The cryptocurrency market faces turbulence as Bitcoin’s price falls below $59,000, causing rippling effects across altcoins. This decline occurs amidst reduced expectations of a 50 basis point rate cut by the Federal Reserve following the latest Consumer Price Index (CPI) data. Concurrently, the World Health Organization has declared a global emergency due to a new, fast-spreading variant of monkeypox, adding to the market’s anxiety.
Bitcoin (BTC) Analysis
Bitcoin’s current valuation hovers around $59,000. The recent global emergency declaration by the World Health Organization, triggered by a rapidly spreading monkeypox variant, has investors on edge. The potential for this virus to induce another global pandemic could significantly impact the crypto market, particularly as it braces for a possible economic downturn exacerbated by inflation struggles. Market analysts note that Bitcoin has repeatedly tested the $57,500 support level without a decisive break. The lack of strong buying momentum above $60,000 has opened new possibilities for further declines. Should Bitcoin remain below $60,000, it is likely to test support levels at $57,500 and $55,000 in the near future.
Ethereum (ETH)
Ethereum has also experienced significant volatility, hitting a new low near $2,000 during a tumultuous week for global markets. Although it managed to hold the $2,534 support and briefly cross the $2,755 threshold, it could not sustain the $2,840 level. The presence of long upper wicks in daily candles suggests prevalent profit-taking among investors, which could lead to further declines. Should the downward trend persist, Ethereum might test the $2,318 level, potentially paving the way for another dip towards the $2,000 mark.
Shiba Coin
Shiba Coin remains stable as long as it holds the $0.00001312 support, but market conditions could change rapidly. If the monkeypox virus induces market panic, Shiba Coin may test the $0.00001087 support level. For any upward movement to continue, Shiba Coin must reclaim the parallel channel support at $0.00002080 and break through the resistance ceiling at $0.00002949.
The cryptocurrency market appears to be facing significant headwinds from both financial and global health perspectives, necessitating close monitoring and strategic planning from investors.
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