According to statistics from Bloomberg Terminal, the price of the leading cryptocurrency, Bitcoin, has virtually fallen to a two-month low and is currently trading at $26,372.
Previously, around two months ago in the middle of March, Bitcoin was spotted around that price point. A recent discovery of over $142 million in cryptocurrencies, including Bitcoin, Ethereum, and the PEPE meme currency, was found, as previously reported by U.Today.
Within the past 24 hours, these liquidations have caused BTC to decline by 4%. Ethereum has decreased to $1,746, losing 4% or more in the last 24 hours.
Since May 10, when the CPI data was released with a lower amount than experts had anticipated, Bitcoin has been declining. By increasing the likelihood that the Federal Reserve would delay raising interest rates, Bitcoin was able to regain its previous level of $28,000.
After that peak, it’s possible that traders started to sell their BTC in order to lock in their winnings. In addition, well-known and well-respected in the cryptocurrency industry commodity trader Peter Brandt tweeted that he had noticed a Head & Shoulders pattern building on the Bitcoin chart.
He claimed that if that trend is realised, Bitcoin will fall. Overall, since May 10, the price of Bitcoin has decreased by around 7%.
