Bitcoin and Ethereum have fallen by 5%. Experts are watching these coins closely because they’re having trouble getting past certain price points, which might lead to Bitcoin’s price possibly going down to $63,800.
BTC’s price is going down, and it has dropped below a key price tracking average. This is happening while more people are selling their BTC investments and interest rates remain high. Right now, Bitcoin’s price is about $65,685, which is 5% less than last week, even though more people are trading it.
ETH price has also gone down by 5%, and this happened after someone who owns a lot of Ethereum ( Whale) sent $20 million worth of it to a trading platform called Kraken. But, there’s still hope that the price might start going up again because a lot of ETH is being taken out of trading platforms.
If BTC’s price can’t stay above a certain level, it might fall further. On the other hand, ETH is showing signs that people are positive about its future. There’s less Ethereum available for trading now than there has been since 2016, which could mean good things are coming, like new Ethereum investment funds.
The cryptocurrency market is going through a tough time, with BTC’s price falling quite a bit. It has lost 1% of its value, getting close to $65,000. Right now, BTC is priced at $65,685, which is 5% lower than it was a week ago, and its total value is now just under $1.3 trillion. Interestingly, there’s been a big increase in how much Bitcoin is being traded each day, with over $35.7 billion worth of trades happening.
Bitcoin Slides Below 50-DMA
This recent dip has brought BTC’s price below the 50-day moving average (DMA), signaling a potential short-term bearish trend, and the downward movement coincides with the Federal Reserve’s indication of maintaining higher interest rates for an extended period.
Ethereum Dips: Whale Moves $20 Million to Kraken
ETH’s price has dropped by 5%, which happened at the same time as a big $20 million worth of ETH was moved to Kraken, a trading platform, by someone who got a lot of Ethereum early on. Even though this might seem like a bad sign, other data shows that ETH’s price might start to go up soon.
This person, who got 150,000 ETH in 2015 when it was very cheap at $0.31 each, has been selling some of it over the last few days. They moved 10,000 Ethereum, worth $35.4 million, to Kraken. They still have a lot of coins, about 139,000, in three different wallets.
Bitcoin’s Potential Drop to $63,800?
Crypto analysts are closely monitoring the situation, noting that BTC has struggled to surpass the upper boundary of its re-accumulation range between $60,573 and $71,524. The failure to break through this range suggests increasing resistance at progressively lower price levels.
If BTC cannot maintain its current support levels, analysts predict a further decline to around $63,800. This bearish outlook is reinforced by BTC’s inability to rebound strongly from the $67,200 level, which previously acted as robust support in March. suggest a suitable title using above texts.
Conclusion
Investors and traders should watch the market carefully because it’s going through a tough time. The next few days will be key to see if BTC’s price will recover or keep falling.
On a brighter note for those interested in ETH, things look promising. A lot of Ethereum has been taken out of exchanges recently, and now there’s only a small amount left compared to before. This could be a good sign for Ethereum’s future.The ETH market has seen a notable 5% price decline, coinciding with a substantial $20 million transfer to the Kraken exchange by an ICO whale.
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