- Bitcoin sentiment turns bearish after an 11 percent weekly decline to around $26,060. While $25,000 offers some stability, analysts consider the possibility of a drop to $20,000.
- Hedera (HBAR) gains 3.81 percent despite the market decline, trading at $0.06436 with a 12 percent weekly rise.
Trader sentiment has shifted to a bearish stance after Bitcoin experienced an 11 percent decline this week, dropping to approximately $26,060. While Bitcoin is finding some stability around the $25,000 mark, several analysts include the possibility of another downward movement, potentially reaching the critical $20,000 threshold.
A significant element is the unresolved Grayscale versus US SEC legal dispute involving a Bitcoin Exchange-Traded Fund (ETF), causing ambiguity and adding to market instability. The decision by SpaceX to devalue its Bitcoin reserves by $373 million has compounded this lack of clarity. Furthermore, the bankruptcy filing by China’s Evergrande group has amplified the downward selling pressure.
Bitcoin Price Analysis
Bitcoin’s price has come to a pause at the $26,000 mark. Nevertheless, the pivotal support zone at $25,000 continues to be the subsequent strong bulwark according to Bitcoin’s price behavior. Having acted as resistance on several occasions and offered support during the preceding correction prior to this decline, the $25,000 level is a significant activity area.
Similar to the significance of the support zone at $25,000, Bitcoin’s market dominance at 49 percent holds substantial importance. In a recent tweet, Benjamin Cowen, the CEO/Founder of ITC_Crypto, highlights the significance of the 49 percent level.
In June, many said #BTC dominance would never break 49% and that alt season was about to begin.
Now those same people are dunking on #BTC dominance because it had a pullback to 49%.
The altcoin casino will remain open until all the money is gone. pic.twitter.com/Of8Th3hK3g
— Benjamin Cowen (@intocryptoverse) August 21, 2023
Benjamin points out that in June, there were assertions that BTC dominance would never fall below 49 percent, signaling the commencement of an alt season. However, those same individuals are now criticizing BTC dominance, which has returned to 49 percent.
Even though the breakout from the supporting trendline has occurred, Bitcoin’s value is finding stability at $26,000 due to a decrease in trading volume, signaling a reduction in the pressure to sell. Additionally, the behavior of BTC’s price suggests a potential reversal resembling a double-bottom pattern emerging from the support area around $25,000.
At a trading value of $26,044, Bitcoin’s price movement demonstrates several instances of lower price rejections, enhancing the likelihood of a reversal.
HBAR Analysis
Amidst a volatile crypto market environment, Hedera (HBAR) has defied the prevalent trends and achieved an impressive 3.81 percent gain on its daily chart. Despite the broader cryptocurrency landscape experiencing a decline towards the week’s end.
Currently, the HBAR token is valued at $0.06436, showcasing a robust surge of 12 percent over seven days. Noteworthy is the token’s trading volume within the past 24 hours, which declined by 10.60 percent. This emphasizes its significant role in shaping the recent trajectory of the market.
As of press time, a considerable portion of the technical analysis indicators favored bullish indications. Conversely, a subset of indicators pointed toward bearish inclinations, resulting in an overarching neutral outlook regarding predictions for Hedera’s price movement.
INJ Price Analysis
INJ’s risk gauge score presently indicates a low-risk investment opportunity. This gauge holds particular significance for portfolio managers who prioritize risk evaluation, aiding them in steering clear of potentially risky ventures or identifying such opportunities.
Over the last 24 hours, INJ has experienced a 4.42 percent decrease, bringing its current value to $7.52. This alteration has occurred amidst trading volume below its usual standard, even as the token’s market capitalization has increased
The price fluctuation in INJ within the past 24 hours contributes to a low-risk assessment.
RUNE Flash Analysis
Amidst the prevailing market downturn, THORChain’s native token, RUNE, has displayed extraordinary resilience, maintaining its upward trajectory even as Bitcoin suffered significant losses. During the weekend spanning August 19-20, RUNE’s price exhibited an impressive surge of 30 percent when measured against the high observed on August 21. However, there has been a subsequent price decline.
This upswing marks a continuation of the positive trend initiated on August 1, resulting in an overall surge of 124 percent. In contrast, the total market capitalization has remained relatively stagnant, experiencing a notable decline since the beginning of the month. This decline was further accentuated on August 17, when the total market capitalization plummeted by 11 percent.
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