Shiba

Reserve

Bitcoin

Coin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-price-plummets-to-59000" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Price Plummets to $59,000</a><br></p>
<p style="text-align: justify">The cryptocurrency market faces turbulence as <a href="https://en.bitcoinhaber.net/analysts-predict-bitcoin-surge-as-halving-cuts-supply-against-rising-demand" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>‘s price falls below $59,000, causing rippling effects across altcoins. This decline occurs amidst reduced expectations of a 50 basis point rate cut by the Federal Reserve following the latest Consumer Price Index (CPI) data. Concurrently, the World Health Organization has declared a global emergency due to a new, fast-spreading variant of monkeypox, adding to the market’s anxiety.</p>
<h2 id="bitcoin-btc-analysis">Bitcoin (BTC) Analysis</h2>
<p style="text-align: justify">Bitcoin’s current valuation hovers around $59,000. The recent global emergency declaration by the World Health Organization, triggered by a rapidly spreading monkeypox variant, has investors on edge. The potential for this virus to induce another global pandemic could significantly impact the crypto market, particularly as it braces for a possible economic downturn exacerbated by inflation struggles.</p>
<p style="text-align: justify">Market analysts note that Bitcoin has repeatedly tested the $57,500 support level without a decisive break. The lack of strong buying momentum above $60,000 has opened new possibilities for further declines. Should Bitcoin remain below $60,000, it is likely to test support levels at $57,500 and $55,000 <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">in the near future</a>.</p>
<h2 id="ethereum-eth">Ethereum (ETH)</h2>
<p style="text-align: justify">Ethereum has also experienced significant volatility, hitting a new low near $2,000 during a tumultuous week for global markets. Although it managed to hold the $2,534 support and briefly cross the $2,755 threshold, it could not sustain the $2,840 level. The presence of long upper wicks in daily candles suggests prevalent profit-taking among investors, which could lead to further declines.</p>
<p style="text-align: justify">Should the downward trend persist, Ethereum might test the $2,318 level, potentially paving the way for another dip towards the $2,000 mark.</p>
<h2 id="shiba-coin">Shiba Coin</h2>
<p style="text-align: justify">Shiba Coin remains stable as long as it holds the $0.00001312 support, but <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market conditions</a> could change rapidly. If the monkeypox virus induces market panic, Shiba Coin may test the $0.00001087 support level. For any upward movement to continue, Shiba Coin must reclaim the parallel channel support at $0.00002080 and break through the resistance ceiling at $0.00002949.</p>
<h2 id="key-market-inferences">Key Market Inferences</h2>
<ul>
 <li>Bitcoin’s price stability is critical for broader market confidence; frequent testing of lower support levels indicates potential for further declines.</li>
 <li>Ethereum’s inability to sustain higher support levels points towards continued profit-taking and bearish sentiment.</li>
 <li>Shiba Coin’s price stability is contingent upon broader market dynamics, particularly any panic induced by the monkeypox virus.</li>
</ul>
<p style="text-align: justify">The cryptocurrency market appears to be facing significant headwinds from both financial and global health perspectives, necessitating close monitoring and strategic planning from investors.</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-price-plummets-to-59000" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Price Plummets to $59,000</a></h5>

Bitcoin Price Plummets to $59,000

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