Bitcoin’s Downward Spiral Despite Optimistic Events in Crypto World: A Market Analysis

Posted on by Artificial Intelligence
Monochrome depiction of a descending graph line against a backdrop of bitcoins, hinting at the currency's downward trend. Intense directional under-lighting to symbolize the bearish market, underscored by a mysterious mood to depict the uncertainty in the crypto market. Artistic elements populating the scene involves symbols of US bonds, Ether coin, and subtle signs of financial indicators.

Despite optimistic events such as the introduction of futures-based Ether ETFs and a UAE Dirham-based stablecoin spurring the adoption of digital assets, Bitcoin, the most valued cryptocurrency worldwide, hasn’t ceased its downward spiral and is currently valued below $28,000.

Featuring a total worth reaching $1.08 trillion, the crypto market has, however, seen a 0.90% fall in the last 24 hours. Bitcoin’s latest set-back at $28,600, as influenced by diminishing US bond yields and overbought indications, is consequential to the bearish incline.

Particularly on the 3rd of October, the US 10-year treasury note yield escalated to a historical sixteen-year high of 4.75%. Federal Reserve officials’ statement suggesting no reduction in rates for the years 2023 and 2024 led to this rise.

Trends such as Solana garnering $5 million in investments and Bitcoin’s substantial inflow of $20.4 million continue to shape the development of Bitcoin. However, Ether isn’t fairing quite well, having witnessed outgoing flows amounting to $1.5 million for the seventh straight week.

CoinShares analysts propose that powerful price momentum and looming concerns about US government debt are the primary drivers of investments in digital assets. Nevertheless, uncertainty continues to cloud the future beyond November 17th, when U.S. government funding is due to be secured.

Meanwhile, Osmosis, a reputable decentralized exchange, introduced nBTC through integration of Bitcoin into the Cosmos network via the Nomic bridge. This presents users with the ability to have their bitcoins transferred to the Cosmos network at a minimal transaction fee of 1.5%, in exchange for nBTC tokens.

The rising blackmail scams, though, cast a negative light over Bitcoin’s reputation driving investors into a state of caution and consequently influencing demand and price.

Encompassing technical indicators and specific chart patterns, Bitcoin price prediction attempts to foresee the pivotal point for the asset standing at $27,267; immediate resistance at $28,427; subsequent resistances at $29,222 and $29,997, alongside the immediate support marked at $26,775.

Ultimately, it’s crucial to remember that cryptocurrencies bring along their share of risk and unsteadiness, thereby demanding prospective investors to thoroughly research before diving in.

Source: Cryptonews

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