Bitcoin (BTC) slipped below $61,000 earlier today and is down almost 3% over the past 24 hours as it struggles to maintain its position above $60,000. According to analytics firm Santiment, the crypto market has turned bearish, which has impacted several assets, including BTC, Ethereum (ETH), Solana (SOL), and Ripple (XRP).
Analysts had warned that short-term BTC holders could be tested if BTC slips below $61,000. BTC has been trading in a narrow price range, with its low levels of volatility hinting at a significant price movement around the corner. The overall crypto market cap has further declined by 2.22% and is currently at $2.12 trillion.
Bitcoin (BTC) Registers Sharp Drop
Bitcoin (BTC) failed to find support around $62,000 and plummeted below $61,000, where it is currently trading. Traders were expecting a bullish month, but October has been relatively muted for the crypto markets, with demand for assets considerably low. The latest downturn puts short-term traders at considerable risk, with the price dipping below the crucial $61,000 price level.
A recent report stated that short-term holders were taking on more risk, with the BTC STH realized price registering a sharp uptick. This coincided with long-term holders taking profits towards the end of September. Immediate price action largely depends on short-term holders, but with BTC dipping below $61,000, Burak Kesmeci, an analyst at CryptoQuant believes that short-term holders may begin panicking.
Wall Street Set To Unveil New Crypto Spot ETFs
Wall Street is preparing to launch an exchange-traded fund that tracks the price of XRP, the world’s second-largest cryptocurrency. The newly founded digital asset firm Canary Capital filed the application to launch the Canary Spot XRP ETF with the Securities and Exchange Commission. Former Valkyrie Funds co-founder Steven McClurg founded Canary. The company released a statement saying it was encouraged by “signs of a more progressive regulatory environment coupled with growing demand from investors.”
However, Canary has not included a ticker or an estimated fee at the moment. If successful, it would be the company’s first ETF. Filings suggest issuers are pushing regulators to open the crypto boom to the retail market. Stephane Quellette, the co-founder and chief executive officer of FRNT Financial, stated,
“This demonstrates that ETF providers will closely follow the regulatory landscape for perceived daylight in allowing them to offer new products. There’s still uncertainty about whether they will be approved, and it very much makes sense for two firms born out of the crypto native landscape to try to broaden their product offerings.”
Feds Charge Crypto Firms With Market Manipulation
The Feds on Wednesday charged four crypto companies and 14 individuals with market manipulation and wash trading in the digital asset industry, the first charges of their kind. The Department of Justice stated it had seized over $25 million in crypto, and authorities even created a fake digital token to catch the suspects in the act of market manipulation. Charges were announced against Gotbit, ZM Quant, CLS Global, and MyTrade.
The charged companies allegedly made wash trades with digital tokens, inflating their prices to attract new investors. Then, the individuals sold their tokens in a pump-and-dump scheme.
“These are cases where an innovative technology—cryptocurrency—met a century-old scheme—the pump and dump. Wash trading has long been outlawed in the financial markets, and cryptocurrency is no exception.”
According to the Department of Justice, the FBI created a token called NexFundAI as part of its investigation. It is alleged that ZM Quant, CLS Global, and MyTrade washed the tokens or conspired to wash them to make the trading numbers seem more appealing.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is down almost 2.50% over the past 24 hours, as it slipped below the crucial $62,000 mark, dropping as low as $60,375 earlier today before recovering. October has not gone according to expectations, as BTC continues to struggle to mount a significant upswing that can take it past key resistance levels. BTC witnessed considerable bearish sentiment and volatility during the previous week, dipping to a low of $59,907 on Thursday before recovering and climbing back above $60,000 and the 50-day SMA to settle at $60,802. BTC’s recovery continued on Friday as it registered a jump of over 2% to settle at $62,104. However, BTC could not push higher, with the 20-day SMA coming into play as a dynamic resistance level.
Source: TradingView
As a result, it registered a marginal decline on Saturday before rising by 1.19% on Sunday to end the weekend on a positive note. Buyers attempted to push to $65,000 on Monday but lost momentum after reaching $64,481. As a result, sellers assumed control and pushed the price back below the 20 and 200-day SMAs to $62,253. Tuesday saw sellers thwart another attempt to move towards $65,000, with BTC ending the day after a marginal drop. Selling pressure intensified on Wednesday as BTC dropped by 2.50% to $60,628, slipping below a crucial support level. However, it has recovered during the current session and is up by almost 1%, trading just above the $61,000 level.
Bulls will do their best to prevent BTC from dipping below $61,000 and $60,000. If BTC can recover from these levels, it indicates that buyers are not waiting for a significant drop to start buying. A rebound from these levels could see BTC push towards $65,000. A bearish MACD indicates that sellers have the upper hand, but it could flip to bullish should BTC rebound to $65,000. On the other hand, if BTC dips below $60,000, it could drop to $58,000 or $55,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) is down by almost 1.50%, briefly slipping below $2,400, dropping to a low of $2,350 before recovering. ETH has struggled to push back above $2,500 and has been trading between $2,300 and $2,500 since last week. After spending almost all of last week in the red, ETH made a strong recovery on Friday, rising by nearly 3% and moving back above $2,400 to $2,415. It registered a marginal drop on Saturday before a 1.05% increase on Sunday pushed the price to $2,440.
Source: TradingView
ETH attempted to push above $2,500 on Monday, reaching a day high of $2,519. However, after reaching this level, ETH lost momentum thanks to strong selling pressure, allowing sellers to take control. As a result, ETH turned bearish, dropping below the 50-day SMA and settling at $2,423 after a decline of 0.71%. ETH recovered on Tuesday, posting an increase of 0.73% to rise to $2,440. However, selling pressure returned on Wednesday as ETH registered a substantial drop of almost 3%, slipping below $2,400 and settling at $2,369. However, the price recovered during the ongoing session and is up by almost 1.50%, trading just above the $2,400 level.
ETH is struggling to push above $2,500 and the moving averages. This means bulls are hesitant to buy at higher levels. Buyers can gain the upper hand if they manage to surpass these levels. Should this occur, ETH could push towards $2,600 and even $2,700. However, should sellers gain the upper hand, ETH could drop to $2,300 or $2,200.
Solana (SOL) Price Analysis
Solana (SOL) is struggling to build momentum after sellers pushed the price below the $140 level. SOL has been unable to build enough bullish momentum to go above $150 and has been unable to push above the 20-day SMA as well. Friday’s recovery allowed SOL to move back above $140 and the 50-day SMA to settle at $143. However, SOL could not sustain momentum on Saturday and registered a marginal drop before recovering on Sunday to end the weekend on a positive note after an increase of almost 3%. However, SOL was still unable to push above the 20-day SMA.
Source: TradingView
The current week began with SOL pushing above $150 and reaching a day high of $152. However, it was unable to sustain the bullish momentum, and sellers were able to push it back below $150 and the 20-day SMA. SOL eventually registered a drop of 1.76% and settled at $143. Bearish sentiment persisted on Tuesday as SOL registered a marginal drop and then intensified on Wednesday as it slipped below $140 and the 50-day SMA to $139 after a decline of almost 3%. The current session sees SOL marginally up as buyers look to push it back above $140.
Buyers will look to push SOL back above $140 and the 50-day SMA. Despite SOL’s recent struggles, if it can push above $150, it would indicate a reversal, with bulls gaining the upper hand. A break above $150 could push SOL towards $160, a critical resistance level. On the other hand, if sellers can keep SOL under $140, the price could drop to the $130 support level. The chart shows that the MACD is currently bearish, indicating sellers have the upper hand.
Dogwifhat (WIF) Price Analysis
Dogwifhat (WIF) made an impressive recovery over the weekend after dipping to a low of $1.97 last Thursday. However, momentum has waned this week, with sellers gaining the upper hand. WIF registered an impressive increase of almost 13% on Friday, pushing back above $2 and settling at $2.29. A move to go above the 200-day SMA failed to materialize on Saturday as WIF dropped by 1.77% to $4.25. However, it made a strong recovery on Sunday, surging over 14% to push above the 200-day SMA and the $6.50 resistance level to $2.57.
Source: TradingView
The current week began with buyers attempting to push towards $3, as WIF surged to a day high of $2.80. However, intense selling pressure meant the bears overwhelmed the bulls and pushed the price back down. WIF eventually registered a drop of almost 2% and settled at $2.52. Bearish sentiment persisted on Tuesday as WIF dropped by 2.72%, slipping below $2.50 and settling at $2.45. Buyers attempted a recovery on Wednesday but were thwarted as sellers regained control, pushing WIF down by 5.55%. As a result, WIF slipped below the 200-day SMA and settled at $2.32. The current session sees WIF up by 1.29% as buyers attempt to push back above the 200-day SMA and towards $2.50.
Chainlink (LINK) Price Analysis
Chainlink (LINK) has spent most of the week in the red, giving up the gains since its recovery after dropping to a low of $10.35 on Thursday. LINK made a strong recovery on Friday, rising by almost 4% to $11.08. Positive sentiment persisted over the weekend, as LINK registered an increase of 1.52% on Saturday to push above the 50-day SMA and settle at $11.24. However, it could only register a marginal increase on Sunday and move to $11.27.
Source: TradingView
LINK attempted to move past the 20-day SMA and push to $12 on Monday, reaching a day high of $11.74. However, it could not go any further as sellers overwhelmed buyers, pushing LINK back below the 20-day SMA. LINK eventually settled at $11.16 after a drop of 0.95%. Bearish sentiment intensified on Tuesday as LINK dropped by 3.03%, slipping below the 50-day SMA and settling at $10.82. LINK dropped further on Tuesday, falling by 2.74% and settling at $10.53. The current session sees LINK up by 0.93% as it recovers from its support level. Buyers will look to build momentum and push LINK back towards $11. On the other hand, sellers will look to drop LINK below the $10.50 level.
SEI Price Analysis
SEI’s recovery stalled at the 200-day SMA after it failed to push above $0.50 and was rejected from this level twice. SEI made an impressive recovery over the weekend, rising by almost 6% on Friday to move to $0.419. However, it dropped on Saturday as sellers attempted to push the price below the 20-day SMA. Eventually, SEI dropped by 2.25% but stayed above the moving average. SEI rebounded from the 20-day SMA on Sunday, rising over 7% and moving to $0.439. However, it was unable to push above the 200-day SMA. Buyers attempted a push above the 200-day SMA on Monday as SEI rose to a high of $0.463.
Source: TradingView
However, strong selling pressure allowed bears to take over, and SEI fell back below the 200-day SMA, eventually settling at $0.426 after a decline of almost 3%. SEI made another attempt to go past the 200-day SMA on Tuesday, rising to $0.459. However, Once again, it could not stay above the moving average and settled at $0.432 after an increase of 1.47%. Selling pressure intensified on Wednesday as SEI dropped by almost 7%, going below the 20-day SMA and settling at $0.403. The current session sees SEI marginally down as buyers and sellers struggle to establish control.
Artificial Superintelligence Alliance (FET) Price Analysis
Artificial Superintelligence Alliance (FET) ’s recovery has stalled this week as it fell back into the red after a failed attempt to push above the 20-day SMA. FET had dropped to a low of $1.33 on Thursday but recovered over the weekend. By Sunday, it had risen to $1.47 after an increase of almost 5%. FET attempted to push above the 20-day SMA on Monday, reaching a day high of $1.55. However, it fell back after reaching this level, eventually registering a marginal decline and settling at $1.46.
Source: TradingView
FET continued to decline on Tuesday, dropping over 3% and settling at $1.42. Bearish sentiment intensified on Wednesday, as FET dropped almost 6% to slip below the 50-day SMA and settled at $1.34. The current session sees FET marginally down as sellers look to push the price below $130 while buyers attempt to push back above the 50-day SMA.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
