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Bitcoin price today fell below $63,500 as only $5 billion BTC remained in the MtGox wallet. The drop has several reasons beyond MtGox returns. The US stock market‘s trillion-dollar loss, Reuters poll showing Harris leading, and more dampened investor risk appetite. Altcoins experienced losses up to 10%.
FIL Coin
On a day when altcoins like AVAX, ETH, DOGE, and LTC lost 10%, FIL Coin was no exception. BTC lost the $65,000 support, initiating a decline targeting $58,000. Continued selling could lead BTC to test $60,000, increasing altcoin losses.
FIL Coin recently enjoyed good days due to its inclusion in the Grayscale AI fund. However, with the overall market sentiment turning strongly negative, FIL Coin’s RSI sharply fell below the neutral zone.
On the other hand, the funding rate for FIL Coin in futures turned negative, indicating strengthened short positions. BTC was below $64,000 at the time of writing. Moreover, thousands of BTC short positions are opening as hours pass.
FIL Coin Price Prediction
On Saturday, Trump will speak, this week saw the launch of the ETH ETF, yet investors woke up to a nightmare day. FIL Coin surpassed the $4.6 resistance at the start of the week but faced double-digit losses over the last four days. If closures below $4.2 continue, a drop to $4 or lower is likely.
The main target for FIL Coin in a continued decline is $3.5 for now. If the negative scenario unfolds, the gains of the last 20 days will be erased, potentially triggering more panic selling and a rapid drop to the bottom.
What about the optimistic scenario? If BTC starts a rapid rise to liquidate accumulated short positions, FIL Coin could climb back to $4.6 and $5 targets with closures above $4.2. For now, investor panic is not expected to subside until Bitstamp announces “returns completed.”
