Recent revelations suggest European Union countries have begun offloading their US Treasury bonds, stirring a wave of uncertainty across the macroeconomic landscape. With the Federal Reserve’s anticipated interest rate cuts now off the table due to the latest employment data, heightened tension between Trump and the EU adds further pressure to risk markets. Consequently, Bitcoin (BTC) has seen a decline, dipping to as low as $87,895.
Bitcoin’s (BTC) Path to $80,000
Having previously tested the waters at $98,000, BTC now finds itself $10,000 shy of its peak and is struggling to hold onto the $88,000 mark. Meanwhile, Ethereum (ETH), despite attempts to maintain its footing at $3,000, has retracted to $2,900. Trump’s current statements at Davos and the week’s developments indicate an escalation in tensions. In particular, Trump seems unlikely to retreat on the Greenland issue.
Adding to the day’s uncertainty, Federal Reserve member Cook is set for a hearing where Powell will testify. Recent discussions surrounding the Federal Reserve’s autonomy have negatively impacted cryptocurrencies. As such, details emerging from the hearing could exacerbate market fears.
Analyst Jelle points to an $80,000 target for BTC, noting significant technical markers. Losing the 50-week MA/EMA cluster and rebounding from an essential resistance level necessitates bullish efforts to reverse the weekly candlestick appearance, lest a regression to the $80,000 lows becomes increasingly probable.
Even Washigorira, often optimistic, notes unease in the step back beneath the breakout impulse candle. Highlighting this as a negative indicator, the analyst underscores MACD’s support for bearish sentiment, suggesting the potential for significant losses looms large.
Chiliz (CHZ)
In 2021, Chiliz emerged dominant in the SportFi sector, overtaking weaker competitors. However, following the decline of the NFT craze, similar fan tokens faced substantial setbacks. CHZ experienced over 90% losses, entering an oversold condition. While it has shown some recent rebound, the January surge was short-lived.
Sherpa, an analyst, has turned attention to CHZ, suggesting a potential short-term buying opportunity. Despite its gradual decline, CHZ remains one of the past weeks’ strongest coins — an aspect that could be overlooked by many. The analyst considers purchasing around the $0.049 mark to assess future movements.
