Bitcoin's recent correction and retracement of gains linked to BlackRock's BTC ETF application indicate weakness in the market, prompting one crypto trader to stay on the sidelines until Bitcoin either reclaims $30,000 or experiences a major collapse, while also noting that trader sentiment currently favors altcoins.
Short-term holders of Bitcoin are currently experiencing unrealized losses, with 88.3% of their supply underwater, leading to increased selling pressure in the market and potential liquidation by these holders.
Analyst Nicholas Mertens warns that both Bitcoin and Ethereum are likely to face significant challenges and potential price declines, with Ethereum at risk of breaking support and dropping below $1,000 due to a lack of buyers.
Bitcoin price reaches a 2-month low, but crypto analyst Michaël van de Poppe predicts a positive change in the future due to market cycle theories and the upcoming Bitcoin halving in 2024, potentially reaching a price of $50-55K pre-halving.
Bitcoin's price dropped below $26,000, losing most of its gains from the previous day, as both cryptocurrencies and traditional markets experience a significant downtrend.
Altcoin Pepe has seen a significant drop against Bitcoin, leading crypto strategist Credible Crypto to warn of potential similar price declines for other altcoins, while also predicting a rise in Bitcoin's dominance in the market.
Altcoins in the top 100 are struggling to recover, but three undervalued cryptocurrencies (AUCTION, LINA, and SRM) offer traders a buying opportunity, according to on-chain analysts at Santiment.
Ethereum's price has surpassed Bitcoin's in the second half of 2023, as investor sentiment towards Ethereum has improved and Bitcoin dominance has declined, indicating a shift towards altcoins; Ethereum's oversold status and resilient consolidation above $1,500 suggest a potential bullish reversal in the coming days, but a drop below $1,500 is possible if bears gain control.
Following Bitcoin's recent price fluctuations and failure to meet short-term bullish expectations, the altcoin market is expected to have a substantial recovery rally in the coming week, with Ethereum, Litecoin, and Shiba Inu potentially leading the way.
The cryptocurrency market has experienced a recent decline in prices, particularly for Bitcoin, Ethereum, and Dogecoin, leading to concerns among traders and investors. Despite this, there is optimism surrounding the performance of the top 5 altcoins (DOGE, SHIB, SFP, OCEAN, FET) in the coming weeks, with AI-driven projects generating hype and potential gains.
Crypto services provider Matrixport suggests taking long positions in bitcoin with a tight stop loss below $25,800, as Treasury yields are expected to drop and push risk assets, including cryptocurrencies, higher. Market makers may also buy bitcoin to maintain a direction-neutral book, potentially accelerating price gains.
The crypto markets experienced their largest outflows since March, with digital assets losing $168 million last week, primarily due to negative sentiment surrounding the delay in the approval of a spot Bitcoin ETF in the US by the SEC. However, Grayscale won its lawsuit against the SEC, which rejected its ETF application, and while BTC took the brunt of the outflows, other altcoin products saw some inflows.
Crypto analyst Michaël van de Poppe suggests that altcoins, including Ethereum, are following a historical pattern before Bitcoin halving events, indicating a potential bullish move in the market.
Bitcoin pulled back from its all-time high above $28,000 as investors analyzed the implications of Grayscale's court victory against the SEC, with the cryptocurrency dropping 2% to $27,240, while Ether decreased 1.7% to just above $1,700, leading to a decline in the broader crypto market.
Crypto prices, including bitcoin and major tokens, experienced a decline due to profit-taking and a general risk-off environment, erasing gains from Grayscale's court victory, with prices weakening ahead of the U.S. jobs report release.
Bitcoin (BTC) continues to experience losses as the "Grayscale hype" disappears and selling pressure remains strong, with predictions of further downside to around $23,000 and a potential relief rally topping out at $27,200, while U.S. dollar strength adds to the pressure on BTC price.
Crypto analyst 'Sunnydecree' highlighted the paradoxical behavior of people being hesitant to buy Bitcoin at $26,000, despite major asset managers like BlackRock seeking to enter the crypto space and the potential for future price increases.
Bitcoin and other cryptocurrencies experienced a decline as analysts predict further declines in the market.
Bitcoin continues to trade below $26,000, with the crypto market experiencing a sideways trend, while Deribit's options segment saw increased trading volume in August.
Bitcoin's Short to Long-Term Realized Value (SLRV) Ratio has flipped for the first time since November 2022, raising concerns of a potential drop towards $23,000 as speculators have sold en masse at a loss since late August.
A deep-pocketed investor caused a price collapse of an Ethereum-based altcoin by selling off their token holdings, while another whale bought up a large amount of Ethereum, helping it to form a bottom.
Bitcoin (BTC) could reach $35,000 by the end of 2023, according to veteran analyst Filbfilb, who also predicts a potential price dip to the low $20,000 range before a reversal in Q4 and a price target of $46,000 by the 2024 halving. He believes that altcoins like XRP and Dogecoin (DOGE) could perform well in the next cycle.
Bitcoin experienced volatility and a "short squeeze," resulting in new highs for September, punishing late traders chasing the market up and down, with short liquidations totaling $23.5 million on September 7.
Bitcoin faced resistance at the 20-day EMA, indicating that bears are guarding this level, but the failure of bears to challenge the $24,800 support suggests selling pressure may be weakening, with a potential recovery towards $28,143 if the 20-day EMA is surpassed; meanwhile, Ethereum is at risk of a breakdown below $1,626, Cardano shows indecision between bulls and bears, and Dogecoin remains range-bound between the 20-day EMA and $0.06.
The top crypto exchanges in the world are dominating the market, with the eight largest platforms accounting for over 91% of market depth and 89% of trading volume, according to crypto insights firm Kaiko. Binance remains the leading exchange, with a market share of 64.3% in 2023, but liquidity is concentrated within a few exchanges, leading to concerns about decentralization. Altcoin liquidity has also suffered due to regulatory issues in the US, with Coinbase, Kraken, and Bitstamp holding the majority of altcoin liquidity.
A crypto analyst predicts that Ethereum (ETH) could experience a significant crash and drop to the $400-$800 range, potentially causing losses for both bulls and bears in the market.
Crypto markets experienced a decline as FTX's potential selling pressure raised concerns, causing Bitcoin to fall below $25,000 for the first time since mid-June, and altcoins to underperform, particularly Solana (SOL).
The recent decline in the price of Bitcoin has raised concerns of a larger market downtrend, with Ethereum and Ripple also at risk of falling if Bitcoin weakens further.
FTX's plan to sell $3.4 billion worth of crypto to return fiat currency to users, along with pressure on crypto venture capital funds to return funds, is expected to create an overhang for altcoins, leading to potential declines in prices.
Bitcoin's price rebounded to around $26,000 as short traders abandoned their bearish bets, but a lack of bullish catalysts may limit the recovery, with a potential altcoin crash looming as bankrupt exchange FTX plans to sell around $3.4 billion worth of tokens.
Cryptocurrency prices experienced a sharp drop and rebound, leading to $256 million in liquidation losses over the past two days, as traders faced a wave of leveraged position closures due to market fears and sudden price swings.
Crypto analyst DonAlt is re-entering the market after Bitcoin briefly dropped below $25,000, with a trade target above $30,000, but warns that if the trade idea fails and Bitcoin breaks down below $24,900, it could lead to a capitulation and a drop to $20,000.
Bitcoin and other cryptocurrencies advanced on Friday, but a key technical indicator suggests that losses are likely coming.
Bitcoin (BTC) briefly surpassed $27,000 before experiencing a 2% drop, resulting in liquidations of approximately $100 million in leveraged trading positions, with short traders suffering $60 million in losses and long traders experiencing $40 million in losses.
The U.S. Federal Reserve has revealed accumulated losses of $100 billion in 2023, a situation that is expected to worsen for the Fed, but it may be a blessing in disguise for risk assets like Bitcoin. The losses are a result of interest payments on the Fed's debt surpassing its earnings, leading to concerns about the impact on interest rates and the demand for scarce assets like BTC.
Deep-pocketed crypto investors have moved over $660 million worth of Bitcoin, Ethereum, and Chainlink as Bitcoin's price drops below $27,000.
Altcoins are expected to struggle for the rest of 2023 based on historical patterns, according to crypto analyst Benjamin Cowen, who also warns that Bitcoin may close the month in the red as it did in 2019.
