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Happy Monday Folks! Bitcoin is trading down at $40,956.46. Over the weekend Bitcoin pulled back drastically and the question will be, is this a healthy pullback or is there more downside to be felt? I asked the exact same question last Monday. There isn't much going on this morning but check back later today as I will continue to edit as new news comes in - so in the meantime let's get to today's news...
Bitcoin slips below $41,000 as Crypto price rally cools and sees $33 million in outflows after 11-week streak of inflows to crypto funds ends.(5) The weekly price action and the daily Relative Strength Index (RSI) show weakness, suggesting Bitcoin is correcting. As Bitcoin slips below crucial threshold, analyst Ali Martinez signals caution, predicting possible downturn to $37,500 per BTC. Dwindling Coinbase Premium Index is signaling a diminishing optimism among professional traders in the Bitcoin market.
Potential U.S. spot Bitcoin ETFs are a threat to Crypto exchanges warns Analyst Eric Balchunas.(2) Real estate investors are flocking to Bitcoin in record numbers. Bitcoin ETF ad war officially underway with Bitwise campaign. With all eyes on bitcoin ETF decision, SEC kicks ether can down the road.
Crypto whales heavily loading up on Ethereum, accumulate $230,000,000 in $ETH in one week: Trader Ali Martinez. $XRP price set for tailwinds in 2024 as Ripple predicts massive Crypto adoption; could move 1,500%.(3) Cardano's future price trajectory relies on market sentiment, crypto trends, and developments within its ecosystem and $ADA's price could drop to the 0.382 Fib support level at $0.5 or the golden ratio support at $0.39, indicating a potential downside of 10% or 31%.
20% of US Senate supports Elizabeth Warren’s anti-crypto bill. Crypto super PAC network goes into 2024 with more than $75 million as it aims to influence election.
FTX files reorganization plan to end bankruptcy.(3)
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