[LIVE]What’s Happening To Crypto Today: BTC Consolidates Above $95k, ETH Holds Above $3.1k
BY
Ben Graham
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The crypto market is reeling with established cryptocurrencies like BTC and ETH losing value. The downturn has caused the broader crypto market to slide to $3.25 Tn and the Fear and Greed Index to switch to 18, indicating extreme fear.
In the last 24 hours,
Bitcoin
BTC
$96,001.28
0.34%
Bitcoin
BTC
Price
$96,001.28
0.34% /24h
Volume in 24h
$27.65B
Price 7d
dropped to $94,000 before buyers staved off any further decline, and the crypto gold rose above the $95,000 level, where it is currently trading. Its price action has stabilized above
and is on its way to retest the $96,000 support-turned-resistance level.
(Source: CoinMarketCap)
BTC price action corrected from $103,000 -$105,000, where it was consolidating after weeks of weakening demand. These sharp price swings do not result from everyday retail investors. Instead, whales and institutional investors drive these swings.
These entities hold thousands of BTC in a single wallet, and their trades can move more volume than crypto exchanges. In a market with low liquidity, even one large transaction can shift investor sentiments and trigger a price change.
The flow of money in and out of ETFs and corporate treasuries largely directs the direction of BTC today. When investors either invest or withdraw billions of dollars in a single day, it can cause BTC to either crash or surge.
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Crypto Today: ETH Struggling 36% Below Its ATH, Retests $3.2k
ETH’s price action has been forming a pattern of lower highs and lower lows, which is a classic sign that any attempt at an upward movement is being beaten down by the bears.
Over the past couple of months, its price action has broken through key support levels. It fell below $4,100, which was its peak last December. From there, it fell further to under $4000, another major support and an emotional threshold.
As of right now, ETH is trading below its 20 and 50-day exponential moving averages (EMAs).
(Source: TradingView)
Looking ahead, ETH is leaning bearish. The next level to watch out for is $2,877, a price it reached last June. However, if ETH somehow manages to climb above $3,500, its key resistance level, it would challenge the current bearish outlook.
Adding to the negative pressure is the turning of investor behaviour. Data from SoSoValue reveals that American investors have been pulling money out of ETH ETFs. Last week alone, these funds lost over $728 M, a step-up from the $522M they shed a week before.
In total, ETH ETF outflows now account for more than $1.24 billion this month, wiping out the gains they had made in the two weeks prior. The cumulative inflow has moved from almost $15 billion in the year to $13.1 billion today. They now have $20 billion in assets.
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Bitwise CEO: Crypto Fundamentals Strong Despite Recent Market Shake-Up
With the recent market shake-up, crypto heads are concerned about whether the crypto narrative is bottoming out. Almost every major coin at the moment is facing negative pressure and might extend losses into the next weekend.
Contrary to the fear in the market, however, Bitwise CEO Hunter Horsley believes that the long-term fundamentals are stronger than ever, even though there might be some short-term corrections.
He has argued that the traditional four-year crypto cycle is over, replaced by a more mature market structure shaped by new players and regulatory shifts. He said, “Since the launch of the Bitcoin ETFs and new administration, we’ve entered a new market structure: new players, new dynamics, new reasons people buy and sell.”
Pretty stark in contrast to the extreme fear readings on the Fear and Greed Index.
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The post [LIVE]What’s Happening To Crypto Today: BTC Consolidates Above $95k, ETH Holds Above $3.1k appeared first on 99Bitcoins.