Cryptocurrency

Bitcoin

Fantom

Coin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-and-altcoins-stumble-as-market-faces-intense-pressure-ahead-of-fed-meeting" rel="noopener noreferrer nofollow">Bitcoin and Altcoins Stumble as Market Faces Intense Pressure Ahead of Fed Meeting</a><br></p>
<p style="text-align: justify">The <a href="https://en.bitcoinhaber.net/bitgo-secures-preliminary-license-approval-in-singapore" rel="noopener noreferrer nofollow">cryptocurrency</a> market is experiencing a downturn, with <a href="https://en.bitcoinhaber.net/bitcoin-poised-for-sharp-rise-according-to-analyst-kevin-svenson" rel="noopener noreferrer nofollow">Bitcoin</a> unable to maintain its position above $63,000 and altcoins witnessing a significant slump. As the market anticipates the Federal Reserve’s upcoming meeting, uncertainty looms, contributing to a bearish stance on Bitcoin. The situation is exacerbated by a substantial outflow from Grayscale’s Bitcoin Trust (GBTC), amounting to over $400 million in the second-largest weekly withdrawal recorded.</p>
<h2 id="etf-movement-and-ftm-coin-s-ripple-effect">ETF Movement and FTM Coin’s Ripple Effect</h2>
<p style="text-align: justify">The declining market sentiment is further evidenced by the accelerated withdrawals from Grayscale and a drop in entry into other ETFs. This indicates a growing trend of panic selling, which has also affected Bitcoin’s aim for a lower target of $59,000. FTM Coin, part of the Fantom project, has also felt the impact, sliding back after a notable price surge that had seen investor gains soar to 55% since last August—an 800% rise from $0.31 to $2.97 within three months.</p>
<h2 id="ftm-s-fragility-and-potential-decline">FTM’s Fragility and Potential Decline</h2>
<p style="text-align: justify">The supply distribution change in FTM highlights a growing preference for short-term investment, indicating potential sell-offs by medium and long-term holders. This shift poses a risk for FTM Coin, especially if Bitcoin’s price falls further to $59,000. Technical analysis suggests that despite surpassing key resistance, the high profitability linked with Bitcoin’s downward trajectory could spur rapid sales, possibly pushing FTM’s price to lower support levels around $0.41 and $0.48, with $0.54 as a critical junction.</p>
<p style="text-align: justify">Cryptocurrency investors are closely monitoring these movements, with market dynamics suggesting a cautious approach. The current trend in short-term Exponential Moving Averages (EMAs) over their long-term counterparts hints at a possible short-term uptrend, but the overall climate remains tentative.</p>
<p style="text-align: justify">As the daily closure approaches, FTM Coin hovers at the $1 mark, with potential declines in sight if Bitcoin continues its descent. Market participants are advised to watch for critical levels, as the cryptocurrency landscape navigates through turbulent waters.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-and-altcoins-stumble-as-market-faces-intense-pressure-ahead-of-fed-meeting" rel="noopener noreferrer nofollow">Bitcoin and Altcoins Stumble as Market Faces Intense Pressure Ahead of Fed Meeting</a></h5>

Bitcoin and Altcoins Stumble as Market Faces Intense Pressure Ahead of Fed Meeting

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