CandleFocus Weekly Price Analysis: Yearly Selloffs Push Prices Lower
2024-12-23
Author: Content Editor
Bitcoin's price experienced a drop from its weekly high, but it has not changed its overall direction. Open Interest data at the CME indicates a decrease in open contracts, which aligns with the price decline. The Fed's decision to slash rates and hawkish sentiments from Jerome Powell further contributed to the selloff. Bitcoin spot ETF saw outflows, but net inflows were positive. Ethereum's price also dropped significantly, and its open interest declined as well. Solana's price continued to decline, and the demand zone around $160 remains a key support level. Ripple's price has ranged between $1.89 and $2.90, with lower lows. Open interest for Ripple has also declined.
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