Altcoins See Capitulation Against Bitcoin; Analysts Expect More Blood
Altcoins have seen some immense selling pressure throughout the past few days and weeks, bleeding against their USD and BTC trading pairs Bitcoin’s immense strength – which has allowed it to surmount $15,000 – is showing no signs of ending anytime soon Although this seems to be overtly positive for the crypto market as a whole, it is important to note that most altcoins have been plunging in value in tandem Some analysts are speculating […]
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Multiple indicators and on-chain metrics reflect confluence pointing to an improving market, but technical analysis still raises the possibility of Bitcoin dropping to new yearly lows. On July 26, Bitcoin (BTC) price dropped below $21,000, giving back the majority of the gains accrued in the previous week and returning to the $23,300 to $18,500 range that Glassnode analysts describe as “the Week 30 high and Week 30 low.” A handful of analysts and traders attribute the July 26 to July 27 Federal Open Market Committee (FOMC) meeting and the expected Federal Reserve rate hike as the primary....
BTC and many altcoins are fast approaching the “capitulation phase,” which is typically followed by the market finding a bottom. Global equity markets extended their decline on May 9 and the S&P 500 fell to a new 52-week low. Bitcoin (BTC) dropped to a new year-to-date low and most major altcoins extended their decline as they tracked the weakness in the stock markets.Data from blockchain analytics firm Glassnode shows that Bitcoin inflows to centralized exchanges have risen to more than 1.7 million coins, the highest since February. This suggests that whales may be dumping their holdings....
XRP continues to be one of the most disappointing and dormant altcoins in the cryptocurrency market, three years running. The recent Bitcoin rally has caused the altcoin to fall to new lows on the XRPBTC pair, which analysts claimed could cause its army of supporters to “admit defeat.” Instead, Ripple themselves have decided to buy […]
JPMorgan Chase has released an investor note stating that the cryptocurrency market appears “to be beginning the process of healing.” In the short term, however, the JPMorgan analysts expect further sell-offs before capitulation. JPMorgan’s Crypto Market Outlook JPMorgan Chase’s analysts, including Josh Younger and Veronica Mejia Bustamante, wrote about the outlook of the cryptocurrency market in a note published Friday. They explained that the near-term outlook for the crypto market is “challenging,” noting that blockchain data suggests recent....
Technical analysis and on-chain data hint that Bitcoin is gearing up for a volatile move and traders expect altcoins to follow. Bitcoin (BTC) and most major altcoins are stuck in a tight range with bulls buying near the support and bears selling at resistance levels. Usually, such tight ranges are followed by an expansion in volatility.Although a few analysts have not ruled out a quick drop to low $40,000s, most traders expect Bitcoin to rebound sharply and move up to $60,000.Goldman Sachs said in a note to investors that if Bitcoin continues to increase its market share over gold as a....