Crypto Price Analysis 12-19 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGWIFHAT: WIF, TONCOIN: TON, HEDERA: HBAR, THETA NETWORK: THETA

As a seasoned crypto analyst with years of experience in navigating the volatile and unpredictable world of digital assets, I have to say that this week has been quite a rollercoaster ride for investors like myself. The market is always full of surprises, but it seems that the recent ups and downs have taken even the most hardened traders by storm.

The value of Bitcoin (BTC) dropped under $100,000 following Federal Reserve Chair Jerome Powell’s statement that the central bank does not have the authority to hold Bitcoin and has no plans to push for any legal changes in this regard.

Following Powell’s remarks, there was an immediate effect on the market as the price of Bitcoin plummeted significantly, dipping below $100,000 to reach a low of $99,047 before rebounding and presently hovering around $101,200. At the moment, Bitcoin has decreased by more than 2%.

Over the past day, the value of cryptocurrencies has significantly decreased, leading to liquidations totaling approximately $700 million. Furthermore, the overall market capitalization dipped by 3.50%, bringing it down to $3.52 trillion. The majority of significant digital currencies such as Ethereum (ETH), Solana (SOL), Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), Toncoin (TON), and Polkadot (DOT) are currently trading at a loss.

Bitcoin (BTC) Slumps After FOMC Meeting 

After the Federal Open Market Committee (FOMC) revealed intentions to reduce rate cuts in 2025 and set the benchmark federal funding rates between 4.25% and 4.50%, both Bitcoin (BTC) and the broader crypto market experienced a pullback. The Fed had previously lowered interest rates by 25 basis points, adjusting the federal funds rate accordingly. This move was in line with analysts’ and market observers’ predictions. However, despite this expected decrease in December, the overall crypto markets showed a significant drop following the announcement. Analysts suggest that the market response was not due to the December rate cut but rather the 2025 outlook.

Jerome Powell, the Federal Reserve Chair, subtly indicated that the bank has updated its 2025 forecast and reduced potential interest rate cuts from four to two, implying a more aggressive stance for the year. This announcement triggered a selloff in the crypto market, particularly Bitcoin which dipped below $100,000. Additionally, the Fed increased its prediction for Personal Consumption Expenditures (PCE) inflation from 2.1% to 2.5% by the end of 2025, suggesting a possible rise in inflation during that year. The Fed’s decision to reduce rate cuts and the potential rise in inflation could potentially harm the ongoing bull market as investors brace for an unpromising investment climate.

Federal Reserve Not Allowed To Own Bitcoin 

Jerome Powell, head of the Federal Reserve, dampened the excitement in the cryptocurrency market when he clarified that the central bank has no plans or permission to invest in Bitcoin. This announcement led to a significant drop in Bitcoin’s value, which fell below $100,000 to reach a low of $99,047 before rebounding to its current price. Powell made these comments during his speech.

Currently, it’s prohibited for us to possess Bitcoins. The Federal Reserve Act outlines what we can hold, and we’re not advocating for any changes in this law. That’s something for Congress to consider, but for now, we’re not pushing for a change in the Federal Reserve’s regulations.

In reaction to a query about the potential usefulness of a federal Bitcoin reserve, suggested by President-elect Donald Trump as a means for the U.S. to maintain its competitive edge as other nations adopt digital currencies, Powell expressed his thoughts. However, it’s important to note that experts have highlighted potential risks linked to volatile assets like Bitcoin. The worth of Bitcoin has surged since Donald Trump’s election victory, with the President-elect vowing to establish a favorable regulatory landscape for the cryptocurrency sector.

Bitcoin (BTC) Price Analysis 

In the last 24 hours, Bitcoin (BTC) has experienced a decrease of approximately 2%, with its price dipping after the FOMC meeting. The cryptocurrency hit an intraday low of $99,047 before bouncing back to reclaim the $100,000 mark and move to its current position. During this period, market-wide liquidations reached a massive $700 million due to Federal Reserve Chair Jerome Powell’s statement that the central bank does not own Bitcoin. Additionally, Powell forecasted that it might take 1-2 years for inflation to reach the targeted 2%, which caused broad selloffs across the markets.

Last week, Bitcoin displayed a strong upward trend, even though it began the week in the negative territory. By Tuesday, it plunged to a low of $94,313 before stabilizing at $96,912 as pessimism grew. However, the price surged over 4% on Wednesday, breaking through the $100,000 mark and settling at $100.900. Despite a promising performance on Thursday, Bitcoin dipped by 0.975%, slipping below $100,000 to settle at $99,923. Yet, investors re-entered the market on Friday as Bitcoin regained the $100,000 level following a 1.47% rise and settling at $101,394. Bitcoin experienced a minor decrease on Saturday before bouncing back on Sunday, recording an impressive increase of nearly 3% and ending the day at $104,181.

To start off this week, Bitcoin saw a promising beginning by hitting an all-time high of $107,464. But it then dropped slightly to $105,746, still managing a 1.5% rise. On Tuesday, Bitcoin reached another all-time intraday high at $108,268. Unfortunately, it couldn’t maintain that level and dipped to $106,142, marking a slight decrease. However, the market mood shifted significantly on Wednesday after the FOMC meeting and Fed Chair Jerome Powell’s remarks. Consequently, Bitcoin experienced a nearly 6% drop, falling below $100,000 to close at $100,189.

During the current trading period, Bitcoin dipped to a low of approximately $98,782 per coin. But since then, its price has rebounded and is now 1.27% higher, hovering around $101,500. There’s some resistance for BTC at the $108,000 level, but analysts predict it will surpass $110,000 by year-end.

Ethereum (ETH) Price Analysis

Ethereum (ETH) is attempting to recover after facing a substantial decline this week as sellers tried to drive the price toward $3,500. ETH registered a significant drop last Monday, falling over 7% and settling at $3,715. Sellers drove ETH to an intraday low of $3,521 on Tuesday as bearish sentiment persisted. However, ETH recovered partially from this level to go above the 20-day SMA and settle at $3,630, registering a decline of 2.30%. However, the price recovered on Wednesday, as ETH rallied almost 6% to go above $3,800 and settle at $3,834. Buyers attempted a move past $4,000 on Thursday as ETH reached an intraday high of $3,988. However, buyers lost momentum after reaching this level, and the price dropped to settle at $3,882, an increase of 1.26%.

On Friday, Ethereum (ETH) saw a slight increase, surpassing $3,900 and ending the day at $3,907. The weekend started with a bearish trend as ETH dropped nearly 1% to reach $3,869. However, it recovered on Sunday, rising by approximately 2.25% to regain $3,900 and finish at $3,956. This week began with ETH showing high volatility, reaching an intraday high of $4,106 before falling to an intraday low of $3,882. Buyers managed to push ETH up to $3,985, but momentum waned on Tuesday, causing ETH to drop 2.33% and settle at $3,892. The bearish sentiment intensified significantly on Wednesday as ETH fell below its 20-day SMA after a nearly 7% drop, ending the day at $3,625. Currently, ETH is up almost 2%, trading at $3,693 as buyers aim to reclaim the $3,800 level.

Solana (SOL) Price Analysis

On Wednesday, Solana (SOL) dipped below a significant support point due to escalating selling activity. However, it’s currently making an effort to rebound during the ongoing trading session, having reached a low of $199 earlier. Since November 22, SOL has been trending downwards. The bearish outlook strengthened at the start of last week when SOL dropped below its 20-day Simple Moving Average (SMA). With sellers in control, SOL declined by 8.55% on Monday and a further 1.47% on Tuesday, closing at $213 as sellers aimed to push it under the $200 mark. Despite intense selling pressure, SOL experienced a surge of over 6% on Wednesday, reaching $227. On Thursday, SOL attempted to move above its 20-day SMA, climbing to an intraday high of $235. However, the buying momentum weakened at this level, causing the price to drop back to $227 after a slight decline.

On Friday, sellers held the upper hand as Solana (SOL) dipped nearly 1% to close at $224. Negative feelings about SOL grew stronger on Saturday as it dropped by 2.22%, reaching a low of $215 before settling at $219. However, the weekend ended on an optimistic note as SOL rose almost 2% to $224 on Sunday. Yet, bearish sentiments resurfaced on Monday, causing SOL to plummet by 3.55%, falling below its 20-day moving average (SMA) and settling at $216. On Tuesday, buyers tried to push SOL above the 20-day SMA but only managed to reach a high of $228 before closing at $223. Despite this brief recovery, SOL took a significant hit on Wednesday, dropping by 7.48% and once again falling below the 20-day SMA and critical support levels, settling at $206.

During the ongoing trading period, sellers tried to push the price of SOL down towards $200, but it dropped only to $199. Despite that, SOL managed to bounce back from this point and is now nearly 2% higher, being traded at around $210.

Dogwifhat (WIF) Price Analysis

Over the weekend, Dogwhatever (WIF) momentarily soared past $4, only for buyers to fail in halting the descent of this meme token. Last Monday saw WIF plunge by 18% as it dipped below the 20-day Simple Moving Average (SMA) and closed at $3.05, having touched a low of $2.58 during the day. The downward trend continued on Tuesday when WIF fell below its 50-day SMA and $3, ending the day at $2.84 following a nearly 7% drop. However, WIF managed to rebound on Wednesday, increasing by over 7% to surpass the 50-day SMA once more and close at $3.05. On Thursday, buyers tried to regain momentum as WIF reached an intraday high of $3.19. Yet, sellers intervened, causing a drop of 3.34% in WIF’s price to $2.94. The price saw minimal change on Friday as sellers held sway and prevented WIF from breaking above the 50-day SMA.

On Saturday, the selling force grew stronger, causing WIF to decline by more than 4%, finishing the day at $2.84. However, there was a slight uptick on Sunday, resulting in a modest gain and a positive end to the weekend for WIF. Contrarily, it dipped again on Monday, falling by 3.52% to close at $2.74. Attempts to regain control were made on Tuesday, but they proved futile as WIF dropped another 1.58%, reaching $2.70. A bearish outlook intensified greatly on Wednesday when WIF experienced a significant drop of nearly 15%, falling below a key support level and the 200-day Simple Moving Average, settling at $2.30. Currently, WIF continues to trend downward, with a decrease of over 3% in this session, leaving it at $2.23.

Toncoin (TON) Price Analysis

This week, Toncoin (TON) experienced a significant drop, falling below crucial points as pessimism grew stronger. Although it had a fall of more than 14% last Monday, TON rebounded on Tuesday, increasing by 2.41%, from an intra-day low of $5.50 to close at $5.94. Optimistic feelings became more pronounced on Wednesday as TON climbed nearly 7%, surpassing its 200-day Simple Moving Average (SMA) and ending the day at $6.34. Investors tried to push TON past its 20-day SMA on Thursday, with TON reaching an intra-day high of $6.48. However, the momentum waned at this level, resulting in a slight decline for TON. Sellers remained in control on Friday but could only manage a minor decrease, leaving TON to close at $6.29. Nevertheless, TON saw a substantial drop of 1.05% on Saturday as selling pressure increased, causing it to fall to $6.22.

As a researcher analyzing the performance of TON, I noted a robust rebound on Sunday, with the token surging nearly 3%. The weekend ended on a hopeful note for investors. However, the momentum shifted dramatically as we entered the new week, with sellers taking control and causing TON to plunge by 5.35% on Monday, dropping below the 200-day Simple Moving Average (SMA) and settling at $6.05. The bearish sentiment prevailed on Tuesday, as TON dipped further to close at $5.80. The following day was particularly challenging, with TON slipping beneath the 50-day SMA, plummeting over 6% and reaching a low of $5.43.

Hedera (HBAR) Price Analysis

Initially plunging to $0.236 on Monday, Hedera (HBAR) bounced back on Tuesday with an uptick of more than 3%, closing at $0.289 amidst turbulent market conditions. HBAR ascended further on Wednesday, increasing nearly 3% and reaching $0.298. The upward trend faltered on Thursday as the buying pressure waned, resulting in a decline of over 2%, settling at $0.292. However, the price rebounded on Friday, surging almost 8% to close at $0.314. HBAR experienced another dip on Saturday, shedding more than 6%, but managed a slight uptick on Sunday, closing the weekend at $0.295.

This week started off with Hbar dropping approximately 4.18%, reaching $0.283 on Monday. However, buyers stepped in on Tuesday, causing a 0.84% increase that brought it up to $0.285. Despite this brief recovery, sellers reclaimed control on Wednesday, leading to a 4.56% drop and bringing Hbar down to $0.272 – below its 20-day Simple Moving Average (SMA). As of now, in the current trading session, Hbar has surged over 7%, indicating a strong recovery. Buyers aim to push Hbar back above its 20-day SMA and the $0.30 price level.

Theta Network (THETA) Price Analysis

As a researcher, I observed that Theta Network (THETA) demonstrated a robust rebound on Wednesday, climbing approximately 9% to surpass the 20-day Simple Moving Average (SMA) and close at $2.58, following a dip below the same marker on Tuesday and reaching an intraday low of $2.14. The token peaked at an intraday high of $2.85 on Thursday before settling at $2.67, marking a 3.35% growth. Buyers maintained control over Friday, causing the price to increase nearly 3%, and close at $2.74. However, on Saturday, the token saw a decline of almost 5%, dropping below the 20-day SMA and closing at $2.61.

On Sunday, THETA made a comeback, increasing by 4.91%, surpassing its 20-day Simple Moving Average (SMA) to reach $2.73. However, on Monday, the price saw significant fluctuations as both buyers and sellers fought for control. In the end, sellers took charge slightly, causing THETA to dip to $2.71. On Tuesday, it dipped below the 20-day SMA again, dropping by 0.73% to $2.69. The downturn intensified on Wednesday as THETA plunged nearly 14%, ending the day at $2.32. Currently, the price is down more than 2% at $2.27.

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2024-12-19 14:08