The current state of the cryptocurrency market is experiencing a significant downturn, with Bitcoin and other major altcoins experiencing notable declines in value. This sell-off is largely attributed to the recent monetary policy announcement from the Federal Reserve, which has caused concern among investors and triggered a wave of liquidations.
Technical analysis suggests that Bitcoin's long-term outlook remains relatively stable, with key support levels to watch.
Ethereum is currently testing support levels, with projections for its future price targets.
Dogecoin has formed support around a certain level.
XRP has maintained local support.
The recent downturn in the cryptocurrency market highlights the interconnectedness between traditional financial systems and digital assets, as the effects of central bank policies are felt across various asset classes.