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Tag: dips

  • Bitcoin price dips below $25k after Fed decision- what next?

    Bitcoin price dips below $25k after Fed decision- what next?

    • Bitcoin price fell below $25,000 after the Fed rate pause news.
    • An analyst points out that the decline saw bulls lose a 7-month trendline support and $20k-$22k could be next.
    • The main resistance zone is between $26k and $28.3k, which can be touched if BTC bounces back.

    Bitcoin price broke below the $25,000 level overnight Wednesday as bulls failed to hold a key support zone, with the new price weakness coming after the US Federal Reserve’s interest rate pause decision.

    Bitcoin had consolidated near $26k ahead of the Fed’s decision. However, as the markets reacted to the news, BTC dipped past $25,500, losing a major trendline that has acted as upside support for the past seven months.

    Analyst share short term Bitcoin price prediction

    Bitcoin’s decline below $25k now puts bulls at risk of further rot, a scenario that could crystalise if bears take control. In this case, downside pressure could allow sellers to target new lows.

    Crypto analyst Captain Faibik says:

    “$BTC Bulls have lost the 7-Month Major Trendline, Not a good Sign..!! Is it a TRAP or Bears are back in the Town? If it’s a trap and Bitcoin bounces back, reclaiming the 26.7k resistance, we could witness a Bullish Rally towards 31k. If Bears are back, Bitcoin may face more downward pressure, possibly testing the 20-22k area.”

    Bitcoin price chart shared by Captain Faibik on Twitter

    Another analyst, Ali, says BTC has its most important support area in the $22.7k-23.6k region. On the upside, the main resistance zone lies between $26k and 28.3k. This suggests a bounce could see Bitcoin reclaim this zone and possibly look to retest the $30k area.

    “Bitcoin sits on thin ice! Notice the most important support zone is between $22,785 and $23,595 where 1.34 million wallets hold 450,000 $BTC. On the flip side, #BTC faces stiff resistance between $26,000 and $28,250 where 5.18 million wallets bought 2.1 million BTC,” the analyst tweeted.

    While the sub-$25k level offers a buy the dip opportunity, crypto analyst Rekt Capital notes that the loss of $26,600 threatens turning it into stiff resistance. A rejection of this level after the Weekly Close below could mean “lower $20000s await.”

    Bitcoin traded at $24,878 early Thursday morning, about 4% down as altcoins mirrored the losses. The total crypto market cap was down 3.8%, with Ethereum trading at $1,674 and XRP at $0.47 – down 6% and 7.3% respectively at the time of writing.

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  • SUI price dips below $1, BTC and ETH struggle amid sell-off

    SUI price dips below $1, BTC and ETH struggle amid sell-off

    • Sui (SUI) fell below $1, while Bitcoin and Ethereum dropped below key levels at $26,500 and $1,800 respectively.
    • Altcoins were selling off on Wednesday as the global cryptocurrency market cap dropped to $1.15 trillion, down 2.6% at the time of writing.
    • A confluence of headwinds, including the uncertainty around the US debt ceiling talks and possible default were likely triggers.

    The price of Sui (SUI) fell below $1 on Wednesday as the broader cryptocurrency market continued to sell-off after recent declines catalysed by macroeconomic news events.

    At the time of writing, SUI traded at $0.97, about 7.6% down in the past 24 hours and -16% over the past seven days. The token’s daily trading volume was just over $235 million, up 115% from a day earlier as selling pressure mounted.

    Today’s declines for Sui sees its price below the dollar for the first time since its token launch for trading on exchanges. On 3 May 2023, SUI reached its all-time high price of $2.16. At the current value, its down nearly 55%.

    Crypto market shrinks 2.6% as BTC, ETH and altcoins struggle

    As SUI fell to its lowest price level so far, the sentiment around crypto did not help the global cryptocurrency market cap. According to data from market data aggregator CoinGecko, the total crypto market cap was down 2.6% in the past 24 hours at the time of writing, hovering around $1.15 trillion.

    Crypto markets were also down as Bitcoin (BTC) price retreated towards $26k amid continuing uncertainty in the financial market. The benchmark cryptocurrency’s market cap was $508 billion, down 3.7% from a day earlier.

    Ethereum also struggled to maintain recent upside momentum, with ETH price trading at $1,789 and about 3.3% down in the past 24 hours.

    ETH and BTC both hit year-to-date highs above the psychological levels of $2,000 and $30,000 respectively. However, a confluence of headwinds, including regulatory uncertainty have catalysed declines that threaten further rot to critical support zones.

    At the moment, another downward trigger is the uncertainty around the US debt ceiling talks and possible default. Stocks were down on Wednesday as a result of investor jitters.

    All the top 10 altcoins were also down, including XRP and Litecoin that have had some upside in recent weeks. Crypto analysts say further declines could spell danger for the market. Michael van de Poppe shared such an outlook.

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  • Fetch.ai (FET) price dips as bears threaten bullish outlook

    Fetch.ai (FET) price dips as bears threaten bullish outlook

    • FET price dipped 8% to support near $0.38
    • Today’s sell pressure comes after FET/USD broke higher after a pennant pattern.
    • Fetch.ai is a leading artificial intelligence related crypto project.

    Fetch.ai price has retraced to support near $0.38 amid a broader crypto market dip that has Bitcoin again below $30k and Ethereum under $2k.

    According to data from CoinGecko, the price of FET was down more than 8% in the past 24 hours on Wednesday morning, with the technical picture suggesting possible breakdown to a recent support zone.

    This could be the case if bears take advantage of current weakness to force prices lower.

    FET price prediction: bulls need to hold onto gains

    Fetch.ai is an artificial intelligence-powered blockchain platform that seeks to enable full decentralisation of peer-to-peer transactions. The platform has announced new crypto trading products for DeFi users as the ecosystem embraces the benefits of artificial intelligence in trading.

    The price of Fetch.ai has been one of the altcoins to profit from the sentiment around the AI in crypto narrative in 2023.

    As can be seen in the Fetch.ai price chart below, FET/USD recently formed a bullish pennant – a technical indicator that usually suggests continuation on the upside.

    Fetch.ai price prediction daily chart. Source: TradingView

    But this outlook could be jeopardised if prices dip further, with primary support then expected near $0.34.

    FET also has the daily RSI flipping downwards from near the oversold territory, while the MACD remains above the signal line but is suggesting weakness. If bears take charge, the recent consolidation zone between $0.25 and $0.29 will offer a crucial buffer should market weakness continue.

    On the upside, if more buy FET pressure materialises, a flip to the February highs of $0.60 could be possible in the coming days. The immediate outlook suggests the area around $0.40 should offer the main resistance before a +60% breakout to the aforementioned target.

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  • Bitcoin dips by 2% today as mining difficulty falls by 7.2%

    Bitcoin dips by 2% today as mining difficulty falls by 7.2%

    • Bitcoin is trading below $17k once again after losing roughly 2% of its value today.

    • Bitcoin mining difficulty is down 7.2%, the biggest drop in more than a year. 

    • The total crypto market cap is also down by nearly 2% in the last 24 hours.

    Bitcoin mining difficulty dips by 7.2%

    Bitcoin, the world’s leading cryptocurrency by market cap, has been underperforming over the last 24 hours. At press time, the price of Bitcoin stands at $16,900 and could dip lower before the end of the day.

    This latest cryptocurrency news comes after BTC.com revealed that Bitcoin mining difficulty is down 7.2%, the biggest drop since July last year. The recent decline in Bitcoin mining difficulty is the biggest one since the 28% plunge recorded following China’s crackdown on mining in the summer of last year.

    The broader cryptocurrency market has also been underperforming over the past 24 hours. At press time, the total cryptocurrency market cap stands at $851 billion, down by 1.9% so far today.

    Ether, the second-largest cryptocurrency by market cap, isn’t fairing any better. ETH is down by nearly 3% today and is now trading at $1,256 per coin.

    Key levels to watch

    The BTC/USD 4-hour chart remains bullish despite BTC underperforming over the past few hours. This is because BTC is still in the green zone when you look at its seven-day performance.

    The MACD line remains above the neutral zone but has been declining and could enter the negative region if the bears remain in charge. The 14-day RSI of 50 shows that BTC could enter the oversold region in the near term unless the bulls regain control of the market.

    With the bears now in control, BTC could test the first major support level at $16,368 before the end of the day. However, unless there is a massive bearish run, the bears could find it tough to drop BTC’s price below the $15,909 support level. 

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