CandleFocus Bitcoin price is moving into uncharted territory; altcoins at risk
2024-09-11
Author: Content Editor
Bitcoin and other cryptocurrencies experienced a major sell-off triggered by various factors. Bitcoin dropped to a low of $55,900, and other tokens like Popcat, Dogwifhat, Notcoin, and Render Token also saw significant declines. The narrowing spread between the 50-day and 200-day Exponential Moving Averages (EMA) suggests that Bitcoin could form a death cross pattern, which historically leads to sharp drops in value. The potential bearish breakout could cause Bitcoin to fall to around $40,000, and altcoins are likely to be affected as well. Additionally, stablecoin holdings among smart money investors have been decreasing but may start rising again, indicating increased risk aversion. The rising probability of Kamala Harris defeating Donald Trump in the debate may have contributed to the sell-off, with Trump-themed tokens experiencing significant losses. US inflation data and the expectation of the Fed cutting interest rates also influenced the market.
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