Bitcoin’s price has dropped below $26,000 following comments from US Federal Reserve Chair Jerome Powell about containing inflation. Other cryptocurrencies, including Solana, Arbitrum, and Optimism, also experienced declines. The market may be in a consolidation phase, and participants are looking for a catalyst that could boost crypto prices, such as the approval of a spot bitcoin ETF. However, some believe the recent flurry of ETF applications, including from BlackRock, may be an overreaction. The market’s direction in the coming months could be determined by a sustained break on either side of the current ranging pattern.
AI Sentiment: Negative