On Wednesday, major cryptocurrencies took a hit after the Federal Reserve’s aggressive meeting minutes caused Treasury yields to rise.
Crypto Market Sees Losses in Downward Trend
Bitcoin fell below $83,000, while Ethereum dropped below its $2,600 support level amid widespread liquidations in the crypto space.
Stocks tied to cryptocurrencies also experienced declines, with Strategy Inc. MSTR and Bitmine Immersion Technologies Inc. 
BMNR experiencing declines of 6.79% and 5.90%, respectively.
Within the last 24 hours, cryptocurrency liquidations exceeded $700 million, with $646 million in long positions alone completely erased, according to data from Coinglass.
Bitcoin’s open interest saw a 1.60% decrease over the past day. Traders on Binance, including both retail investors and large holders, have increased their long positions in Bitcoin.
Top Gainers of the Day
| Cryptocurrency | Change (%) | Price (as of 9:26 p.m. EDT) |
| Raydium (RAY) | +12.70% | $2.43 |
| Bitway (BTW) | +11.60% | $1.36 |
| NEAR Protocol (NEAR) | +5.40% | $5.37 |
Stock Market Adjusts Following Fed’s Hawkish Signals
On Wednesday, stocks fell from their all-time highs. The Dow Jones Industrial Average declined by 341.41 points, or 0.66%, closing at 51,179.87. The S&P 500 dropped 0.22%, ending at 7,801.77. The Nasdaq Composite fell by 1.32% to close at 27,538.69.
Documents from the September meeting indicate that the Fed is unified in its intent to raise interest rates and is leaning toward an additional hike before the year closes. While traders see only an 18% chance of a rate increase at the Fed’s October meeting, they assign over a 66% probability to a hike in December, according to the CME FedWatch tool.
The yield on 10-year Treasury bonds increased to 5.36%, the highest level since April 2002, while 30-year Treasury yields surged to 5.73%.
Will Bitcoin Bulls Make a Comeback?
Ali Martinez, a well-known cryptocurrency analyst, observed a “Buy Signal” on Bitcoin’s hourly chart at the $83,000 support level using the TD Sequential indicator.
“The recent correction was preceded by a sell signal from the same indicator,” Martinez stated. “Now that the TD Sequential has turned bullish at support, I am closely monitoring for a potential BTC rebound.”
The TD Sequential is a technical analysis tool used by traders to identify possible price reversals and exhaustion patterns.https://twitter.com/ali_charts/status/1992519238435618927
Michaël van de Poppe, another notable cryptocurrency analyst, anticipates a “larger adjustment” for Bitcoin, including a downward sweep of long-side liquidity followed by a potential reversal.
He added, “This presents a superb entry point.”
#Bitcoin appears to be heading toward a significant correction.
This suggests we’ll likely take the long-side liquidity before reversing.
Great entry point. pic.twitter.com/WezHPIOHxg
Explore Further: Bitcoin’s Rally Was Based on Low Volume: Is a Drop to $81,000 Next?
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