2024

bullish

Bitcoin

<p>The post <a href="https://coinpedia.org/news/is-bitcoin-price-headed-for-a-further-decline-the-ripple-effect-of-feds-announcements/">Is Bitcoin Price Headed for a Further Decline? The Ripple Effect of FED’s Announcements</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>With only four days to the end of the dreaded choppy month, the cryptocurrency market, led by Bitcoin (BTC), has signaled possible bearish sentiment in the short term. The recent bullish outlook, triggered by the Fed’s announcement of monetary policy change before the end of the year, is gradually fading away.&nbsp;</p> 
<p>Furthermore, the 2 percent drop in Bitcoin price in the past 24 hours resulted in a 7.5 percent drop in total open interest in exchanges.</p> 
<p>Bitcoin’s fear and greed index also slipped from 55 percent to about 48 percent in the past 24 hours. Notably, Bitcoin price dropped below the 50 Moving Average (MA) in the past 24 hours, signaling low bullish momentum.</p> 
<h2 class="wp-block-heading" id="h-rising-selling-pressure-and-key-bitcoin-price-targets-nbsp">Rising Selling Pressure and Key Bitcoin Price Targets&nbsp;</h2> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Sellers have become active<br><br>"Short-term holders transferred 33,155 bitcoins as shown by the 1w-1m spent output age bands. This could present immediate selling pressure." – By <a href="https://twitter.com/XBTManager?ref_src=twsrc%5Etfw">@XBTManager</a><br><br>Read more <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://t.co/xi29sRvtpS">https://t.co/xi29sRvtpS</a> <a href="https://t.co/pH5Ur1cl9E">pic.twitter.com/pH5Ur1cl9E</a></p>— CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1828198738575171884?ref_src=twsrc%5Etfw">August 26, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Despite the ongoing Bitcoin accumulation by spot BTC ETF issuers, led by BlackRock, on-chain data shows that short-term sellers sent more than 33k coins in preparation for liquidating. The low crypto bullish momentum has significantly impacted the altcoins led by Ethereum, whereby Amber Group and Cumberland deposited over 12k ETH, worth more than $34 million to exchanges.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Here are key support levels to monitor based on the buying patterns of <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> investors:<br><br>– New Whales: $63,450<br>– Binance Users: $55,540<br>– <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> Miners: $44,400<br>– Long-Term Holders: $25,000 <a href="https://t.co/XhbhyfPI8N">pic.twitter.com/XhbhyfPI8N</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1828157466590253095?ref_src=twsrc%5Etfw">August 26, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>In case of further choppy consolidation, crypto analyst Ali Martinez expects Bitcoin price to find a solid support level around $55k, where most Binance users went long on the trading instrument.</p> 
<h2 class="wp-block-heading" id="h-what-next-for-bitcoin-price">What Next For Bitcoin Price?</h2> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Looser monetary policy is coming. Powell made that clear.<br><br>But <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> dominance still likely goes higher in the short-term. <br><br>Last cycle, dominance did not top until after rate cuts and QE began.<br><br>60% should still be on the menu. <a href="https://t.co/ovc1NaIDtG">pic.twitter.com/ovc1NaIDtG</a></p>— Benjamin Cowen (@intocryptoverse) <a href="https://twitter.com/intocryptoverse/status/1828166513033125921?ref_src=twsrc%5Etfw">August 26, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>According to a reputable crypto analyst Benjamin Cowen, the altcoin industry will continue to bleed out to Bitcoin in the short term. Notably, Cowen expects Bitcoin dominance to rally towards 60 percent soon before the anticipated reversal in 2025.</p> 
<p>Furthermore, Cowen reiterated that Bitcoin’s dominance in the past did not peak until the Fed initiated interest rate cuts and began its quantitative easing (QE) measures.</p>

Is Bitcoin Price Headed for a Further Decline? The Ripple Effect of FED’s Announcements

Table of Contents

CoinPedia News

Other articles published on Aug 27, 2024

Russia is launching crypto trials to bypass international sanctions

Celsius Network Sends $2.5 Billion To Creditors: Details

Bitcoin Price Analysis: Best Buy and Sell Times Revealed

Maker DeFi lending protocol rebrands to Sky ahead of USDS stablecoin launch

Mind-Blowing 20% Tron (TRX) Rally: Is It New Ethereum? Solana (SOL) Performs Solid Breakthrough, ...

Optimism Grows for Durov’s Release: Can Toncoin (TON) Price Resurge?

Join our free newsletter for daily crypto updates!