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Due to waning market sentiment and declining momentum, it is anticipated that Bitcoin will drop below the $24,995 threshold. The $1,630 support level is tenuously holding, putting Ethereum price at risk of a 5% decline for liquidity collection. If the current confidence holds, ripple price could break through the $0.5667 resistance level as it coils up for a rise.
Strong liquidation events tend to drive out excessively leveraged traders, positioning BTC for a rebound or uptrend extension. At the time of writing, one bitcoin is worth $25,746. Market capitalization is calculated by dividing an asset’s current market value by its circulating supply.
Due to the more than 19 million BTC in circulation and the price of over $29,600 at the start of August 2023, the market capitalization of Bitcoin is currently above $570 billion.
The total amount of tokens for a particular asset that have been bought, sold, or otherwise traded between buyers and sellers within predetermined trading hours is referred to as trading volume. Since more people are buying and selling cryptocurrencies, an increase in trade volume frequently indicates that there is demand for a particular asset.
Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. When the funding rate is positive, the price of the perpetual contract is higher than the mark price, meaning traders with bullish positions pay traders in short positions.
Conversely, when the funding rate is negative, perpetual prices are below the mark price, meaning traders with short positions pay traders who have opened long positions.
Bitcoin has fallen back to its range bound movement, coiling up around the $25,824 level. Two outcomes are likely after such a move: a break north or south. Currently, the odds favour the downside, with BTC potentially drawing nearer to the $24,995 support level and extending losses to the psychological $24,000.
In the dire case, Bitcoin price could dip into the demand zone between $21,711 and $20,155. This outlook draws inspiration from the Relative Strength Index (RSI), currently declining to show falling momentum. Similarly, the histogram bars of the Awesome Oscillator flash red to suggest a presence of bears in the market.
A renaissance by the bulls could alter the impending fate for Bitcoin price, with a possible foray back above the psychological $28,000 level last tested on August 29. Increased buyer momentum could send the flagship crypto past the $29,692 barricade, or in a highly bullish case, shatter the $31,518 obstacle.
Ethereum price is barely holding above the $1,630 support level, even as BTC shows weakness. Increased seller momentum could send the price lower, potentially breaching the $1,522 support level. A decisive flip of this buyer congestion level into resistance would solidify the downtrend for the short term and mark a 5% landslide. Late or sidelined investors could salvage Ethereum price from the impending slump, with a possible move above the $1,701 resistance level.
Increased buying pressure from this level could see ETH ascend to confront the mid-August highs around $1,835, or in the highly ambitious cases, attempt to break from current gloom by making a strong reach above $2,008.
Ripple (XRP) price is nurturing an uptrend that could materialize if early profit takers keep their profit appetite in check. Increased buying pressure could sustain the uptrend, sending Ripple price above the immediate hurdle at $0.5667, which stands as multi-month resistance level barring two equal highs.
Higher Ripple price would have a shot at reclaiming ground lost after the July 13 ascent, first breaching the $0.6840 level before taking back control with a solid move above the $0.8193 resistance level.
