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US interest rate hikes impact Bitcoin
Bitcoin's price has fallen back to around $79,000 after failing to maintain the $82,000 level, due to the renewed impact of U.S. monetary policy on the cryptocurrency market. After surpassing this level amid improved monetary outlooks and increased institutional demand, prices quickly declined following strong U.S. labor market data, which heightened fears of continued interest rate hikes and put pressure on high-risk assets. Bitcoin's support remains important between $78,500 and $79,000 to sustain momentum, while breaking above $82,000 could reignite a bullish move, whereas breaking below could increase selling pressure and lead to a market decline. In terms of the overall market, the total value of cryptocurrencies has decreased by 1.4%, reaching approximately $2.77 trillion, amid ongoing institutional flows fluctuating between support and sell-offs, with clear volatility in investors' financial positions.
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