Cryptocurrency

2024

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/cryptocurrency-market-faces-continued-decline/" data-wpel-link="internal">Cryptocurrency Market Faces Continued Decline</a><br></p>
<p style="text-align: justify">The decline in cryptocurrencies, including Bitcoin, that began yesterday seems to continue today. While many events are thought to influence this decline, a recent statement by Kamala Harris about taxing unrealized gains if elected president has caused significant concern.</p> 
<h2 style="text-align: justify" id="current-state-of-the-crypto-market">Current State of the Crypto Market</h2> 
<p style="text-align: justify">Bitcoin continues to move between the price levels of $55,724 and $73,777. Although predicting the price direction is not easy, <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">long-term investors</a> seem to maintain a bullish trend. Data from CryptoQuant shows that approximately 45,000 Bitcoins exited exchanges on August 27, marking the third-highest exit.</p> 
<p style="text-align: justify">In addition to Bitcoin, investors continue to buy Ethereum, which also shows a downward price movement. Popular <a href="https://en.coin-turk.com/bitcoin-and-ethereum-current-outlook-and-price-predictions/" data-wpel-link="internal">crypto analyst</a> Satoshi Sniper announced on X that Ethereum whales added approximately $540 million worth of 200,000 Ethereum over the last four days.</p> 
<p style="text-align: justify">However, Bloomberg Intelligence senior commodity strategist Mike McGlone made a concerning statement on X, suggesting that the risk asset race “might be over.” According to McGlone, Bitcoin reached 15 times the value of the S&amp;P 500 (SPX) in the first quarter of 2020, and the highest value in 2024 was 14 times. He indicates a possible 50% drop towards seven times the value of the S&amp;P 500.</p> 
<h2 style="text-align: justify" id="bitcoin-analysis">Bitcoin Analysis</h2> 
<p style="text-align: justify">Despite a significant attempt, Bitcoin failed to rise above $65,000 on August 25, showing decreased demand at higher levels. This led to a pullback below the moving averages on August 27.</p> 
<p style="text-align: justify">Bulls are trying to keep the bottom level above $58,000, but a relief rally might face selling at the moving averages. If the price continues to fall or stays below the 20-day exponential moving average (EMA) of $60,9046, it will indicate that bears have fully taken control. The BTC/USDT pair could drop to $55,724 as bears gain strength.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-384036" src="https://coin-turk.com/wp-content/uploads/2024/08/bitcoin-btc-1-coin-turk-com-1.png" alt="" width="956" height="545"></p> 
<h2 style="text-align: justify" id="ethereum-analysis">Ethereum Analysis</h2> 
<p style="text-align: justify">Things do not seem to be going well for Ethereum either. After visiting the resistance level of $2,850 on August 24, it started to decline, with bears defending this level as resistance.</p> 
<p style="text-align: justify"><strong>ETH/USDT</strong> pair saw an increase in sales after closing below the 20-day EMA ($2,670) on August 26. Bears might try to push the price down to the support level of $2,300. This area could be crucial because a move below this level might retest the period low of $2,111 seen on August 5.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-384035" src="https://coin-turk.com/wp-content/uploads/2024/08/ethereum-1-ether-coin-turk-com.png" alt="" width="955" height="545"></p> 
<p style="text-align: justify">A rise from current levels or a bounce after a drop to $2,300 could signal demand at lower levels. This could cause the current outlook to remain stuck between $2,300 and $2,850 for a few days.</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/cryptocurrency-market-faces-continued-decline/" data-wpel-link="internal">Cryptocurrency Market Faces Continued Decline</a></h5>
<p>The post <a href="https://en.coin-turk.com/cryptocurrency-market-faces-continued-decline/" data-wpel-link="internal">Cryptocurrency Market Faces Continued Decline</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Cryptocurrency Market Faces Continued Decline

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