Cryptocurrency markets are facing pressure ahead of the Federal Reserve minutes release. Analysts speculate on potential reasons for the price declines.
Will Cryptocurrencies See Further Decline?
Bitcoin is expected to face a critical test at $112,500, with its daily low currently at $112,837. Trading volumes appear weak, and buyers are losing strength. If significant ETF outflows occur in the coming hours, a daily candle closure might prompt more selling.
ETHBTC Forecasts
For Ethereum, $4,150 was a vital level. Ether ended the day with over a 5% loss, falling below the key zone. The ETHBTC pair dropped to 0.036 BTC, raising concerns about further losses if it breaches below 0.0355 BTC.
Analysts' Perspectives on Current Situation
Analysts describe the current Bitcoin situation as "terrible," but anticipate recovery in the near term. One noted: "The news for BTC looks terrible in the short term. The good news is, I believe we’ll see a recovery relatively soon. I anticipate a reasonable bounce between $110,000 and $112,000."
The situation on cryptocurrency markets remains tense ahead of significant economic events that could impact future price movements. Investors should weigh current risks and potential recovery opportunities.
