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As of writing, the leading cryptocurrency has fallen below $96,000, and altcoins are also losing strength. Contrary to expectations, the weekend’s low trading volume has resulted in a downturn in prices, leading to a negative week ahead of the Federal Reserve’s decisions. What are the current trends and what can we expect?
Bitcoin (BTC) Market Analysis
A weekly close above $97,000 could have been impressive; however, BTC has reversed its direction. Previously, we discussed the propensity for particular days to show a tendency for declines, with Sundays often representing the weekend’s lull. Currently, BTC is trading at $95,810. After testing $97,700, the bulls failed to maintain that level, hinting at a potential drop to $94,000. The uncertainty generated by mixed data ahead of the Federal Reserve’s interest rate decision on Wednesday may further contribute to the decline.
However, as announced by the U.S. Secretary of the Treasury, the upcoming signing of the first written trade agreement in the coming days indicates that the pressure regarding tariffs will be significantly eased. Therefore, an upward trend in cryptocurrencies will not be surprising. Thus, we are heading into a period marked by sudden drops and rises in the crypto market.
Current State of Cryptocurrencies
ETH is currently trading at $1,832 amidst a gloomy market. In the past 24 hours, the total market volume has decreased to $49 billion. BTC maintains strong market dominance while ETHBTC continues to linger at the lower end. The fear index stands at 53, with ETH gaining 1.3% on a weekly basis.
XRP Coin has dropped below the closely watched $2.2 support, and DOGE has lost its upward momentum at $0.18. On Friday, there were indications that AVAX could see $19.75 by the weekend, and it has now declined to $20.2.
This week’s top-performing altcoin is VIRTUAL, achieving nearly 50% gains but dropping 8% in the last 24 hours. It is followed by LAYER, XMR, and HYPE, which have seen increases ranging from 16% to 24%.
Investors should consider the potential for further altcoin falls if BTC shows pronounced weakness in the coming hours. However, as mentioned earlier, if concrete trade agreements commence this week, these declines might not be permanent.
