Dear Friends,
The Global Crypotmarketcap is valued at $2.15 Trillion , a 2.08% decrease from yesterday.
The Crypto leaders BTC is trading at 60685 $ with -1.75% fall and ETH is trading at $2913 with -2% down.
Are we going to head further down or Is it the right time to accumulate further?
This is the million dollar question that is being asked among the crypto investors.
First, the crypto market did not like the major two incidents that happened last week.
One is the interest rate declared unchanged in US, which was declared by FOMC meeting last week. Every one was eyeing for a decrease in the interest rate following the update in England. But it did not happen.
As the Bank of England on Thursday delivered its first interest rate cut in more than four years, taking the key rate to 5%. Policymakers ultimately voted 5-4 in favor of the reduction. The Bank rate had been held at a 16-year high of 5.25% since August 2023.
BTC reaching the crucial support level. But get ready to buy more at BTC in the levels of $59.8k and $57k,if it reaches further down.
For ETH $2,800 seems to be a good support.
There was an interesting analysis from cryptoquant which reveals with the BTC accumulation addresses- which has a steady increase with the BTCs.
It says that these addresses were accumulated around 72.5 thousand BTC and in the past 1 month. It shows that there is an average inflows of 12.5 thousand BTC. If this trend continues, it could positively influence the crypto market prices.
We can also understand that the exchange reserves on BTC is decreasing which shows as a sign of buying pressure.
If we also see the long-term holders’ movement in the last 7 days was lower than the average. They have a motive to hold their coins. The binary CDD was greed.
If we check the BTC's liquidation heatmap to find out possible support and target levels, we came to understand that if the downturn continues, then it won’t be surprising to see Bitcoin drop to $60k, $59.8 and then to $57K in the coming days.
If the trend gets reversed and move upside, BTC might first reclaim to $67k levels.
So watch out the levels and make your strategy accordingly.
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