All major cryptocurrencies fell hard yesterday with increased selling pressure. Bitcoin(-3.76%) dropped $677, breaking its $9,300 level down to $8655. Ethereum (+5.62%), EOS (-7.16%), Litecoin (-10.14%), and Ethereum Classic (-10.03%) dropped even harder. Worth noting is that Tezos(+4.47%) managed to hold quite well in an extremely bearish day.
Ethereum-based tokens were mixed, with Link (+7.42%), HEDG(+7.17%), and AION (+18.3%) with healthy moves, whereas MKR(-4.81%), CRO(-7.37%), REP (-6.12%), and others were being hit by sales.
The market capitalization dropped to $249.854 billion, a reduction of 6.72 percent. The traded volume in the last 24 hours was $76.482 billion, an increase of 42 percent, while the Bitcoin dominance stays virtually unchanged at 64 percent.
Hot News
The U.S. Securities and Exchange Commission rejected the proposal for a Bitcoin ETF proposed by Whishire Phoenix, stating that Wilshire had not proved that the Bitcoin market is resistant to manipulation. SEC Commissioner Hester M. Peirce, Published a dissenting statement in which she stated that "the commission applies a unique, heightened Standard under Exchange Act Section 6(b) to Rule Filings Related to Digital Assets.". She explains that this rule "requires the Commission to look to the rules of the exchange seeking to list the product, not the attributed of the assets or markets underlying the product to be traded."
Source: sec.gov
Technical Analysis - Bitcoin
Bitcoin price has reached extreme oversold levels, as evidenced by the last candles close to touching the -3SD Bollinger line (yellow). The price is provisionally above the $8,800 support level, and the last few hours, it has created a bounce, as is doing the rest of the sector. The probable path is to look for the Bollinger mean. Currently, we do not perceive that the buyers have stepped in. If you look for a chart showing BTC_longs and BTC_Shorts, you'll notice that this movement has been made by the shorts being closed rather than new long positions.
The likely continuation of the past action is more downside, with $8,300 being the possible target. Depending on what happens in the next few hours, the bounce may go up to $8,990, but the buyer's weakness is evident.
Support |
Pivot Point |
Resistance |
8,500 |
8,990
|
9,730 |
8,300 |
9,990 |
|
7,900 |
10,300 |
Ethereum
Ethereum dropped yesterday to below $220, before bouncing off. The level of $216, which corresponds to the lows of the consolidation made on Feb 10, served as support for the price. Now it has created an engulfing figure that may drive it to look to test the $245 level. The good news is that with the last upward move, ETH is above its 200-period SMA, preserving the upward trend temporarily. The price is moving from oversold levels, and we should consider this move a bounce. The short-term bias is still to the downside, as the price moves below the -1SD Bollinger line.
Support |
Pivot Point |
Resistance |
216 |
230
|
245 |
196 |
255 |
|
187 |
267 |
Ripple
Ripple has dropped below $0.23 in a movement that erased all the gains made in February. The price has bounced off after hitting the $0.223 level and now has recovered the $0.236 line. The bounce may reach $0.246 as its first target, but it will find resistance there and to the crossing of the Bollinger mean line. The current bias is still negative. We need to see its price on the upper side of the Bollinger bands and the bands turning upwards to consider a trend change.
Support |
Pivot Point |
Resistance |
0.2170 |
0.2360
|
0.2460 |
0.2030 |
0.2680 |
|
0.1860 |
0.2860 |
Litecoin
Litecoin dropped very hard yesterday, erasing all the gains made in February. LTC bounced off of the $58.4 level and now is back above $62, but the bearish momentum is very strong, as the price was mostly guided by the -3SD Bollinger line, as we see on the chart. The likely target for this rebound is $64, as this is the current pivot.
Support |
Pivot Point |
Resistance |
58.4 |
64
|
66.8 |
53 |
69 |
|
48.6 |
73 |
Try Secure Leveraged Trading with EagleFX!
Risk Warning: CFD and Spot Forex trading both come with a high degree of risk. You must be prepared to sustain a total loss of any funds deposited with us, as well as any additional losses, charges, or other costs we incur in recovering any payment from you. Given the possibility of losing more than your entire investment, speculation in certain investments should only be conducted with risk capital funds that if lost will not significantly affect your personal or institution’s financial well-being. Before deciding to trade the products offered by us, you should carefully consider your objectives, financial situation, needs and level of experience. You should also be aware of all the risks associated with trading on margin.
Recommended Content
Editors’ Picks
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.