Bitcoin falls below $25,000. What's the way forward?

livemint.com:

Despite the collapse in the domestic equity market today, the cryptocurrency markets have reached a record low in 2022. The worldwide crypto market value is $985.07B, an 11.08 per cent loss over the past day, according to CoinMarketCap statistics, and with today's dip this year, the global cryptocurrency market cap has plummeted by almost USD 1 trillion so far. In the midst of a bearish crypto market, Bitcoin, the world's largest and most popular cryptocurrency, fell 11.10 per cent in the previous 24 hours to $24,556.65 USD with a 24-hour trading volume of $51,70,28,31,258 USD. Bitcoin's market cap has dropped 11.77 per cent to $463,816,731,125.85, and the top three losers of the day are Green Satoshi Token, Bitcoin, and BNB.

By giving an outlook on Bitcoin, WazirX Trade Desk said “Bitcoin faced yet another significant correction, falling by over 10% and dropping to nearly $25,000, the lowest in over 5 months. Interestingly, the Dollar Index(DXY) is also at a six month high, gaining 2% in the last day alone leading to a drop in the Stock and Crypto markets. On the daily time-frame, the BTC trend has broken below the long formed triangle pattern. An immediate and key support is expected at $24,000. The RSI dropped below 30 as Bitcoin entered the oversold zone."

Edul Patel Co-Founder & CEO of Mudrex-A Global Crypto Investing Platform said “Crypto prices plunged following the U.S inflation report, which came in at a 40-year high of 8.6% over the weekend. Investors seem to have panicked and started liquidating some of their positions in the market." If volatility continues in financial markets, bitcoin could fall further from current levels, he added.

In the weak crypto market, Bitcoin is down by 12.48% in 24Hr and 23.33%