7 DAY MARKET MOVES
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📉 Bitcoin fell by 2.57% this week, hitting its lowest price since June 15 at $24,930.30. Ether also saw a loss, dropping 4.31% to $1,533.43, its lowest in six months. Other top 10 non-stablecoin cryptocurrencies followed suit with losses in the past 24 hours, led by XRP, which logged a weekly loss of 6.92%. This decline coincided with news of a potential FTX liquidation, which may involve selling $3.4 billion worth of crypto assets by year-end.
Digital asset investment products faced a weekly outflow of $59 million, totaling $294 million over four consecutive months, according to CoinShares.
📉💰 The total crypto market capitalization dropped 2.88% in the past 24 hours to $1.01 trillion, while trading volume surged 60.28% to $32.35 billion
📊📉All eyes are on Wednesday's U.S. consumer price index (CPI) for August, expected to show a 3.8% year-on-year increase. These figures will influence the Federal Reserve's strategy, as it aims to contain inflation below 2%. Market reaction may depend on these CPI numbers. The FedWatch Tool suggests a 93% chance the central bank will hold rates in September, with a growing 57.6% likelihood of another pause in November.
Eyes on the price(s)
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Bitcoin's price struggled to recover and slipped below crucial support levels, including $25,600 and $25,350, entering a bearish zone. It even briefly dipped below $25,000 before stabilizing around $24,925. Currently, Bitcoin faces resistance at $25,200 and $25,600, with a possible bullish scenario if it can breach $26,000 and reach $26,500. However, failing to break the $25,600 barrier may lead to further declines, with support at $25,000 and potential drops towards $24,800 or lower.
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Ethereum mirrored Bitcoin's woes, failing to hold above $1,620 and experiencing a decline below $1,600. It found support near $1,530 and is now attempting a recovery. Resistance lies at $1,600 and $1,605, with a potential uptrend if Ethereum surpasses $1,620, targeting $1,650 and beyond.
Conversely, Ethereum might face further declines if it fails to overcome $1,600, with support at $1,550, $1,530, and a potential drop to $1,500 or even $1,440.