Crypto Price Analysis 8-1 BTC, ETH, SOL, ADA, XRP, TON, PEPE
Release: 2024/08/01 18:11 Reading: 514
Bitcoin Drops Amid Geopolitical Tensions
The Bitcoin (BTC) price has retreated below $65,000 as geopolitical tensions escalate in the Middle East. Amidst reports of Iran ordering retaliatory strikes against Israel, investors have become increasingly bearish, triggering a sell-off that has sent prices plummeting.
Analysts Watch the $69,000 Level
Prior to the drop, Bitcoin bulls were eyeing the $70,000 level, but fierce resistance from sellers at the upper end of BTC's trading range prevented a break above. Analysts had identified the $69,000 level as crucial for bulls to flip into support, allowing the asset to push towards $70,000 and beyond.
BTC Sees Significant Loss
Bitcoin failed to recover and fell through the $65,000 level on Wednesday, dropping to $64,671. The drop was driven by escalating tensions in the Middle East, which drew investor attention after the conclusion of the Federal Reserve meeting in July. Other major altcoins, including Ethereum (ETH), Solana (SOL), Cardano (ADA), and others, also experienced notable declines.
Federal Reserve's Decision
Earlier in the day, the Federal Reserve left benchmark interest rates unchanged and gave no clear indication that a rate cut in September is guaranteed. Fed Chair Jerome Powell stated that no decisions had been made but acknowledged that the economy is moving closer to conditions that would warrant a rate cut.
Digital Assets Versus Traditional Markets
While digital assets experienced significant losses, traditional assets saw gains over the course of the day. The 10-year US bond yield dropped by ten basis points, gold rose by 1.5% to $2,450, and WTI crude oil prices surged by 5%. Equities also registered gains, led by NVidia's 12% rally.
BTC Needs a Catalyst
Bitcoin requires a strong trigger to break out of its current trading range, which it has been in for the past five months. Analysts remain confident that once BTC does so, it could cross $100,000 by the end of the year. However, some analysts predict that the asset will only reach $100,000 in 2025, believing that the significant US national debt will be a key driver of increased BTC adoption.
BTC Price Analysis
Bitcoin is facing significant selling pressure due to the flare-up of Middle East tensions. The Federal Reserve's decision to leave interest rates unchanged also contributed to the decline, although it was largely in line with expectations. BTC dropped by 2% to resume its correction after analysts had expected it to rebound from the $65,000 support level.
ETH Price Analysis
Ethereum has registered an 8% decline over the past month, with bears targeting the $3,000 mark. ETH began the week on a bullish note, but faced rejection at $3,400 and has since fallen below the 20-day and 50-day SMAs. ETH is currently trading at $3,200 and could potentially drop to $3,000 or its longstanding support level of $2,850.
SOL Price Analysis
Solana has continued to decline, falling below the $170 level. SOL's bearish trajectory has led to the asset dropping over 8% in the past 24 hours. If selling pressure persists, SOL could drop to $150.
ADA Price Analysis
Cardano has been on a downward trajectory since it hit $0.451 on July 22. Bearish sentiment has dominated, and ADA has lost the $0.40 support level once again. If current conditions persist, ADA could drop further to $0.35 or even $0.30.
XRP Price Analysis
Ripple has defied market expectations to some extent, registering a significant increase during the beginning of the week despite the prevailing bearish sentiment. XRP rose sharply on Tuesday, but has since fallen back and is currently trading above $0.60.
TON Price Analysis
Toncoin has seen a slight uptick during the week, with buyers preventing the price from falling below $6.60. TON is currently trading at $6.81, and if it remains bullish, it could attempt to test $7.
PEPE Price Analysis
PEPE has seen a dramatic plunge this week, falling below the 20-day and 50-day SMAs. The meme token is facing intense selling pressure and could significantly drop to the 200-day SMA at $0.0000080.
Disclaimer
This article is provided for informational purposes only and should not be construed as investment advice.
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