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Bitcoin $123,210 prices recently dropped to $119,651, although they currently hover above the $120,900 mark. As we approach the weekend, such significant dips are not favorable for cryptocurrencies. Last week’s weak ETF inflows likely contributed to this downward trend. Additionally, Trump’s threat to cut imports from China has also had an impact on the market. In this scenario, what are the analysts saying?
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Jelle expresses dissatisfaction with Bitcoin, which continues to fluctuate beneath a crucial resistance level. Despite waiting for the break of a descending wedge, Bitcoin’s testing of sub-$120,000 levels is concerning. Leading altcoins such as BNB and SOL have temporarily lost key thresholds, with continued closures beneath these levels potentially leading to greater losses.
“Bitcoin still fluctuates below this resistance and slightly retracts, as discussed. Currently, it hovers above the 4-hour 50EMA. Wait for a breakout from the descending wedge formation. Patience remains my strategy regardless.”
Sherpa advises those expecting a rally to wait for closures above designated resistance areas to avoid disappointment. Previously, even after being tested, the key region was not permanently surpassed, leading to substantial losses.
“It’s crucial to monitor this development for BTC. So far, price movements are disappointing. The longer this continues, the more pessimistic I become.”
If the pattern repeats, we might see deeper lows in altcoins.
Cryptocurrency Market Insights
At the time of writing, Trump mentions increased pressure for an agreement on Ukraine. We may see more threats or sanctions on Russia soon. However, Trump’s recent statements reflect a shift to a more positive tone compared to his previous ones about providing weapons to obliterate Russia.
Data from the U.S. is unavailable due to a shutdown, potentially lasting until the month ends, requiring the Fed to make decisions based on current data. This situation suggests a heightened possibility of an interest rate cut at month’s end. Bitcoin’s loss of momentum post-all-time high and its decline to around $117,000 poses the largest threat for cryptocurrencies.
If the market fails to maintain its rise during all-time high periods, a downturn begins, and weakening momentum is unfavorable for the overall cryptocurrency market.
You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
