BTC/USD – Another downside cycle? [Video]
![BTC/USD – Another downside cycle? [Video]](https://editorial.fxsstatic.com/images/i/Discover-f-41.jpg)
Sell trade idea explained.
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Petar Jaćimović
FXCentrum
Petar Jaćimović was born on 8 July 1989 in Jagodina, Serbia.
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Ripple and Stellar extend their recovery on Thursday after finding support at key technical levels. However, mixed derivatives and on-chain data for both altcoins suggest that traders remain cautious and have yet to show strong conviction in a sustained rebound. Derivatives data shows a mixed and cautious outlook among traders.
Bitcoin holds steady around $76,000 at press time on Thursday, showing near-term strength as the US Federal Reserve raised interest rates by 25 bps. Privacy coins, Zcash and Dash, post double-digit gains over the last 24 hours, emerging as top performers. Bitcoin hovers around $76,200 on Thursday holding steady after a 3% decline on Tuesday.
Bitcoin (BTC) has slipped below its recent trading range and the True Market Mean at $76,700, but the top crypto has remained relatively resilient despite a failed Clarity Act Senate vote, FOMC rate hike and a broader altcoin sell-off.
Bitcoin (BTC) traded above $76,000 on Wednesday as the Federal Reserve raised its benchmark interest rate by 25 basis points, bringing the federal funds target range to 3.75%-4.00%. The unanimous 12-0 decision marked the Fed’s first rate hike since July 2023.
Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.