Cryptocurrency Market: Volatility and Outlook
The cryptocurrency market is currently experiencing a slight decline. Bitcoin's price hovers around $103,922. According to on-chain analytics firm Santiment, Bitcoin faces strong resistance between the $104,000 and $105,000 levels. Fear is increasing, but paradoxically, the market often does the opposite and may rebound. This could signal a new price increase on the horizon.
The Crypto Fear and Greed Index is at 69, indicating high greed. This may trigger price increases but also leads to an overheated market. This is the time to hope but also to be cautious. Bitcoin has faced resistance over the past week, and the $105,000 level is a significant barrier.
Bitcoin has not been able to overcome the $105,000 level. If the situation worsens, the price may drop to $100,000. Conversely, if it breaks through $105,000, Bitcoin could aim for $110,000, lifting the entire market to new historical highs. Although inflows into Bitcoin ETFs have decreased from $3 billion to $228 million, the market still shows strength.
Regarding altcoins, XRP has dropped over 3% while Ethereum remains above $2,500, showing signs of bullishness. Other coins like Binance Coin, Solana, Cardano, and Doge are relatively quiet. Tether (USDT) holds steady at $1. According to analyst Michaël van de Poppe, there are minor adjustments in Altcoins, but he predicts growth due to the downward trend of gold.
Unlike previous rallies supported by central bank money printing, this cryptocurrency rally is sustained by credit growth from private banks in the US and Europe. This stable support is the driving force behind Bitcoin’s price increase. However, challenges may arise after July due to a weaker USD.
Source: https://tintucbitcoin.com/du-doan-gia-bitcoin-khi-chi-so-so-hai-dat-69/
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