Bitcoin Trades at $114,000 as Cryptocurrency Rally Fades
Bitcoin (BTCUSD) trades at $114,000 level on Wednesday as cryptocurrency price movements reflect a fading rally across exchanges. The top 10 cryptocurrencies have seen sharp price fluctuation, with Bitcoin facing price correction.
The largest crypto asset by market price and valuation has been fluctuating with less than 0.02% upside in the last one hour and down by 0.01% on the day due to some retail selling pressures.
Based on trading data from CoinMarketCap.com, all the major cryptocurrencies have experienced downward movement in the last 24 hours, reflecting volatility spurred by weak buying sentiment.
Crypto analysts said Bitcoin is experiencing a healthy period of consolidation after its rally to an all-time high above $123,000 last month. The crypto rally has faded recently, but several cryptocurrencies were getting a boost amid growing expectations that the Federal Reserve will cut interest rates in September following Friday’s weak jobs report.
Lower borrowing costs typically support riskier assets, including cryptocurrencies, so more rate cuts could help invigorate them. Ether, the second-largest crypto, climbed 0.01% to $3,640, while popular altcoin XRP declined 0.05% to $2.95. Solana was up 0.06%, and Dogecoin edged 0.15% higher.
XRP price struggled to continue higher above the $3 resistance zone, like Bitcoin and Ethereum. The price formed a short-term top and started a fresh decline below the $3.00 level.
As Solana (SOL) attempts to reclaim a crucial level, a market watcher forecasted a massive rally for this quarter. On Tuesday, Solana surged 9.6% from the recent lows, driven by the start of Solana Mobile’s global shipments of the Seeker, its second-generation Web3 smartphone, to over 50 countries.
ETH (ETH) price continues to face selling near $4,000, to the surprise of many traders who were sure that the $10.16 billion in strategic Ethereum reserves and 19-day streak of inflows to the spot ETH ETFs would lift the altcoin’s price above the long-term resistance level.
Dogecoin price started a fresh decline from the $0.2120 resistance zone, underperforming Bitcoin and Ethereum. DOGE declined below the $0.2050 and $0.20 support levels. There was a steady decline below the 50% Fib retracement level of the upward move from the $0.1886 swing low to the $0.2112 high.
The bears even pushed the price below the $0.1980 level. There is also a key declining channel forming with resistance at $0.20 on the hourly chart of the DOGE/USD pair. #Bitcoin Trades at $114,000 as Cryptocurrency Rally Fades Energy Prices, FX Stability Drive Disinflation, Cardoso Says
