The total crypto market cap slipped below $2 trillion for the first time since the bullish breakout in February. Bitcoin’s (BTC) price dropped more than 10 percent in the last 24 hours to trade at about $54,425 on Monday during the early Asian session. The altcoin industry – led by Ethereum (ETH), Solana (SOL), BNB, …
In his X Post, Michaël van de Poppe, a renowned crypto expert and trader, shares his concerns about the current state of the crypto market and outlines what needs to happen to change the momentum. He highlighted a significant capitulation phase, a term used to describe a heavy correction with double-digit losses over a short …
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The crypto market’s turbulence has intensified, with Bitcoin plummeting to $54,000, marking a 7.31% intraday drop and a 17% decline over four days. This sharp descent has pushed BTC below its 200-day EMA, with a downtick in the 50-day EMA signaling a looming death cross. Ethereum has also faced significant losses, falling to $2,350, a …
Ethereum price nosedived after it settled below $3,000. ETH is down over 20% and it is now attempting to recover from the $2,000 zone. Ethereum started a major decline below the $2,800 and $2,650 levels. The price is trading below $2,500 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $2,500 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a recovery wave if it clears the $2,500 resistance zone. Ethereum Price Takes Major Hit Ethereum price started a major decline after it broke the $3,000 support. ETH dragged Bitcoin lower and traded below the $2,500 support. It declined over 20% and there was a sharp decline below the $2,200 level. The price even dived below $2,000 and tested $1,920. A low is formed at $1,911 and the price is now consolidating losses. There was a minor recovery wave above the $2,200 level. The price broke the 23.6% Fib retracement level of the downward move from the $2,922 swing high to the $1,911 low. Ethereum price is now trading below $2,500 and the 100-hourly Simple Moving Average. If there is a steady recovery wave, the price could face resistance near the $2,420 level and the 50% Fib retracement level of the downward move from the $2,922 swing high to the $1,911 low. The first major resistance is near the $2,500 level. There is also a key bearish trend line forming with resistance at $2,500 on the hourly chart of ETH/USD. The next major hurdle is near the $2,540 level. A close above the $2,540 level might send Ether toward the $2,680 resistance. The next key resistance is near $2,800. An upside break above the $2,800 resistance might send the price higher toward the $3,000 resistance zone in the near term. Another Decline In ETH? If Ethereum fails to clear the $2,500 resistance, it could start another decline. Initial support on the downside is near $2,200. The first major support sits near the $2,120 zone. A clear move below the $2,120 support might push the price toward $2,050. Any more losses might send the price toward the $2,000 support level in the near term. The next key support sits at $1,920. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $2,120 Major Resistance Level – $2,500
Bitcoin price declined further below the $55,000 support zone. BTC is down over 15% and might even slide toward the $50,000 zone. Bitcoin gained bearish momentum below the $56,500 and $55,000 support levels. The price is trading below $55,000 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $56,700 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start a decent recovery wave if it clears the $58,000 resistance zone. Bitcoin Price Nosedives Bitcoin price extended losses below the $56,500 support zone. BTC even traded below the $55,000 and $54,500 levels. A low is formed near $52,430 and the price is now consolidating losses. It recovered above the $53,500 level and tested the 23.6% Fib retracement level of the downward move from the $61,040 swing high to the $52,430 low. However, the price is now struggling to clear the $55,000 resistance zone. There is also a connecting bearish trend line forming with resistance at $56,700 on the hourly chart of the BTC/USD pair. Bitcoin price is trading below $55,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $55,500 level. The first key resistance is near the $56,800 level. A clear move above the $56,800 resistance might send the price further higher in the coming sessions. The next key resistance could be $58,000 or the 61.8% Fib retracement level of the downward move from the $61,040 swing high to the $52,430 low. The next major hurdle sits at $58,800. A close above the $58,800 resistance might spark bullish moves. In the stated case, the price could rise and test the $60,000 resistance. More Downsides In BTC? If Bitcoin fails to recover above the $56,800 resistance zone, it could start another decline. Immediate support on the downside is near the $53,000 level. The first major support is $52,500. The next support is now near $52,000. Any more losses might send the price toward the $50,000 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 30 level. Major Support Levels – $53,000, followed by $52,500. Major Resistance Levels – $56,800, and $58,000.
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Mass liquidations of Ethereum whale wallets could trigger further market instability and erode investor confidence in the crypto sector.
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Global financial instability and market panic highlight the vulnerability of cryptocurrencies to traditional economic policy changes.
The post Bitcoin dips to $53K after Bank of Japan’s rate hike, Ether follows drop as global market panic ensues appeared first on Crypto Briefing.
Harris' campaign's engagement with crypto leaders could reshape political alliances and influence voter dynamics in the upcoming elections.
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A sudden crypto market nosedive has seen over $600 million in leveraged long positions wiped out, as Bitcoin, Ether and other cryptocurrencies tumbled sharply.
The crypto market saw its largest three-day sell-off in 12 months amid weak jobs data and revived fears of a recession leading to a tumble in the equities market.
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Over 2,000 Australian-owned crypto wallets discovered by the Australian Federal Police (AFP) have been hacked by foreign fraudsters, the Financial Review reported. Related Reading: EDCON 2024: Ethereum Founder Buterin Proudly Announces He’s A ‘Dogecoin Hodler’ Part of a larger effort called Operation Spincaster, which seeks to fight cybercrime worldwide, this concerning find marks the latest […]
Binance Coin (BNB) succumbs to bearish pressure alongside other altcoins in the market. According to the latest market data, the token is down nearly 10% since last week representing a big slash in value for investors in the long-term. The huge drop is due to the current underperforming market after the major cryptocurrencies slipped with Bitcoin and Ethereum by almost 10% respectively. Related Reading: Stacks (STX) Drops 23%, But Recent Devs Might Slow The Trend Despite the recent regulatory turmoil between the Securities and Exchange Commission and Binance, BNB still shows some strength as it maintains its top four spot, topping SOL and XRP. Binance Coin Market Vs Macroeconomics The early half of August is held in high regard by both crypto finance and traditional finance investors as major economic indicators are set to be announced. With the past six indicators flashing red or neutral, it remains to be seen whether the next few will be bullish for the broader financial world. But last week, the Federal Open Market Committee held against lowering interest rates as inflation was still “somewhat elevated.” However, this opened the road to September rate cuts as the inflation slows, helping the market gain gradual ground in the long run. Although the market remains somewhat optimistic for the September cut, it has since faded as the broader market slips as investor anxiety remains high. The S&P 500 and Dow Jones fell by almost 2% respectively. This further exacerbated the market correction within the crypto market. As of writing, the crypto market is down more than 2% in the past 24 hours. BNB was not spared, with the BNB Chain metrics falling amidst the market downturn. Despite this, long-term investors in the token continue to remain strong despite bearish market conditions. According to CoinGlass, BNB market positions remain majority long with a slight uptick in the short position takers. However, derivative contracts featuring BNB took a dip with the open interest dropping by a significant margin. Although the token follows the broader market, BNB still remains a strong investment despite the hostile market conditions. Related Reading: Solana Rebound: SOL To Hit $260 Despite Continuous Dip, Analyst Says Crucial BNB Level Remains But For How Long? The hostile market environment is slowly dying down but with the current uncertainties within the macroeconomic side of things, it remains to be seen whether the BNB bulls can continue to stem the tide. Keeping aside price, having a majority of long positions for the token is advantageous for the bulls as it helps maintain investor confidence in the token. Despite this, the bulls have a long way ahead. Stabilizing the price around the $514 price range should be their number 1 priority. A bearish breakthrough on this level will lead to more bleeding, which might flip investors from long positions to short positions. If held successfully, BNB bulls have a strong jump-off point to retake the late-July levels of $558. Featured image from Pexels, chart from TradingView
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The cryptocurrency industry recently experienced a substantial reduction in its overall market capitalization as prices plummeted sharply over the weekend. This downturn was particularly notable as Bitcoin, the leading cryptocurrency by market value, fell below the $60,000 mark on Saturday, August 3. Ethereum, the second-largest cryptocurrency, also faced significant losses, dipping below $3,000 and reaching […]
Bitcoin can’t seem to leave the $60,000 price level as it continues to trade in uncertainty. On Saturday, August 3, the cryptocurrency experienced another sharp decline, briefly dipping below the $60,000 mark. Although this drop lasted only a few minutes, it was quite significant, especially given that Bitcoin had traded above $62,000 earlier the same day. This fluctuation has notably impacted market participants, leading to the liquidation of numerous long positions. Related Reading: ARB Market Plummets 14%, But New Developments Could Reverse The Trend At the time of writing, over $197 million worth of leveraged positions have been liquidated in the past 24 hours. Notably, this figure soared to as much as $288 million during the peak of the selling pressure. Bitcoin And Market Liquidations The persistent inability of Bitcoin to maintain a stable position above $60,000 highlights the uncertainty and speculative nature of the cryptocurrency market. Traders and investors remain cautious, closely monitoring its price movements. This cautious approach has likely been amplified by recent reports of repayments initiated by the bankrupt crypto lender Genesis Global Capital, which flooded the market with additional digital assets, primarily Bitcoin and Ethereum. Considering Bitcoin and Ethereum’s dominance over the market, this cautious approach has inadvertently led to a lingering bearish sentiment surrounding other cryptocurrencies. Although Bitcoin and Ethereum experienced the highest liquidated positions, the impact has spilt over into other digital assets. According to Coinglass data shown below, Ethereum led the market with $57.22 million worth of leveraged positions liquidated. Bitcoin followed closely with $46.19 million in liquidations and Solana with $15.35 million. The total liquidation amount reached $197.72 million, with the majority ($159.88 million) in long positions. Most of these liquidations occurred on Binance, OKX, and Bybit, with $85.88 million, $65.83 million, and $16.47 million in liquidations, respectively, each exhibiting an 80% long liquidation rate. Prevailing Bearishness The crypto industry is no stranger to sporadic liquidations of such huge amounts. Considering the prevailing short-term bearish sentiment, most of these liquidations have repeatedly been on long positions. On June 24, the market witnessed almost $300 million worth of positions liquidated in under 24 hours. Similarly, over $360 million worth of positions were liquidated on June 7 when the Bitcoin price crashed from $71,000 to $68,000. Related Reading: Stacks (STX) Drops 23%, But Recent Devs Might Slow The Trend Recent market dynamics suggest that the industry might not be out of the woods yet concerning such liquidations. Bitcoin continues to struggle to hold above $60,000, a trend that could persist in the coming weeks. This is partly because Spot Bitcoin ETFs, which have historically been a catalyst for Bitcoin price surges, ended last week on a negative note. Specifically, they concluded Friday’s trading session with $237.4 million in outflows, the largest daily outflow since May 1. Featured image from The Michigan Daily, chart from TradingView
BTC price weakness takes the market below $59,000 for the first time since mid-July as "relentless" Bitcoin selling pressure persists.
Bitcoin (BTC) fell below key support levels as markets continued to bleed over the weekend due to fears of an impending global recession and escalating tensions in the Middle East. The flagship crypto has fallen more than 8% since the start of the weekend to $57,040 — the lowest price recorded in almost three weeks. […]
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At the recent Bitcoin conference in July, popular crypto-friendly senator Cynthia Lummis announced plans to introduce a bill that will allow the US government to adopt Bitcoin as a strategic reserve asset. Five days later since Lummis’ declaration, there have been notable encouraging developments with what could be the most significant legislation in terms of […]
The bullish outlook appears despite the ongoing Bitcoin sell-off, which is being led by the growing risks of a recession in the United States.
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The price of Bitcoin has maintained a consistent decline over the past week following several economic and market developments. According to data from CoinMarketCap, the premier cryptocurrency currently hovers around the $60,000 price zone, having lost over 11.17% of its market value in the last seven days. As many crypto enthusiasts may hope Bitcoin finds some stability soon, CryptoQuant analyst abramchat has predicted a reverse scenario, indicating the crypto market leader may experience more losses in the coming days. Related Reading: Wondering When To Buy Bitcoin? Here Are The Levels To Watch Bitcoin Price Far From Recovery? In a Quicktake post on CryptoQuant, abramchat stated that amidst the recent market downturn, Bitcoin has now lost a vital short-term support at the $64,580 price mark, which represents the average price at which investors have purchased Bitcoin over the last six months. Such development implies that the average investor is likely currently underwater which can lead to an increased selling pressure in a cut their losses or avoid further losses. According to abramchat, Bitcoin’s recent price fall can be attributed to economic and political news which have negatively impacted several financial markets prominently the stock market which recorded significant losses on Thursday and Friday. Bitcoin’s price drop is also likely influenced by defunct crypto lender Genesis finally commencing repayments to creditors after declaring bankruptcy in January 2023. On Friday, Genesis transferred out $1.5 billion in Ethereum and Bitcoin as they aim to offload $4 billion in debt. Commenting on Bitcoin’s future price trajectory, abramchart states that the failure of the digital asset to reclaim the support level of $64,580 will likely result in a further decline to around $53,000 – $54,000 which represents the next significant support zone. However, such low price levels were recently seen in early July, following the massive market sell-off by the German government. In addition, abramchart has warned investors to be cautious in purchasing altcoins at the moment. The analyst believes the current market “negativity” could produce a significant deleterious effect on other coins aside from Bitcoin. Related Reading: XRP, Bitcoin Sentiment Remains Very Positive: Bad Sign For Price? BTC Price Overview At the time of writing, Bitcoin trades at $60,597 following a 1.20% decline in the last day. Notably, the premier cryptocurrency dipped below the $60,000 mark on Saturday for the first time since mid-July. Currently, Bitcoin’s daily trading volume is also down by 24.45%, indicating a low level of interest due to diminished buying and selling activities. However, with a market cap of $1.19 trillion, Bitcoin remains the largest digital asset and the 9th largest global financial asset. Featured image from Shutterstock, chart from Tradingview