Why is Bitcoin price down today?

Why is Bitcoin price down today?

July 24. 2023

By Kyle White

Bitcoin price is down today as investors expect the Federal Reserve to raise rates and crypto whales send record amounts of BTC to exchanges.

The bullish momentum that propelled Bitcoin (BTC $29,154) to a 76% year-to-date gain has all but vanished on July 24 as Bitcoin price briefly fell below $29,000.

The contraction in Bitcoin price has some analysts cautioning that BTC could still dip to $19,000 in a serious shake-up.

BTC/USD 1-day price. Source: TradingView

Let’s take a closer look at the factors impacting Bitcoin price today.

Traders expect the Federal Reserve to resume interest rate hikes

Crypto traders turned briefly bullish when the Federal Reserve decided to pause interest rate increases on June 14, but on multiple occasions, Fed chair Jerome Powell has expressed his commitment to reducing inflation by restarting rate hikes if needed.