Crypto Price Analysis 8-13 BTC, ETH, SOL, ADA, BCH, DOGE, and MKR
Release: 2024/08/13 18:03 Reading: 707
Bitcoin Market Outlook Remains Volatile
Bitcoin (BTC) market sentiment remains volatile, with the wild price fluctuations experienced this month expected to continue. BTC experienced a dramatic collapse to a six-month low but quickly regained ground.
However, it now faces resistance in regaining its bullish momentum. Some analysts speculate that BTC could fall as low as $52,000 due to deteriorating US macroeconomic data and changes in the Bitcoin options market.
Currently, Bitcoin is trading just above the $59,000 mark, having gained 1.25% over the past 24 hours.
Bulls and Bears in a Standoff
As Bitcoin (BTC) and other major cryptocurrencies navigate a volatile market, the stage is set for a clash between bulls and bears. Several factors could influence price movements and lead to surprises.
The release of macroeconomic data from the United States is among the most significant factors. The Consumer Price Index (CPI), due on August 14, will be closely watched amid concerns about inflation and the Federal Reserve's handling of global market instability.
The CPI release follows the Producer Price Index by a day, and job data is expected towards the end of the week.
The timing of the CPI and PPI data could not be more critical for traders. Any unexpected variances in the numbers will further complicate the already challenging inflation scenario and add pressure on the Federal Reserve to lower interest rates in September.
Economic Downturn Raises Risk for BTC
Bitcoin (BTC) traders are concerned about the possibility of a retest of the $49,000 low, given the declining interest in leveraged BTC long positions and the risk of a correction in global stock markets.
JPMorgan has also increased the probability of a US recession, citing weak labor market conditions and restrictive Fed policies. Fed Governor Michelle Browman stated on August 10 that the threat of inflation persists and the labor market remains weak, reducing the likelihood of a rate cut in September.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is currently trading under the $60,000 threshold, failing to reclaim it despite a recovery on Monday. Bulls attempted to push the price above $60,000, but heightened volatility kept traders on edge.
The Crypto Fear and Greed Index, which bottomed at 17/100 on August 6, rebounded on August 9. However, it has since slipped back into the fear zone, reaching 25/100 on August 12. Currently, it stands at 31/100, indicating that bearish sentiment still dominates the market.
Market observers question whether BTC can regain the $60,000 mark. The outlook remains uncertain for now. Spot Bitcoin ETFs have reported significantly lower inflows in recent days, hinting at investor hesitation. According to LookOnChain, institutions have also halted stablecoin purchases, further fueling negative sentiment.
As seen in the price chart below, BTC dipped to a low of $49,351 last Monday but swiftly recovered despite heightened market volatility. Buyers managed to achieve an intraday high of $57,833 before being pushed down to $55,144.
BTC made a remarkable recovery on Thursday as markets turned bullish, rising by 12% to $61,763. However, it failed to break above the 200-day SMA, which acted as a dynamic resistance level. Consequently, the price trend reversed on Friday, dropping to $60,932, although buyers managed to keep it above $60,000.
They lost the level on Sunday after BTC plummeted by almost 4% to $58,775. The market's volatility was evident on Monday as BTC surged to an intraday high of $60,749 and a low of $57,724. BTC ultimately settled at $59,410, an increase of 1.08%.
However, the $60,000 mark proved insurmountable under current conditions, with BTC marginally down during the ongoing session. If BTC can consolidate above $59,000, buyers may attempt to break above the $60,000 level. A strong breakout above $60,000 and $62,000 could signal a potential trend reversal.
Nevertheless, BTC's current bearish trend seems strong, facing stubborn resistance at $60,000 and $62,000. A break below current levels could see BTC fall below $57,000. A drop below this level could accelerate BTC's decline towards $50,000 and a retest of its $49,000 support level.
Ethereum (ETH) Price Analysis
Ethereum (ETH) is struggling to break above the $2,700-$2,800 zone, with sellers fiercely defending upper levels. However, the price has found support around the $2,500 mark, with bulls preventing ETH from slipping below this level.
After a significant drop that saw ETH hit a low of $2,131 on August 5, it rebounded strongly, climbing above $2,500 on Thursday after a surge of nearly 15%, ultimately settling at $2,684. The rally lost momentum as markets turned bearish on Friday.
Consequently, ETH dropped by over 3% to $2,601. The weekend remained bearish, with ETH experiencing a marginal increase on Saturday before falling by 2.09% to end the weekend at $2,556.
With the market's recovery on Monday, ETH gained 6.52%, pushing the price above $2,700 and settling at $2,723. However, due to sellers
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