No negative developments emerged today, but the Federal Reserve minutes will be released tomorrow. Regular followers of COINTURK are aware of three major reasons why a decrease in cryptocurrency values is anticipated. At present, Bitcoin 
$64,709 is progressing towards a weekly target of $112,500. What insights do analysts provide on the current situation?
Will Cryptocurrencies See Further Decline?
BTC is expected to face a critical test at $112,500, and as of writing, its daily low reached $112,837. Trading volumes are appearing weak, and buyers are losing strength. If there are significant outflows from ETFs in the coming hours, a daily candle closure might prompt more selling.
With the Fed minutes impending, followed by the Jackson Hole event, and Powell’s significant economic discourse looming, investors are understandably reducing risks daily, making the current drop unsurprising.
An analyst referred to the current BTC situation as “terrible,” suggesting a short-term grim outlook.
“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.”
Kyle highlighted notable weaknesses in futures trading and listed four key points.
“PERPS CVD hit a sudden low. It dropped to 1.13B (691%) and is now in the lower band (-1.08B). Heavy selling pressure indicates a clear downtrend. Surrender sentiment is everywhere… Yet at these levels, seller exhaustion might not be far. Do you think we will recover here, or will the bleeding persist?”
ETHBTC Forecasts
For Ethereum 
$1,766, $4,150 was a vital level. Ether continued the day with over a 5% loss, falling below the key zone. What about the ETHBTC pair? Concerns materialized as the price fell to 0.036BTC. A gradual decline was projected toward this point, targeting 0.04. Now, sales might accelerate, experiencing more losses below 0.0355BTC in altcoins.
Long-term market observer Mister advises not overemphasizing the current short-term negativity.
“The ETH/BTC ratio has surpassed the 365-day moving average. Historically, this level marks the start of Ethereum’s bullish cycles. This time won’t be an exception.”
