Bitcoin
and ether (Eth) The merchants reserved profits in the last 24 hours after the assets reached the maximum records, while the winds against the winds against and the high leverage added pressure on the main tokens.
Bitcoin returned to $ 113,500, more than 1.5% in the day. Some analysts warned about the fragility of the market structure, with Bitcoin sliding below the key trend lines that their rally had supported.
“Bitcoin fell to $ 114,700, returning to the levels seen two weeks ago and below the medium -term trend line, which is a 50 -day mobile average. This dynamic reinforces the fears of a deeper correction, which could affect the entire cryptographic market, potentially that triggers a deeper correction at $ 100,000, about 200 days,” said Alex Kuptsikevich, FXPro Market Chief in the FXPRO market.
“The cryptocurrency market limit fell by 0.4% to $ 3.87 billion. The market is submerging below the level of previous resistance, which increases the fears of speculators of a possible important correction towards $ 3.6 billion,” he added.
Ether slid 1.8% at $ 4,159, more than 12% of its recent peak. Ethereum’s native tab is re -testing the support level of $ 4,100 that had limited its demonstrations since March.
XRP
He slid 4.1% to $ 2.89, while Dogecoin threw 2.4% at 21 cents. Cardano Ada (ADA) Lost 6.6% due to lead losses among the main tokens.
The mood agrio barre the market
The mood in the encryption market has been grated quickly after a series of maximum records, with merchants forced to take into account the macro backdrop once more. US inflation data. UU. Surprised upwards, cooling expectations for rapid rates cuts and causing profits in short -term accounts.
“Bitcoin remains in lower correction mode since I published his last record in the previous week,” said Joel Kruger, LMAX Group market strategist in an email.
“The feeling has been directed mainly lower by the most hot American inflation data than expected, which reduced the expectations of the short -term rates cuts of the Fed.”
The recoil has not saved the ether, which reflected the fall of Bitcoin as the length of leverage unwinds. Even so, the flows to ETH products remain robust, giving some merchants the confidence that the measure is temporary.
“Ethereum has reflected the withdrawal of Bitcoin, since merchants reserve profits after strong recent profits. Even so, the broader institutional interest remains resistant, evidenced by solid ETF flows and the growing assignments of the Treasury to ETH, which maintains the perspective in the medium constructive term,” Kruger added.
Institutional flows continue to support the feeling even when spot markets stagger. Coverage funds and asset administrators continue to raise large assignments, indicative of the sentence behind the asset class.
Meanwhile, leverage has accumulated in derivative markets, intensifying the risk of clear movements in any direction.
“The record levels of open interest in futures markets underline the amount of influence that has accumulated through cryptography,” said Ryan Lee, Bitget chief analyst, in a telegram message.
“That short leverage in both directions: it can accelerate the profits if the impulse continues, but also amplifies the volatility, leaving BTC and ETH vulnerable to the most clear changes in any change in feeling,” Lee said.
Attention now changes to Jackson Hole, where the Fed chair is prepared to describe the policy position of the Central Bank that is directed towards autumn. The address could send waves through shares, currencies and digital assets.
Read more: Bitcoin, shares achieved for $ 400b of liquidity drainage of the United States Treasury account, no Jackson Hole: analysts
