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You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/cryptocurrency-turmoil-bitcoin-and-ethereum-face-crucial-levels" rel="noopener noreferrer nofollow">Cryptocurrency Turmoil: Bitcoin and Ethereum Face Crucial Levels</a> 
<a href="https://en.bitcoinhaber.net/bitcoin-market-turmoil-miners-struggle-as-institutional-investors-accumulate" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) has fallen below the $40,000 mark, with a limited recovery in altcoins, as the cryptocurrency market faces the risk of a cumulative value drop to $1.4 trillion. Investors are keenly watching for the levels that lie ahead for BTC and ETH.
Outflows from the Grayscale Bitcoin Trust (GBTC) may have triggered a market correction, but the reserves of the remaining nine ETF issuers, exceeding 113,000 BTC, are providing balance. The $40,000 region is witnessing a tug-of-war between bears and bulls.
Experts are concerned about the changing macroeconomic environment in the medium term. Arthur Hayes, former CEO of BitMEX, warned of a potential new low for Bitcoin between $35,000 and $30,000, influenced by increased shipping costs due to Houthi attacks in the Red Sea and slower-than-expected decreases in interest rates.
After losing the $40,000 level on January 22, BTC approached a critical support near $37,980. Facing stiff resistance at $42,116, a retreat from the 20-day EMA could see prices slide to $34,000. Buyers are expected to aggressively defend the zone between $34,000 and $37,980, with a rebound requiring a rise above the 20-day EMA.
Ethereum (ETH) broke below the 20-day EMA ($2,395) on January 19, with each rally attracting stronger selling pressure. If the bearish trend continues, bears aim to push the price below $2,100, with the last line of defense at the $1,900 support. Conversely, overcoming $2,400 and gaining the $2,614 region could set targets at $2,717 and $3,000.
<h5>The post first appeared on BH NEWS: <a href="https://en.bitcoinhaber.net/cryptocurrency-turmoil-bitcoin-and-ethereum-face-crucial-levels" rel="noopener noreferrer nofollow">Cryptocurrency Turmoil: Bitcoin and Ethereum Face Crucial Levels</a></h5>

Cryptocurrency Turmoil: Bitcoin and Ethereum Face Crucial Levels

BH NEWS

Alte articole publicate pe 24 ian. 2024

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