Bitcoin is under intense bearish pressure as it struggles to reclaim the $99,575 mark, a key resistance level that has proven to be a significant hurdle. After an impressive rally earlier in the month, BTC’s momentum has slowed, with sellers taking control and keeping the cryptocurrency in a tight range below this critical threshold. The current price action highlights growing uncertainty in the market, as bulls attempt to regain strength while bears capitalize on every opportunity to push prices lower. With $99,575 marked as a pivotal point, the next moves could set the stage for Bitcoin’s short-term trend. Will the bulls manage a breakthrough, or will bearish dominance prevail? The coming days hold the answer. Bitcoin Struggles Below The Critical $99,575 Resistance Level Bitcoin is currently facing significant resistance at the $99,575 level as its price fights to break above this critical threshold. Despite attempts to rally, bearish pressure has kept BTC confined below this key resistance point, limiting its upward movement. Related Reading: Bitcoin Slips Below $100K: Is The Rally Losing Steam? As Bitcoin hovers near this level, market sentiment remains cautious since there are possibilities of a breakout or a deeper pullback. Furthermore, the $99,575 level remains pivotal, as a successful breach could signal further bullish momentum, while failure to surpass it may result in increased selling pressure. BTC’s price has also dropped below the 100-day Simple Moving Average (SMA), a key technical indicator that often acts as a significant support level. This shift below the 100-day SMA suggests weakening upside strength and may signal that bears are gaining control. Historically, when the price falls below the SMA, it can indicate a potential shift in market sentiment, with further downside risk if the price fails to reclaim this important indicator. If BTC cannot regain momentum and climb above the 100-day SMA, it may face increased selling pressure, leading to more losses as bearish sentiment continues to dominate. Key Technical Indicators Suggest Challenges For BTC’s Recovery A critical analysis of the Composite Trend Oscillator indicator suggests that Bitcoin could be poised for more declines. The indicator’s trend line and the SMA’s line have dropped below the zero line, a sign of bearish momentum. Related Reading: Bitcoin Price Dips Again: Is The Momentum Shifting? When both these components fall below this threshold, it typically signals that the downtrend is gaining strength, indicating increased selling pressure. This bearish signal, combined with the price action below the 100-day SMA, suggests that Bitcoin may struggle to regain upward momentum in the near term. Conclusively, If bearish pressure on BTC continues, several key support levels will be crucial to monitor. The first significant level is $93,257, where the price could find initial support. Should BTC fail to hold above this point, the next support zone will be around $85,211, which has previously been a strong demand area. A sustained drop below these levels may suggest an extended price drop to other support ranges. Featured image from Unsplash, chart from Tradingview.com
On Monday, MicroStrategy (MSTR) will be included in the Nasdaq 100 stock market index, beginning one of the ultimate vampire attacks on the stock market.
The Average Directional Index (ADX), which is tipping south, shows that the prevailing bearish trends are weakening.
The Ethereum price is down over 6% in the last 24 hours, dropping to as low as $3,120 during this period. This price drop is due to several factors, including the Fed’s hawkish stance, which paints a bearish picture, not just for ETH but also for the broader crypto market. Top Reasons Why The Ethereum Price Is Down The Ethereum price has dropped to as low as $3,120, with several factors contributing to this price drop. These factors include the Fed’s hawkish stance, negative ETF flows, and a massive sell-off from ETH whales. Fed’s Hawkish Stance The Fed’s apparent hawkish stance is the primary reason why the Ethereum price has dropped significantly today. Despite the Federal Reserve announcing a 25 bps rate cut, Fed Chair Jerome Powell’s speech hinted that the US Central Bank is currently hawkish. Powell also hinted that the Fed is likely to adopt a quantitative tightening approach from next year. There are estimates that there will be lower rate cuts next year, as the Fed has already made three cuts this year. Cleveland Fed President Beth Hammack has also raised inflation concerns, which could strengthen the case for tightening policies, especially if future economic data come in hot. Negative ETF Flows The negative flows from the Spot ETH ETFs have also contributed to the Ethereum price drop. SosoValue data shows these ETFs recorded a negative daily inflow of $60.47 million yesterday. Grayscale’s Ethereum Trust (ETHE) was mainly responsible for these outflows, with $58.13 leaving the fund. This negative outflow was the first in the last nineteen days and could indicate a change in sentiment among investors. Negative ETF flows are typically bearish for the crypto, as outflows lead to significant selling pressure since these ETF issuers have to offload the assets under management to make redemptions. ETH Whales Are Selling ETH Whales are also selling, which is another reason the Ethereum price is down today. CoinGape reported on a whale that sold 22,746 ETH ($7.7 million) and another whale sold 49,910 ETH ($170 million) in the last 24 hours. The Ethereum Foundation has also contributed to this selling pressure. On-chain intelligence platform Lookonchain noted that the Ethereum price has dropped around 17% since the Foundation sold 100 ETH on December 17. The Ethereum Foundation has sold 4,466 ETH ($12.6) million over the past year, just around every ETH local top. A Positive For ETH Despite today’s drop, some other whales are still accumulating, which is positive for the Ethereum price. CoinGape reported that Donald Trump’s World Liberty Financial bought 759 ETH today, bringing its total holdings to 16,362 ETH (54.62 million). Lookonchain also reported that Whales have started accumulating ETH as the market rebounds. The platform stated that four fresh wallets had withdrawn 8,440 ETH ($28.43 million) from Binance today. The post Top Reasons Why Ethereum Price is Down Today? appeared first on CoinGape .
As the Securities and Exchange Commission (SEC) gears up for significant leadership changes, Commissioner Hester Peirce has hinted…
Following the decline in the cryptocurrency market, the latest status of the wallet of Donald Trump's cryptocurrency project, World Liberty Financial, which purchased a large amount of altcoins before the decline, is being wondered. With the market falling, the project’s recently acquired Ethereum (ETH), Wrapped Bitcoin (WBTC), Aave (AAVE), Chainlink (LINK), Ethena (ENA) and Ondo Finance (ONDO) altcoins have all slipped into the red zone. With the latest data, the platform’s total loss amount was measured at $6.15 million. Interestingly, however, the biggest loss was in Ethereum due to the amount of investment, with the project losing a total of $4.86 million in ETH. Here is the amount World Liberty Financial paid for the altcoins it purchased and their current value: Ethereum – $32.5 million; $4.8 million loss Wrapped Bitcoin – $10 million; $417k loss Aave – $2 million; $296k loss Chainlink – $2 million; $421k loss Ethena – $750k; $105k loss Ondo Finance – $250k; $48k loss The platform purchased the ETH in question at an average price of $3,682. *This is not investment advice. Continue Reading: The Decline Also Hit Donald Trump: All 6 Altcoins He Bought Suffered Major Decline
Horizen price spiked more than 60% in 24 hours as the cryptocurrency market looked to recover from a massive dump that saw top altcoins crash to key support levels. On Dec. 20, as Bitcoin ( BTC ) traded to above $97k and Ethereum ( ETH ) bulls pushed above $3,400, the price of Horizen ( ZEN ) surged to highs of $26.34. The cryptocurrency, which rallied sharply following a recent Grayscale Investments announcement, reached a multi-year high and ranked among the top gainers in the 500 largest cryptocurrencies by market cap. ZEN traded at lows of $14.55 on Dec. 19. However, despite the broader crypto crash and the staggering $1.4 billion liquidations , the altcoin’s price hovered above $26 in early trading during the U.S. trading session. According to crypto.news price data, Horizen recorded a 24-hour trading volume of over $397 million, with its market cap exceeding $407 million. These metrics reflected increases of 294% and 62%, respectively, in the past 24 hours. While ZEN has surged nearly 200% over the past month, its current levels are still more than 84% below the all-time high of $168 reached in May 2021. If the broader crypto market continues to rebound, ZEN bulls may aim for March 2022 highs near $50. Read more: Trump’s World Liberty buys 759 ETH amid price dip The positive momentum has benefited from Grayscale opening of the Grayscale ZEN Trust to qualified investors. Prices of the altcoin rose as the digital asset manager unveiled the fund to offer exposure to Horizen for qualified investors. Earlier this month, Horizen’s native token underwent its final halving , which came as the project geared for a key change in its tokenomics. ZEN will not see any further halvings as the new network mechanism enables a declining emission rate. That’s because Horizen, is shifting from the proof of work mining model that mirrored Bitcoin’s halving cycle to a new proof of stake mechanism in 2025. Horizen’s last halving occurred on Dec. 12, 2024. New tokenomics for Horizen will come into effect in the first half of 2025. You might also like: Here’s why MOVE rallied 26% as the crypto market tanked
Horizen price spiked more than 60% in 24 hours as the cryptocurrency market looked to recover from a massive dump that saw top altcoins crash to key support levels. On Dec. 20, as Bitcoin (BTC) traded to above $97k and…
The post SEC Commissioner Hester Peirce Signals SEC’s Shift Toward Pro-Crypto Innovation appeared first on Coinpedia Fintech News As the SEC gears up for Gary Gensler’s exit, a pro-crypto transition is anxiously awaited by the crypto community. Besides, President Trump has chosen pro-crypto Paul Atkins as a replacement, and with anti-crypto Commissioner Caroline Crenshaw missing her renomination window, only pro-crypto Republicans are expected to remain when the leadership changes in January. In a recent interview with Coinage, SEC Commisioner Hester Pierce shared insights on how the SEC is shifting from being historically anti-crypto to embracing pro-innovation. She described this period as one of “transition” and “optimism,” signaling a positive change. “It’s a time of transition for everyone in Washington right now, and I think that’s the same at the SEC,” Commissioner Peirce said. “There’s still going to be a time of uncertainty because it will take some time before our new Chairman gets here, but there are some things we can do right out of the gate at least get processes started to make some changes,” she added. Seemingly, Commissioner Hester Peirce is optimistic about revisiting two key SEC decisions on crypto ETFs—allowing in-kind redemptions and enabling Ethereum ETFs to stake assets. She noted that with a new administration, the chances for these changes are now more likely, especially after Chair Gensler steps down in January. In-kind redemptions could reduce unnecessary conversions to cash, making the process more efficient. Meanwhile, Ethereum ETFs have raised over $10 billion, and Bitcoin ETFs have over $120 billion in assets. She noted that currently, ETF issuers can only hold crypto assets, while other regions like Europe allow staking for additional yield. Peirce believes that with a pro-crypto majority, these changes could happen soon. “If it changes from a majority of Commissioners who don’t want things to go through to a majority of Commissioners who do want things to go through, then yeah, it’s easier,” she said, noting that after Chair Gensler steps down on January 20, the road ahead on both points gets decisively more clear. “I imagine that that question is going to be posed to us early on,” she said. Commissioner Peirce expressed excitement about the possibility of fairer crypto regulations and working with Paul Atkins again, who previously served as a Commissioner from 2002 to 2008. “I would be happy if at the end of 2025, people to get to the point where the regulatory structure is there, they know what the rules are, they’re complying with the rules, but they’re spending their time talking about the technology and its potential. That would make me very happy,” she stated.
The cryptocurrency market is facing significant challenges this week. Binance is introducing futures trading for four altcoins. Continue Reading: Binance Announces New Listings for Altcoins After Market Turmoil The post Binance Announces New Listings for Altcoins After Market Turmoil appeared first on COINTURK NEWS .