The final day of a challenging week has begun, and the BTC price continues to find buyers near the local bottom area. Crypto investors have experienced double-digit losses in the past few days due to the accelerating decline. Worrisome sales began after weeks of shallow volatility period. So what will happen next?
Bitcoin (BTC) Review
BTC decline has brought the cumulative value of cryptocurrencies back to the $1 trillion threshold. Double-digit losses were already expected for the king of cryptocurrencies as it tested the $28,800 support multiple times. The breakthrough that investors feared was triggered by the bad news surrounding Fed, SpaceX, and Evergrande trio within a span of 10 hours.
The latest data on the macro front is not very good, with members waiting for more interest rate hikes in September. We have not yet seen the peak of the Fed’s tightening period. Moreover, after numerous rate increases, the markets, which expected interest rate cuts in March, are now discussing the 6% level.
Finally, the credit tightening brought about by the banking collapse in March did not have the desired effect on the markets. When we look at all of them as a whole, we see that BTC and other cryptocurrencies need a good price catalyst to regain interest and rise in the medium term.
Ethereum (ETH) Review
ETH has made significant strides in the past 2 years, completing the transition to shapella and PoS in full. However, despite negative inflation and the interest of institutions and even government agencies, the ETH price continues to stagnate. The challenging environment of bear markets has also contributed to the prolonged difficult days for ETH whales.
Technically, the price held onto the $1,632 support level and is now at $1,660. To start another rally, we need closings above $1,705 and $1,764. If we are to see a similar comeback as of June 14, it is likely to happen within a few days. Perhaps the approval of the Futures ETH ETF2 by the SEC could trigger this.
Ripple (XRP) Review
The SEC has filed its appeal, and Ripple will do its best not to go into interim appeal until the beginning of September. Settlement failed, and the XRP Coin price has returned to its pre-summary decision levels.
The support at $0.42-43 for XRP Coin worked successfully. Now, bulls will be looking for closings above $0.534 for a new rise.
