The market will take a while to reverse and would need good news," trader and analyst Alex Kruger told CoinDesk, adding that Fed Chair Jerome Powell is unlikely to offer good news later this week.Īccording to David Duong, head of institutional research at Coinbase, bitcoin's daily technical chart has flipped bearish and the cryptocurrency could continue to lose ground in the short term. "Last week's slide has put the bears in the driver's seat. Chatter about Jump Crypto selling ether spurred profit taking in the native token of Ethereum's blockchain.īitcoin's drop has broken technical charts and revived the bearish trend, according observers. The biggest cryptocurrency was sold as the Fed's July meeting minutes actively pushed back against hopes of liquidity easing in 2023. Federal Reserve's annual economic symposium in Jackson Hole, Wyoming, on Friday. Analysts say the price slide has put bears in control ahead of the U.S. Bitcoin ( BTC) dipped to levels below $21,000 at around 09:30 am GMT, with a sharp sell-off following the previous week’s surge.īitcoin's 10% Weekly Drop Puts Bears in Control Ahead of Jackson Hole Symposiumīitcoin (BTC) fell over 10% last week, its biggest drop in two months. It looks like macroeconomics has retaken the front seat as inflation fears caused jitters in the market on Monday. Subscribe to get it in your inbox every day. This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Federal Reserve's annual economic symposium in Jackson Hole, Wyoming, on Friday.Ĭhart of the Day: Ether-bitcoin volatility spread widens. Market Moves: Bitcoin fell over 10% last week, its biggest drop in two months. Other analysts see BTC and ETH remaining choppy in the short term. Some analysts are still optimistic for the wider market, which might give the cryptocurrency some momentum. equities, briefly dropping to levels below $21,000 on Monday morning. “It has generally served as beta on risk assets.Price Point: Bitcoin trades in line with U.S. “In Bitcoin’s short existence, it has had a relatively strong inverse relationship with the DXY” dollar index, said Sean Farrell, a digital-asset strategist at Fundstrat. The decline of the past few days has also taken Bitcoin and the MVIS CryptoCompare Digital Assets 100 Index below their 50-day moving averages.Īnother headwind for Bitcoin may lie with the US dollar, a gauge of which rose to the highest level in more than a month. The MACD has turned negative, which for some technical analysts is a sign Bitcoin may continue to come under pressure. “Bitcoin’s fortunes, at least in the short to medium term, continue to be hitched to the wagon of other long-duration growth assets such as technology stocks,” Jamie Douglas Coutts, senior market structure analyst at Bloomberg Intelligence, wrote in a note.Īn indicator known as the moving average convergence divergence - MACD - also flashed a warning sign. US and European equities retreated on Monday, keeping the pressure on crypto given the correlation between the two asset classes. #Btc latinum price crack#Faith in the global equity rebound from June’s bear-market lows is starting to crack in part because of the Fed’s commitment to raising interest rates further and drain liquidity.
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