Price Analysis 9/14: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB
Bitcoin is struggling to find support in the $20,000 area, negatively impacting investor sentiment and weighing on most altcoin prices.
Price analysis
US stock markets and cryptocurrency markets were up ahead of the August Consumer Price Index data release on September 13, but the rally faltered once the data came out. showed that inflation was rising rather than falling.
The negative data dashed any hopes of a near-term Federal Reserve pivot and triggered a sharp drop in risky assets. The market capitalization of US stocks fell by around $1.6 trillion on September 13, and the market capitalization of cryptocurrency markets fell below the $1 trillion mark.
Daily performance of the cryptocurrency market. Source: Coin360Independent statistician and market analyst Willy Woo believes that Bitcoin (BTC) may need to drop further before reaching peak pain felt during previous troughs. Woo expects Bitcoin price to drop below $10,000.
Could Bitcoin and altcoins resume their downtrend? Let's study the charts of the top 10 cryptocurrencies to find out.
BTC/USDTBitcoin broke above the 50-day simple moving average (SMA) ($21,902) on September 12, but that turned out to be a bull trap. Buyers attempted to extend the rally on September 13, but the rally reversed from $22,799.
BTC/USDT daily chart. Source: TradingViewAggressive selling by the bears took the price below the 20-day exponential moving average (EMA) ($20,722). A small silver lining is that the bulls are trying to stem the decline to $20,000.
If the buyers push the price back above the 20-day EMA, it will suggest...
Bitcoin is struggling to find support in the $20,000 area, negatively impacting investor sentiment and weighing on most altcoin prices.
Price analysis
US stock markets and cryptocurrency markets were up ahead of the August Consumer Price Index data release on September 13, but the rally faltered once the data came out. showed that inflation was rising rather than falling.
The negative data dashed any hopes of a near-term Federal Reserve pivot and triggered a sharp drop in risky assets. The market capitalization of US stocks fell by around $1.6 trillion on September 13, and the market capitalization of cryptocurrency markets fell below the $1 trillion mark.
Daily performance of the cryptocurrency market. Source: Coin360Independent statistician and market analyst Willy Woo believes that Bitcoin (BTC) may need to drop further before reaching peak pain felt during previous troughs. Woo expects Bitcoin price to drop below $10,000.
Could Bitcoin and altcoins resume their downtrend? Let's study the charts of the top 10 cryptocurrencies to find out.
BTC/USDTBitcoin broke above the 50-day simple moving average (SMA) ($21,902) on September 12, but that turned out to be a bull trap. Buyers attempted to extend the rally on September 13, but the rally reversed from $22,799.
BTC/USDT daily chart. Source: TradingViewAggressive selling by the bears took the price below the 20-day exponential moving average (EMA) ($20,722). A small silver lining is that the bulls are trying to stem the decline to $20,000.
If the buyers push the price back above the 20-day EMA, it will suggest...
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