrency, Bitcoin (BTC), has suddenly dropped and is now testing its key support level. This unexpected price plunge comes after MicroStrategy announced another significant Bitcoin purchase for the seventh week in a row.
As reported earlier today, Bitcoin surged to an all-time high of $108,135 on December 17 but lost its bullish momentum following the Federal Reserve’s indication that it would implement fewer rate cuts than initially expected in 2025. As a result, the cryptocurrency has dropped by 14.1% from its record high.
Other major cryptocurrencies have also taken a hit, with Bitcoin (BTC) dropping to fourth place by market capitalization, behind Dogecoin (DOGE) which is currently valued at $122.7 billion. Dogecoin (DOGE) and Cardano (ADA) are both down 2.5% and 2.2%, respectively.
Despite this unexpected drop, many cryptocurrency experts believe that Bitcoin’s current price levels will serve as a strong support level. The sudden decline has raised concerns about the overall health of the market, but it remains to be seen whether this downturn is just a minor correction or the start of a more significant trend reversal.
The market capitalization for Bitcoin (BTC) now stands at $122.7 billion, with other top cryptocurrencies such as Ethereum, XRP, and Cardano seeing substantial losses in the past few days.
Source: u.today
