The cryptocurrency market value fell a further to $1137 trillion. The market dropped in the morning to 1,113, its lowest point in over two months. The leading altcoins all fell, with losses ranging from 0.8% for Cardano to 7% for Bitcoin Cash. Bitcoin fell 9.66% the past 5 days and Ethereum fell 7.53%.
After declining slightly from its recent high in 2023, BTCUSD has been range-bound for about a month. The price of the cryptocurrency king, however, has recently developed a lower high and lower low structure similar to that seen during the period between April and June, with today’s session seeing a fresh two-month bottom.
Momentum indicators are currently showing a downward bias in the risk for the short-term. Specifically, the negatively-charged RSI is approaching its oversold region, while the MACD is edging below the midline.
The bears broke the 28000 barrier and breached the 25192.89 bottom. The bearish breakout reach May’s lows, breaking also the up-trendline or 200-day EMA that coincides with the FE100% projection at 26,876 (drawdown from 31,802 – 28,519 and 30,159). Hence now the attention might turn towards June low at 24,720. The 30,000 psychological level, on the other hand, could be the first hurdle for buyers to claim if the price finds its footing again. A breach of that area might pave the way to the 31,802 peak.
BTCUSD in general has been moving sideways for a while, and today’s session saw a fresh two-month low among a broader growing negative short-term pattern.
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Ady Phangestu
Market Analyst – HF Educational Office – Indonesia
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