Bitcoin's price chart resembles the stock market in the 1930s, suggesting that the cryptocurrency could be heading towards a major drop, according to Bloomberg's senior commodity strategist, Mike McGlone.
The recent downturn in the cryptocurrency market, marked by a 10% decline in total market capitalization and significant liquidations on futures contracts, can be attributed to various economic factors such as rising interest rates and inflation, as well as regulatory concerns and financial difficulties within the industry, with the future trajectory of the market being influenced by these factors.
Bitcoin experienced a dip in price after the U.S. Federal Reserve Chair hinted at the possibility of an interest rate hike, but an on-chain indicator suggests that Bitcoin is undervalued and presents a good opportunity for long positions in the coming week.
Bitcoin and other cryptocurrencies are experiencing a decline, with Bitcoin falling below $26,000, as traders remain cautious following Federal Reserve Chairman Jerome Powell's speech.
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's price dropped below $26,000 as the approval of a Bitcoin ETF was further delayed by the SEC, reversing the bullish gains from the Grayscale court decision earlier in the week. The crypto market also experienced a decline, with Ethereum's price going down by 3.5% and the overall market cap losing $11.2 billion. However, Maker and Toncoin managed to resist the bearish trend with positive gains. The global macroeconomic landscape also added to the uncertainty, as key economic data raised doubts about a potential interest rate hike.
Bitcoin and other cryptocurrencies are experiencing a decline as analysts predict further decreases ahead.
Bitcoin, the pioneer digital currency, is showing signs of declining interest as trading volumes and search traffic decrease, indicating a period of uncertainty and potential downside movement in the market.
Bitcoin and other cryptocurrencies have experienced a fall in value, leaving traders anticipating significant movements in the market for the week ahead.
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.
Bitcoin and the overall digital asset market have seen a significant decline, with Bitcoin dropping to its lowest price in three months at $25,048, attributed to failed crypto exchange FTX seeking approval to liquidate $3.4 billion in various digital assets.
Bitcoin (BTC) experienced a short squeeze, leading to a rally in prices and a decline in open interest in futures and perpetual swaps trading. However, the lack of immediate bullish catalysts may cap the price recovery.
Cryptocurrency prices remained stable as inflation in the U.S. surpassed economists' expectations, with Bitcoin trading at around $26,100 and Ethereum experiencing a slight dip of 0.5%. The Federal Reserve will consider this report, among other factors, for its upcoming interest rate announcement on September 20. While inflation has decreased since June, it still exceeds the Fed's target of 2% annually. Core inflation, excluding volatile food and energy costs, decreased to 4.3% in August compared to July's 4.7%.
Bitcoin and other cryptocurrencies have seen a rise in price as traders anticipate a potential macroeconomic catalyst that could lead to a significant movement in the market.
The positive momentum surrounding Bitcoin's price is fueled by expectations that the Federal Reserve will not hike rates again this year, while market participants remain optimistic despite the strength of the United States Dollar Index.
Bitcoin and other cryptocurrencies are experiencing a decline in prices due to a strengthening dollar and risk-aversion, but there is hope for a rebound.
Bitcoin may be heading for a further price decline according to a top trader who previously predicted the cryptocurrency's 2018 bear market bottom, citing a bearish lower-high setup and an ABC corrective move that could push Bitcoin down to $23,800.
Bitcoin and Ether fell below key price levels as cryptocurrency markets retreated following the US Federal Reserve's hawkish stance on interest rates, with more downward movement expected for Bitcoin as it fails to break its 50-day moving average, while Ether's failure to rally above the $1,650 support level could have significant implications for altcoin sentiment.
Bitcoin, Ethereum, and Solana could experience significant price declines, with Bitcoin potentially dropping by over 20% and Ethereum and Solana also facing dips, according to crypto strategist Kaleo.
Fidelity Investments' global macro director believes that a recession could lead to a significant rally for Bitcoin, with the potential for prices to reach $96,210 by the end of 2025 if interest rates decline. He also suggests that Bitcoin's correlation with equities has decreased, making it a potential source of uncorrelated returns in the next market cycle.
Bitcoin and other cryptocurrencies experienced a decline in value following the disappointing launch of a cryptocurrency exchange-traded fund (ETF) and the increase in bond yields.
Major cryptocurrencies experienced a decline due to a surge in the U.S. 10-year yield, while interest rates continued to rise driven by strong manufacturing data and the possibility of more rate hikes in the future.
Bitcoin could potentially face a 60% price drop, as liquidity remains negative and global rates continue to rise, according to Bloomberg Intelligence senior macro strategist Mike McGlone. He also suggests that a stock market drawdown related to a recession poses the biggest risk for the overall cryptocurrency sector.
Bitcoin could face difficulties in the long term due to tightening liquidity in the current macroeconomic environment, according to crypto analyst Nicholas Merten. Merten believes that Bitcoin's price is heavily influenced by monetary policy and warns that if sentiment turns bearish, investors may start cashing out.
Bitcoin's price experienced volatility and dropped 2.1% after strong US employment data dampened expectations of further Federal Reserve counterinflation measures, but rebounded with $27,700 back in focus; Bitcoin open interest also declined.
Bitcoin and other cryptocurrencies experienced a slight decline along with the wider market, but analysts are optimistic that the recent uptrend will persist.
Bitcoin and other cryptocurrencies are experiencing a decline due to concerns about the impact of escalating violence in the Middle East, which stock investors are seemingly overlooking.
Bitcoin and other cryptocurrencies experienced a sixth day of decline, with a previous bullish trend fading, causing them to return to familiar trading ranges.
Bitcoin and the broader crypto market are down following the U.S. Consumer Price Index (CPI) report, which showed slowing inflation, with experts noting that investors are increasingly viewing Bitcoin as a safe-haven asset and CPI figures are becoming less relevant for the crypto market.
Bitcoin and crypto markets are following a cyclical pattern, with bull markets typically occurring after halving events, but a significant pullback is anticipated in the period leading up to the next halving event in April or May 2023, potentially causing a drop in BTC prices.
Bitcoin's current price, which is below $30,000, presents an opportunity for investors to add it to their portfolios due to potential near-term catalysts like the upcoming halving, the possibility of approved Bitcoin exchange-traded funds, and a more accommodative Federal Reserve policy that could boost the cryptocurrency's price in the long term.
Bitcoin outperformed the cryptocurrency market as Ethereum and DeFi tokens experienced declines, with BTC reaching its highest market share since April 2021.
Cryptocurrencies and other digital assets experienced a slight decline, but remained at high levels as investors hope for regulatory approval of a Bitcoin exchange-traded fund.
The impact of the Bitcoin halving event on crypto prices is often overestimated, as the reduced supply of new Bitcoin must be accompanied by significant demand for prices to surge, and each halving's impact on supply decreases over time, with changes in demand becoming the dominant factor influencing Bitcoin's price.
