As a seasoned investor with over two decades of experience in the volatile world of cryptocurrencies, I can tell you that these past few days have been quite the rollercoaster ride for us market enthusiasts. TIA, Polkadot (DOT), and Ripple (XRP) have all displayed some exciting price movements that keep us on our toes.
After experiencing a considerable amount of selling pressure, Bitcoin (BTC) has rebounded. On the 23rd, it reached a daily low of $65,198 before bouncing back and surpassing $67,000 once more. At the moment, Bitcoin is trading slightly above $67,200, showing an increase of nearly 1.50% over the past 24 hours as markets stabilize. Most alternative coins (altcoins) have also seen significant gains in the last 24 hours.
Despite Ethereum (ETH) making attempts to hold its ground above $2,500, it has been on a downward trend, experiencing a 2% decrease in the last 24 hours. Similarly, other significant cryptocurrencies like Cardano (ADA), Avalanche (AVAX), Polkadot (DOT), Arbitrum (ARB), and Optimism (OP) are also facing losses at this time.
ChangeNOW CMO Pauline Shangett stated:
Bitcoin has demonstrated remarkable strength by recovering from a dip at $65,198 to currently trade near $67,200, representing a 1.50% increase as investor confidence grows. The general rise in other cryptocurrencies indicates renewed interest in buying, even though major assets such as Ethereum continue to face challenges, losing over 2% and finding it difficult to hold the $2,500 mark.
Is Bitcoin (BTC) Entering A Stabilization Phase?
Experts are saying that Bitcoin (BTC) might be moving into a period of stability, as various signs point towards traders accumulating more of it. This observation arrives amidst Bitcoin’s price ups and downs, which temporarily dropped it close to $65,000 but then bounced back above $67,000. Conversely, Ethereum (ETH) has persisted in its downturn and has lost nearly 3% of its value over the past week, battling to stay above $2,500.
According to analysts, multiple aspects support the idea of market stabilization. Notably, Circle has witnessed a decrease in USDC supply amounting to approximately $1.7 billion, which is counterbalanced by strong signs of liquidity such as massive stablecoin inflows worth around $38 billion. This figure surpasses the inflows experienced by Bitcoin ETFs on the spot market. Analysts at 10x Research hypothesize that markets are considering various factors before embarking on another upward trend.
Rather than becoming excessively negative, we think the market requires some time to process the increased bond yields before Bitcoin can continue its upward trend. We’d prefer to see several signals aligning to confirm a bullish trend, but it’s not a major worry at this point. It seems the market needs a few days to take in these factors.
Furthermore, as well as increased institutional activity, stablecoin inflows have played a substantial role in providing liquidity.
Following seven straight days with more than $2 billion in ETF investments in Bitcoin, these inflows have momentarily halted. Although this might signal a slight decrease in institutional interest, continued buying at the present price point hints at a possible future increase when the market stabilizes, as it suggests accumulation.
Crypto Liquidations See Significant Jump
Data from CoinGlass has revealed that crypto liquidations have hit a staggering $271 million, the highest number recorded this week. According to CoinGlass, Ethereum (ETH) is leading the liquidations with $72 million lost as investors suffered following the altcoin’s failure to build sustained momentum. Long traders lost $56.58 million, while short traders lost $16.4 million. Not to be left behind, Bitcoin (BTC) registered liquidations totalling $56.55 million, with long traders accounting for almost $29 million.
The market’s recent slump also saw Solana (SOL) face liquidations worth just over $10 million.
South Korea’s Exchange Shutdowns Leave Customers High And Dry
Due to South Korea’s Virtual Asset User Protection Act, numerous cryptocurrency exchanges have ceased operations, resulting in around $13 million in losses for customers as their investments remain on hold. A total of eleven crypto platforms have halted operations, with another three temporarily pausing activities. The legislation was enacted by South Korean authorities in July 2024 to safeguard investors, enabling users to recoup their assets if the exchange goes under.
Approximately 34,000 investors can recover approximately $13 million from these platforms, as the exchanges close down. It’s been reported that these exchanges collectively hold investment assets totaling around 17.8 billion won ($12.8 million), with about 1.41 billion won ($1.02m) being readily accessible in cash and the remaining 16.4 billion won ($11.8m) held in virtual assets. Unfortunately, an additional 30.7 billion won ($22.2 million) are currently unreachable and are being held by three exchanges that have temporarily halted their services.
Bitcoin (BTC) Price Analysis
On Wednesday, Bitcoin (BTC) and the cryptocurrency market experienced significant losses, with BTC approaching $65,000 but ultimately failing to do so as the crypto markets mimicked the fall in the stock markets. Initially, BTC dipped by more than 2.50%, before regaining ground and surpassing $67,000 again. This drop has effectively put an end to any hopes of BTC breaking through the $70,000 mark and setting a new record high, as it now aims to recoup its losses. The decline also underscores the volatile nature of the cryptocurrency markets and their connection with traditional stock markets. A portion of BTC’s fall can be attributed to a decrease in technology stocks, particularly Tesla, which is set to release its latest financial report. Analysts predict that this report will show a decline from the 66 cents per share reported one year ago.
Over the past few days, I’ve noticed Bitcoin (BTC) trending downwards, despite a highly bullish run the week prior. Last Monday and Tuesday saw significant surges, with BTC climbing above $68,000 and reaching $68,398 by Friday. However, the upward momentum seemed to fade, resulting in a slight dip on Saturday, bringing the price down to $68,278. A recovery followed on Sunday, pushing the price up to $68,773, marking an increase of 0.72%.
BTC started the current week in the red as sentiment flipped to bearish as buyers failed to push on to $70,000, with BTC managing a day high of $69,401 before falling back. As a result, sellers assumed control, and the price dropped by just over 2% and settled at $67,307. Volatility increased on Tuesday as buyers and sellers attempted to establish control. Ultimately, BTC registered only a marginal increase and settled at $67,386. BTC faced intense selling pressure on Wednesday as sellers dragged the price to a low of $65,225. However, the price recovered from this level as buyers entered the market, eventually settling at $66,658, a drop of 1.09%. The current session sees BTC back in positive territory, currently up by almost 1.50% and trading around the $67,664 mark.
Some experts have cautioned that Bitcoin (BTC) might have hit its high point temporarily due to the upcoming US elections. As per a study by Copper Research, these analysts observed that nearly all Bitcoin wallet addresses are currently profitable, suggesting that when this ratio rises, it usually results in investors selling off their Bitcoin to secure profits.
Trends from past events become apparent following major price fluctuations. Additionally, if a substantial number of Bitcoin wallets start showing profits, it often results in sellers rushing to cash out. This might suggest that we’re witnessing a brief, temporary high point in the market and Bitcoin, with selling pressure possibly persisting.
At the moment, Bitcoin (BTC) is finding it tough to surpass $67,500 due to selling actions at higher levels. If purchasers can re-establish their momentum, there’s a possibility that BTC could again climb above $68,000. However, whether it reaches $70,000 is still uncertain. Conversely, if sellers take control, we might see Bitcoin fall back towards $65,000.
Ethereum (ETH) Price Analysis
Right now, Ethereum (ETH) is finding it tough to bounce back and maintain its position above $2,500 due to ongoing selling pressure that’s causing the price to drop. Over the last 24 hours, ETH has dipped nearly 2%, and over the past week, it has fallen by more than 3%. Most of this week, ETH has been in the negative zone. If this trend continues, we might see ETH slide below $2,500.
On Monday, the bullish momentum of ETH started to wane, causing a significant drop of nearly 3% that took it below $2,700 and settled at $2,666. This downward trend continued on Tuesday, with ETH decreasing by 1.73% to $2,620. The bearish sentiment grew stronger on Wednesday as sellers drove ETH to a daily low of $2,451, falling beneath important support levels and both the 20-day and 50-day Simple Moving Averages. However, buyers managed to provide some resistance, allowing ETH to recover slightly and move back above $2,500, where it settled at $2,522. In today’s session, ETH is experiencing modest gains as it struggles to rise above the 20-day SMA. If sellers can push ETH below $2,500, there’s a possibility of seeing the price slide down to either $2,400 or $2,300 due to the bulls’ current struggle.
Solana (SOL) Price Analysis
Solana (SOL) surged past $170 during the ongoing session as it continues its recent bullish uptick, with buyers now eying the $180 price level. SOL has been extremely bullish since recovering from a day low of $147 on Thursday as it rebounded from the 20-day SMA. Friday saw SOL register an increase of almost 3% as it moved past the 200-day SMA and $150 and settled at $154. Bullish sentiment persisted over the weekend as SOL rose by 3.11% on Saturday, moved to $159, and surged past $160 on Sunday after an increase of 5% pushed the price to $167.
On Monday, SOL experienced considerable fluctuation due to the resistance at $170 being tested. Attempts were made by buyers to surpass this level, while sellers aimed to pull SOL down below $160. This led to a low of $161 and a high of $171 for the day, with SOL eventually closing at $166 after experiencing a decrease of 0.71%. The volatility continued on Tuesday, as both buyers and sellers fought for control, but ultimately, buyers managed to gain an advantage and boosted SOL by 0.80% to $167. Finally, on Wednesday, SOL surpassed the $170 mark, reaching $170.77 after a rise of 1.96%. Buyers made further efforts to push higher as SOL reached a day high of $174, but eventually lost steam.
In this particular trading session, Solana (SOL) is currently valued at approximately $175, experiencing an increase of nearly 3%. Investors are aiming to push the price towards $180. If SOL manages to break through this barrier, there’s a possibility it could soar to reach $200. Conversely, sellers (bears) will strive to counter this trend and drive Solana’s price back below $170, potentially causing it to dip towards the $160 mark.
Dogecoin (DOGE) Price Analysis
Over the past few days, Dogecoin (DOGE) has been trying hard to break through the $0.150 mark, but its upward momentum seems to have stalled. The cryptocurrency had shown strong bullish signs earlier in the week when it bounced back from a low of $0.111 and even surpassed its 200-day Simple Moving Average (SMA) on Friday after a rise of about 6%. This increase took DOGE up to $0.137. On Saturday, bullish sentiment continued, with DOGE rising by almost 5% and crossing the $0.140 mark before settling at $0.144. However, sellers tried to take control on Sunday, pushing DOGE down to a low of $0.137. Despite this, it managed to recover and regain the $0.140 level, ending the day at $0.142. In total, DOGE experienced a slight dip from its high of $0.142.
On Monday, the price of DOGE saw significant fluctuations as buyers aimed to surpass $0.150, but sellers aimed for a drop beneath $0.140. In the end, buyers managed to prevail, but the price didn’t exceed $0.150 and closed at $0.143 instead. Volatility persisted on Tuesday as buyers tried to surpass $0.150 again, only to be halted once more. This time, sellers took over, causing DOGE to decrease by 2.30% to $0.140. The price dropped to a daily low of $0.132 before rebounding and closing at $0.140, experiencing only a minimal reduction. In the current session, buyers are back in charge as they’ve managed to push DOGE up by 1.14% despite sellers’ repeated attempts to drive the price below its support level of $0.136.
Celestia (TIA) Price Analysis
For the past week, Celestia (TIA) has been fluctuating between $5.50 and $6.50. Buyers have found it challenging to push TIA above $6.50, while sellers seem to be running out of steam at $5.50. Last week saw considerable volatility in TIA as both buyers and sellers fought for control. The volatility lessened on Saturday, but so did the value of TIA, which fell by 2.43% to close at $5.86. However, it bounced back strongly on Sunday, surging nearly 4% and regaining the $6 mark, closing at $6.10. The new week began with a steep decline for TIA, dropping almost 8% to reach $5.62.
On Tuesday, TIA initially dipped towards its support levels and dropped by nearly 3%, reaching $5.66. However, strong buyer interest caused a rebound, resulting in a 2.77% rise to $5.78. Despite sellers trying to push TIA below the 20-day Simple Moving Average (SMA) on Tuesday, buyers managed to regain control and drive an increase of 3.31%, closing at $5.97. Currently, TIA is experiencing high volatility, with buyers aiming for a rise towards $6.50 and sellers attempting to push it beneath the 20-day SMA. At this moment, buyers hold the advantage, with TIA up by 0.69%.
Polkadot (DOT) Price Analysis
This week, Polkadot (DOT) has experienced a significant drop, erasing all the gains it made during the previous week. The market’s bearish sentiment seems to be in control right now. However, towards the end of last week, DOT showed promising bullish signs, with a 2.63% increase on Friday pushing its price above both the 20-day and 50-day Simple Moving Averages (SMA) to reach $4.30. The bullish trend continued over the weekend, with DOT rising by 3.26% on Saturday to surpass $4.50 and 2.93% on Sunday, reaching a temporary high of $4.57, just short of $4.60. Attempts were made by sellers to pull DOT below the $4.50 mark on Sunday, but they were not successful in doing so.
Initially, DOT experienced a decline in momentum due to heavy selling at $4.60, causing a steep drop at the start of the week, down by 4.28% and dropping below $4.50 to settle at $4.37. On Tuesday, buyers made an effort to recover but were met with strong resistance from sellers, leading to another 1.14% decline to $4.32. The selling pressure grew stronger on Wednesday as DOT failed to hold above its 20 and 50-day moving averages, plummeting to a low of $4.10 before settling at $4.21, marking a drop of 2.55%. Currently, DOT is experiencing volatility with buyers aiming to push above the 20-day SMA and sellers looking to pull the price lower.
The digital token DOT currently has a strong support at around $4. If it falls lower, it might find stability here, but if it breaks through this level, there’s a possibility that the price could dip down to its long-term support of $3.62. However, if buyers step in and regain control, we might see DOT moving above its moving averages.
Ripple (XRP) Price Analysis
Ripple (XRP) is attempting to bounce back following a steep drop in value this week, with sellers causing the price to dip under the moving averages. As you can observe from the chart, XRP has been moving within a limited price band since early October. After surpassing the 200-day Simple Moving Average (SMA) around mid-October, its trading range became even more confined, as XRP fluctuated between approximately $0.54 and $0.57. Unfortunately, an unsuccessful effort to break above the 50-day SMA on Monday resulted in a substantial drop for XRP, with sellers pulling the price downwards before it settled at $0.54.
On Tuesday, the negative outlook for XRP deepened as it dipped below both its 20-day and 200-day moving averages, causing a 2.24% drop. Sellers remained in charge on Wednesday, driving XRP to a daily low of $0.51 before recovering slightly to close at $0.52, marking a 1.39% decrease. As we move into the current session, buyers are attempting to regain control and counteract the recent bearish trend in XRP.
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2024-10-24 19:34