{"id":57070,"date":"2023-09-05T08:45:34","date_gmt":"2023-09-05T12:45:34","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/bitcoin-is-falling-as-analysts-see-more-losses-ahead-where-the-drop-could-stop\/"},"modified":"2023-09-05T08:45:36","modified_gmt":"2023-09-05T12:45:36","slug":"bitcoin-is-falling-as-analysts-see-more-losses-ahead-where-the-drop-could-stop","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=57070","title":{"rendered":"Bitcoin Is Falling as Analysts See More Losses Ahead. Where the Drop Could Stop."},"content":{"rendered":"
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\n Bitcoin
\n and other cryptocurrencies slipped lower on Tuesday as digital assets continued to languish at relatively depressed levels. Analysts are eyeing weakness in technical factors, suggesting more declines may be coming.<\/p>\n

The price of Bitcoin fell 1% over the past 24 hours to $25,750, retreating further from the $26,000 level that has provided stability to the largest digital asset for most of the past month. While Bitcoin has notched temporary gains\u2014including a spike to $28,000 last week after a pro-crypto court ruling\u2014prices have failed to consolidate higher.<\/p>\n

\n

\u201cBitcoin has been pegged at $26,000 for more than two weeks. An attempt to move back above the 200-day average has technically encountered stronger selling, confirming that the bears are not relinquishing market control,\u201d said Alex Kuptsikevich, an analyst at broker FxPro. \u201cThis\u2026suggests higher risks that the consolidation will end with downside momentum, potentially at $25,000 or even $24,000.\u201d<\/p>\n

Macroeconomic catalysts are likely to continue affecting cryptos, which\u2014like the
\n Dow Jones Industrial Average
\n and
\n S&P 500
\n in the stock market\u2014remain sensitive to the outlook for interest rates, which affect demand for risk-sensitive assets.\u00a0<\/p>\n

However, digital-asset traders continue to focus in particular on coming decisions from the Securities and Exchange Commission (SEC) about applications for spot Bitcoin exchange-traded funds (ETFs). Holding Bitcoin, such ETFs have been heralded as a key catalyst for crypto prices. While the SEC recently delayed decisions on several applications until October, crypto bulls remain upbeat that approval is a matter of time, and analysts have debated to what extent a decision is already priced in.<\/p>\n

When an SEC decision finally comes, \u201cthe stronger scenario leans toward a decline as Bitcoin approaches the support level of $24,995 and extends losses to the critical support level of $24,000,\u201d said Rania Gule, an analyst at broker XS.com. \u201cIn the worst-case scenario, Bitcoin\u2019s price could drop to the demand zone between $21,711 and $20,155. These predictions draw strength from signals from the Relative Strength Index (RSI), which is currently decreasing, indicating bearish momentum.\u201d<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest crypto\u2014lost less than 1% to $1,630. Smaller tokens, or altcoins, were more upbeat, with
\n Cardano
\n trading above flat and
\n Polygon
\n up 3%. Memecoins were more mixed, with
\n Dogecoin
\n gaining 1% but
\n Shiba Inu
\n shedding 2%.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and other cryptocurrencies slipped lower on Tuesday as digital assets continued to languish at relatively depressed levels. Analysts are eyeing weakness in technical factors, suggesting more declines may be coming. The price of Bitcoin fell 1% over the past 24 hours to $25,750, retreating further from the $26,000 level that has provided stability to […]<\/p>\n","protected":false},"author":1,"featured_media":54784,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-57070","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nBitcoin Is Falling as Analysts See More Losses Ahead. 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