Bitcoin price fell below $59,000 again, causing unpleasant results for altcoins. Moreover, more could be on the way. Expectations of a 50bp cut by the Fed weakened after the latest CPI data, while the World Health Organization declared a global emergency. The agenda is extremely busy.
Bitcoin (BTC) Analysis
Bitcoin (BTC) price is hovering around $59,000 at the time of writing, and the World Health Organization recently declared a global emergency. A new, faster-spreading monkeypox virus variant is spreading rapidly. Although it has not yet been seen in many countries, the increasing rate of spread, ease of transmission, and appearance in different countries also concern crypto investors.
If we are to experience a new global pandemic period, it means that crypto will be caught in a nightmare just before the last bull markets fully rise. A global lockdown will trigger greater chaos for countries that have not yet succeeded in combating inflation. Although vaccine studies continue, the current situation is worrisome.
The $57,500 level has been tested many times but has not been permanently broken. After last week’s $49,000 test, the weakening buying appetite above $60,000 has revealed new downside potential. If BTC continues to hover below $60,000, new tests towards $57,500 and $55,000 may occur.
Ethereum (ETH)
During the nightmare week, while Japan, the US, and other markets were shaken, ETH also made a new low near the $2,000 threshold. Although the $2,534 level was maintained as support and the $2,755 threshold was crossed again, ETH could not reclaim the $2,840 support. Despite supportive data in the ETF channel, the long upper wick in the daily candle warns us about dominant profit-taking.
If the decline continues, $2,318 can be tested. This will open the door to a dip attempt targeting $2,000 again.
Shiba Coin
As long as the $0.00001312 support is maintained, there is no problem for SHIB for now, but what will happen in the coming hours is uncertain. If the monkeypox virus causes panic in the markets, the $0.00001087 support may be tested. The price is still hovering in the region where it continues its upward potential.
For new peak attempts, it must reclaim the parallel channel support at $0.00002080 and surpass the ceiling at $0.00002949.
