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Vijay Gir
Vijay Gir
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- Dec 19, 2024 10:48 UTC
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Crypto Is Bleeding! Bitcoin Dips Below $100K, Floki Crashes, Ethereum Struggles
Crypto market experiences a significant decline, with Bitcoin struggling near $100K and smaller coins like Floki suffering substantial losses.
Bitcoin's price volatility, negative sentiment fueled by Jerome Powell's comments, and the overall market uncertainty are major contributors.
While some analysts predict a possible rebound, indicators like the RSI for Floki suggest potential further downside.
The cryptocurrency market is once again clouded by uncertainty. In the past 24 hours, total market value has dropped by 3.4%, leaving traders and investors concerned. Bitcoin is struggling to hold the $100K level, while smaller tokens like Floki are facing significant losses.
This has led many to ask: Could this signal an impending crypto crash?
Bitcoin Holds On Strong
Bitcoin didn’t have a great day. It dipped below $100K briefly, hitting $98,695, before clawing back to $101,767. But things aren’t stable yet. Strong support at $100,124 might hold the line for now. If it doesn’t, the next stop could be around $97,794, where the MA 200 line provides some backup.
Some analysts remain hopeful, predicting that Bitcoin could climb to $108,364, especially with the holiday season potentially boosting trading activity. However, caution persists. The Balance of Power (BOP) indicator is at 0.34, reflecting a bearish trend.
Adding to the market’s uncertainty, Federal Reserve Chair Jerome Powell recently announced he has no plans to hold Bitcoin. This statement has shaken confidence further in an already nervous market. Sentiment plays a crucial role in crypto, and right now, it’s tilting negative.
Floki Struggles
Floki fans are hurting. The crypto coin dropped a massive 13.95% in just one day, now trading at $0.0001878. And it’s not just a one-day problem. Since December 9, Floki’s value has tumbled by 34%.
The RSI (Relative Strength Index) is sitting at a concerning 23.03, which means it’s deep in oversold territory. Some might see this as a chance for a rebound, but it’s not guaranteed. If the downtrend continues, Floki could slide further to $0.00014. Optimists are looking at $0.0002066 as the next resistance level, but it’s going to be a tough climb.
Ethereum: Signs of Life in the Chaos
Ethereum hasn’t escaped the downturn either, with a 5.08% drop in the last 24 hours. But here’s the interesting part: trading volume for ETH surged by 40%. That’s a lot of activity for a day like this.
Some experts believe Ethereum might soon break past $4,000 and possibly challenge its all-time high. For now, however, it remains entangled in the broader market’s turbulence.
What to Expect
The crypto market is no stranger to volatility, but even by its standards, this is a tough period but definitely not a crypto crash. Bitcoin’s fight to stay above $100K is crucial. Floki’s free fall shows how quickly things can change, while Ethereum’s trading activity hints at underlying investor interest.
Jerome Powell’s comments and the Fed’s rate cut have clearly shaken confidence. Still, crypto has always been unpredictable. Whether this is just a pause before a rebound or the start of a longer downturn depends on how investors respond in the coming days.
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FAQs
The crypto market dropped by 3.29% to $3.51 trillion after the Fed’s 0.25% rate cut. However, trading volume surged by 34.78% to $265.97 billion, indicating increased activity.
As per Coinpedia’s BTC price prediction, 1 BTC could peak at $169,046.
Projecting a 10-year growth in a volatile asset like Bitcoin seems a far-stretched notion. The BTC price is expected to cross $600,000 by 2030. With global adoption, Bitcoin could be worth 1 million dollars.
Yes 
No 
