BTC and all other cryptocurrency prices began to fall on August 26, following the Federal Reserve Annual Meeting. Market recovery is not evident as of August 29. The total cryptocurrency market capital has fallen to $1 trillion. The crypto market capitalization currently stands at $950 Billion, having lost $50 billion just 24 hours ago.
BTC’s price lost its stand above $20k to settle at $19,510 on August 28. The price gradually rose to $19 853.93 by August 29, before dropping to $19 817.
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As things stand, the cryptocurrencys’ price movement is not showing any support from investors. Although BTC’s dominance increased in 24 hours, the market has moved to the “Extreme Fear” state.
Is Bitcoin on the Verge of Recovery?
Top analysts have stifled optimism about the possibility that BTC will rise in the near future. The strategist recently shared some insights on Bitcoin’s historical price movements, indicating that September is never a good month for the crypto.
This information was shared by Rager, an analyst who used the pseudonym Rager to inform his 206.100 followers. Twitter. Rager noted that even equity markets are in trouble right now, and BTC dips indicate a difficult month ahead.
Rager also shared this chartHis posts showed that Bitcoin loses as much as 6% every September. Here we are BTC The price of $19,813.28 is currently down by 1.06% It seems that this dip is indicative of a downward trend into September 2022.
Analysts believe BTC will trade between $18K to $48K over the next year, but that it could be bearish for the near term. Bitcoin prices could move in a sideways direction until there is an upward trend, which would be April 2024. Source: BTCUSD chart from TradingView.com He also indicated that Bitcoin’s bottom is already in unless the stock breakdown continues.
Ethereum Upgrades
Investors believed that the upgrade would drive ETH prices higher. The current market conditions are shocking. Dipming alongside other cryptos is the second largest.
On August 29, the ETH price was $1448.10. In 24 hours, the crypto has lost 2.5%. While others show disappointment, Rager believes that the Ethereum Merge is already “Priced In.”
Analysts claim that the event took place when ETH prices soared by 2×100% in a month.
Extreme fear in crypto market
At the moment, Extreme Fear is evident in Altcoins. Quantify cryptoData shows that altcoins also are declining.
Similar Reading: TA – Why Bitcoin is More At Risk Than It Used To Be
Ethereum fell 2.3% within 24 hours while XRP dropped 3.7%. AVAX lost 10% in 24 hours while XRP fell by 3.7%. BNB also lost 1%. Litecoin gained 2%, while PancakeSwap showed 0.18% growth.
Featured image by Pixabay, chart from TradingView.com