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Bitcoin Price Plunges Further Post Fed Decision, $24K Next?

Published

5 days ago

on


Bitcoin price started a fresh decline below the $25,500 support. BTC is now at a risk of more losses toward the $24,000 support zone.

  • Bitcoin is gaining bearish momentum below the $25,500 support.
  • The price is trading below $25,500 and the 100 hourly Simple moving average.
  • There was a break below a key rising channel with support near $25,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct higher but upsides might be limited above $25,500.

Bitcoin Price Extends Decline

Bitcoin price failed to start a fresh increase above the $26,200 resistance zone. BTC failed to remain in a positive zone after the Fed interest rate decision and declined below the $25,500 support.

The price declined below the $25,400 support to trade to a new weekly low. Besides, there was a break below a key rising channel with support near $25,800 on the hourly chart of the BTC/USD pair. There was a move below the $25,000 support zone.

A low is formed near $24,818 and the price is now consolidating losses. It is trading near the 23.6% Fib retracement level of the recent decline from the $26,063 swing high to the $24,818 low.

Bitcoin price is now trading below $25,500 and the 100 hourly Simple moving average. Immediate resistance is near the $25,200 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

The first major resistance is near the $25,500 level. It is close to the 50% Fib retracement level of the recent decline from the $26,063 swing high to the $24,818 low. A clear move above the $25,500 resistance might start a fresh increase. The next major resistance is near the $26,000 level, above which the bulls might send BTC toward the $26,500 resistance zone.

More Losses in BTC?

If Bitcoin’s price fails to clear the $25,500 resistance, it could continue to move down. Immediate support on the downside is near the $24,800 level and the recent low.

The next major support is near the $24,500 level, below which the price might gain bearish momentum. In the stated case, the price could drop toward the $24,000 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level.

Major Support Levels – $24,800, followed by $24,500.

Major Resistance Levels – $25,200, $25,500, and $26,000.



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Bitcoin

Bitcoin reaches 50% market dominance for first time in 2 years

Published

2 hours ago

on

June 20, 2023

By


Bitcoin (BTC) dominance, the measure of how much Bitcoin makes up of the total crypto market cap, has breached the 50% mark.

On June 19 at 6 pm UTC, Bitcoin dominance hit just above 50% and has since settled to 49.9% at the time of publication, according to data from TradingView.

This means that Bitcoin alone accounts for half of crypto’s total $1.1 trillion dollar market capitalization. Bitcoin’s current market capitalization stands at $519 billion, according to data from Coingecko.

Notably, Bitcoin’s market dominance has surged by more than 10.5% since Nov. 27, 2022, an increase driven in large part by investors looking to the flagship crypto asset as a safe haven in the wake of the FTX crisis and amid mounting regulatory scrutiny of crypto assets in the United States.

Bitcoin market dominance over the last 4 days. Source: TradingView.

While Bitcoin dominance increased significantly over the last eight months, Ether’s (ETH) market dominance has been holding steady around the 20% mark for the better part of a year. Currently, the combined value of Bitcoin and Ether now accounts for roughly 70% of the entire crypto market.

MicroStrategy co-founder and outspoken Bitcoin bull Michael Saylor believes that Bitcoin’s market dominance will top 80% in the coming years, as increasing regulatory pressure from the Securities and Exchange Commission causes stablecoins and the majority of other crypto assets to “go away.”

“The entire industry is destined to be rationalized down to a Bitcoin-focused industry, with maybe half a dozen to a dozen other Proof of Work tokens.”

Additionally, Saylor blamed the lack of any “mega institutional money” entering the crypto space on the “confusion and anxiety” brought about the by the 25,000 other cryptocurrencies that have positioned themselves as alternatives to Bitcoin.

Related: Why Cathie Wood is bullish on Coinbase stock and believes Bitcoin will reach $1 million

“Bitcoin is the universally, globally-acknowledged digital commodity in this industry,” Saylor added, making a nod to the fact that Bitcoin is the only cryptocurrency SEC Chair Gary Gensler has labeled a commodity. The SEC has now declared a total of 68 cryptocurrencies to be securities.

Bitcoin is currently changing hands for $26,746 an increase of 1.5% in the last 24 hours, according to data from Cointelegraph Price Index. The value of Bitcoin has grown more than 3% over the course of the last week despite “fear” in the crypto market reaching its highest point in three months.

Crypto research firm Santiment also points to investment colossus Blackrock’s filing for a Bitcoin spot ETF as one of the major drivers of Bitcoin’s upwards price action over the last few days.

Magazine: Bitcoin is on a collision course with ‘Net Zero’ promises