Bitcoin Struggles To Claim The $20,000 Mark Amid Ongoing Bearish Market

Bitcoin shows no reversal, and many altcoins are still in the red zone. The market condition can be traced to several factors, such as the Federal Reserve’s hike in interest rates. A few weeks back, the crypto markets dropped even further after the announcement of the interest rate hike. Several altcoins, including Bitcoin and Ethereum, reacted negatively to the report. Bitcoin and Ethereum went down by 0.9% immediately after the Federal Reserve report. In 24 hours, they dropped by 2.4% and 2.0%, respectively. Related Reading: WATCH: Weekend At Bitcoin’s: Will The Dead Crypto Make A Comeback? BTCUSD September 2, 2022 This motion brought the price of Bitcoin to a little above the $23,300 price mark. Ethereum, at the time, was trading at a price just above the $1,800 price level. Other markets also went down to the red zone during this period. A notable example is the stock market. Dow Jones, for instance, dipped by about 0.23%. Additionally, the Nasdaq and the S&P 500 are also trending sideways. Dating from then up to now, the crypto markets continue to drop, bringing Bitcoin a little lower than the $20K price level. Bitcoin Strives For The $20K Price Mark In the last 24 hours, the crypto market has shown that the bears are creating no room for the bulls. This fact leaves Bitcoin struggling to attain the $20,000 price level. This price mark is as essential to BTC as it is to the digital currency market. The reason is ...