Zarif Bey
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Bitcoin tests support level, decline accelerates in altcoins
The cryptocurrency market faced a significant wave of selling today. Bitcoin lost nearly 2% during the day, dropping to the level of $101,500. The total cryptocurrency market capitalization fell by 4.8% to $3.39 trillion. Analysts predict that the current level for Bitcoin is critical, and if it remains below this level, the momentum of the decline could intensify.
Following this pullback, investors turned their attention to the U.S. producer price index data. The consumer price index (CPI) data to be released today indicated a 2.3% year-over-year increase in April, marking the lowest level since 2021. This raised the possibility of weakening demand and triggered recession concerns in the markets. On the other hand, while the slowdown in inflation could increase investors' expectations for interest rate cuts, a swift move by the U.S. Federal Reserve (Fed) in this direction is not anticipated.
Ethereum price in decline: Liquidations and buyer fatigue are effective
Ethereum lost more than 4% in the last 24 hours, dropping to levels around $2,515. According to CoinGlass data, open positions in ETH futures experienced a 4.5% decline, falling to $31.52 billion. This indicates a weakening of market confidence in Ethereum. During the same period, $64.6 million in long positions were liquidated, while only $21 million in short positions were closed.
This inability to recover technically has led to a deeper decline in Ethereum. Factors such as buyers potentially being fatigued after the rally in recent weeks and a 32.5% drop in trading volume stand out as elements increasing the selling pressure.
Love Your Destiny
$BTC
$HIFI
#币安钱包TGE #writetoearn #Binance
The cryptocurrency market faced a significant wave of selling today. Bitcoin lost nearly 2% during the day, dropping to the level of $101,500. The total cryptocurrency market capitalization fell by 4.8% to $3.39 trillion. Analysts predict that the current level for Bitcoin is critical, and if it remains below this level, the momentum of the decline could intensify.
Following this pullback, investors turned their attention to the U.S. producer price index data. The consumer price index (CPI) data to be released today indicated a 2.3% year-over-year increase in April, marking the lowest level since 2021. This raised the possibility of weakening demand and triggered recession concerns in the markets. On the other hand, while the slowdown in inflation could increase investors' expectations for interest rate cuts, a swift move by the U.S. Federal Reserve (Fed) in this direction is not anticipated.
Ethereum price in decline: Liquidations and buyer fatigue are effective
Ethereum lost more than 4% in the last 24 hours, dropping to levels around $2,515. According to CoinGlass data, open positions in ETH futures experienced a 4.5% decline, falling to $31.52 billion. This indicates a weakening of market confidence in Ethereum. During the same period, $64.6 million in long positions were liquidated, while only $21 million in short positions were closed.
This inability to recover technically has led to a deeper decline in Ethereum. Factors such as buyers potentially being fatigued after the rally in recent weeks and a 32.5% drop in trading volume stand out as elements increasing the selling pressure.
Love Your Destiny
$BTC
$HIFI
#币安钱包TGE #writetoearn #Binance
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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