Cryptocurrency

Bitcoin

ORDI

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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/investors-monitor-bitcoins-price-fluctuations/" data-wpel-link="internal">Investors Monitor Bitcoin’s Price Fluctuations</a><br></p>
<p style="text-align: justify">The <a href="https://en.coin-turk.com/coinbase-continues-fight-for-regulatory-clarity-amidst-sec-standoff/" data-wpel-link="internal">cryptocurrency market</a> has experienced volatile price movements since last week. This situation is especially evident on the Bitcoin front, with prices dropping to $48,800 and then rising to $62,000, causing investor anxiety. Amid these price movements, <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> are trying to predict the market’s direction, with one project on the Bitcoin network being the biggest loser of the day. So, what is happening in the cryptocurrency market?</p> 
<h2 style="text-align: justify" id="current-state-of-the-cryptocurrency-market">Current State of the Cryptocurrency Market</h2> 
<p style="text-align: justify">The total cryptocurrency market value dropped by 3% in the last 24 hours, falling to $2.06 trillion. The existing selling pressure in the market intensified during the Asian trading session when crypto assets started to rise.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-380065" src="https://coin-turk.com/wp-content/uploads/2024/08/total-1-total-coin-turk-com.png" alt="" width="492" height="211"></p> 
<p style="text-align: justify">The market fluctuation is believed to be triggered by the release of the US Consumer Price Index (CPI) <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a>. The change in the US CPI showed that inflation fell to 2.9% in July, as predicted. This rate, down from 3.0% in June, seems to reflect expectations of a rate cut.</p> 
<p style="text-align: justify">TOTAL continues to stay above the $2 trillion support level, but it is uncertain if this level will be revisited. The main target is believed to be staying above the $2.03 trillion level.</p> 
<h2 style="text-align: justify" id="bitcoin-s-price-decline-continues">Bitcoin’s Price Decline Continues</h2> 
<p style="text-align: justify">Bitcoin’s price lost the $60,000 support level in the last 24 hours following the CPI announcement, and the decline continues. After reaching $61,850, the highest level seen yesterday, investors started selling, leading to the current drop to $58,000.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-380066" src="https://coin-turk.com/wp-content/uploads/2024/08/btc-yorum-btc-1-grafik-coin-turk-com.png" alt="" width="493" height="209"></p> 
<p style="text-align: justify">BTC’s price remains above the $54,500 support level, which has been tested in the past. Despite the downturn, a potential recovery could push the price back above $60,000, making a rebound from this level possible.</p> 
<p style="text-align: justify">However, if BTC is affected by global economic conditions and continues to decline, it could fall to the significant psychological support level of $55,000, and further drops could see the price reaching $54,500.</p> 
<h2 style="text-align: justify" id="ordi-s-current-price">ORDI’s Current Price</h2> 
<p style="text-align: justify">While the overall cryptocurrency market continues to decline, the biggest loser in the last 24 hours has been ORDI, a newcomer to the BTC network. ORDI’s decline exceeded the market, dropping by 8%, and its price fell to $28.4 at the time of writing.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-380067" src="https://coin-turk.com/wp-content/uploads/2024/08/ordi-yorum-coin-turk-com.png" alt="" width="488" height="209"></p> 
<p style="text-align: justify">The altcoin was known to test the downtrend line as support, as seen in the above chart. However, a successful rally attempt from the mentioned level has not been seen in the past three months. If ORDI loses the $27.7 support, the decline could deepen, and the formation could change.</p> 
<p style="text-align: justify">Still, if a trend reversal occurs and it bounces from this support, it could move towards $34, invalidating the downtrend thesis.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/investors-monitor-bitcoins-price-fluctuations/" data-wpel-link="internal">Investors Monitor Bitcoin’s Price Fluctuations</a></h5>
<p>The post <a href="https://en.coin-turk.com/investors-monitor-bitcoins-price-fluctuations/" data-wpel-link="internal">Investors Monitor Bitcoin’s Price Fluctuations</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Investors Monitor Bitcoin’s Price Fluctuations

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