Ah, Tuesday! A day that has become synonymous with cryptocurrency prices plummeting faster than a Vogon poetry reading. Yes, folks, the downtrend that began in November last year has decided to extend its vacation, and it’s not sending postcards.
Bitcoin (BTC), that once-mighty digital currency, has taken a nosedive below the critical support level of $89,220, reaching an intraday low of around $86,000. It’s like watching a spaceship crash into a black hole—utterly fascinating yet deeply concerning.
And if you thought Bitcoin was having a bad day, just wait until you hear about the altcoins! Jasmy Coin (JASMY) has plummeted to $0.01683, its lowest level since Nov. 5, and a staggering 72% below its 2024 highs. Pepe (PEPE) and Dogecoin (DOGE) have also decided to join the pity party, declining by over 8%. Meanwhile, the combined market capitalization of all meme coins tracked by CoinGecko has fallen below $60 billion. Yes, you read that right—meme coins are now worth less than a bag of stale chips!
Three key catalysts behind the crypto crash
Now, let’s dive into the three potential catalysts for this ongoing crypto catastrophe. Buckle up, it’s going to be a bumpy ride!
First up, the market reacted like a cat in a bathtub to former President Donald Trump’s commitment to imposing tariffs on Canadian and Mexican goods starting in March. These tariffs were postponed by a month, presumably to allow for negotiations that would make even the most seasoned diplomats weep. A 25% tariff on U.S. imports would likely lead to higher inflation and slower economic growth, putting pressure on the Federal Reserve to act. Spoiler alert: The Fed has already signaled it will only cut interest rates when inflation moves closer to its 2% target. But recent economic data shows that both headline and core inflation figures are moving further away from this goal, like a spaceship lost in the cosmos.
Secondly, Bitcoin and other crypto prices are declining as U.S. stocks were mixed. The Nasdaq 100 index opened lower by around 0.55%, while the S&P 500 index was nearly flat. The Dow was up 0.36%, which is about as exciting as watching paint dry. The weakness in the tech sector is likely due to market anticipation of NVIDIA’s fourth-quarter earnings, which are expected to provide further insight into the artificial intelligence sector. Spoiler alert: It’s still not sentient.
Bitcoin price flashes sell signal
And finally, Bitcoin and other crypto prices, including our dear friends Pepe, Dogecoin, and Jasmy, fell further after BTC flashed a sell signal on the daily chart. The daily chart shows that Bitcoin formed a double-top pattern at $108,438 in December and January. It has now broken below the neckline at $89,136, confirming a bearish outlook. It’s like watching a soap opera where the main character just can’t catch a break!
It has also moved below the 50-day and 100-day moving averages. A continued sell-off could push Bitcoin toward the next key support level at $73,725, the highest swing in March last year, an 18% drop from current levels. Such a move would likely trigger further declines across the altcoin market. But fear not! There’s still a chance that this crash is a false breakdown, similar to what happened on Jan. 13, which eventually led to a strong rebound. So, keep your towels handy, folks!
Read More
- Ludus promo codes (April 2025)
- Cookie Run Kingdom: Shadow Milk Cookie Toppings and Beascuits guide
- ZEREBRO PREDICTION. ZEREBRO cryptocurrency
- Mini Heroes Magic Throne tier list
- DEEP PREDICTION. DEEP cryptocurrency
- Grimguard Tactics tier list – Ranking the main classes
- Fortress Saga tier list – Ranking every hero
- Seven Deadly Sins Idle tier list and a reroll guide
- Maiden Academy tier list
- Best teams for Seven Deadly Sins Idle
2025-02-25 17:58