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Home»Bitcoin»Bitcoin back to $55K? Stablecoins have their say as weak demand…
Bitcoin

Bitcoin back to $55K? Stablecoins have their say as weak demand…

2024-10-11No Comments3 Mins Read
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  • Bitcoin may be affected by the decline in the market capitalization of stablecoins
  • RSI signaled a potential reversal despite the price of BTC falling on the charts

Bitcoin (BTC) has recorded significant price fluctuations lately, sparking mixed reactions in the crypto market. In light of this volatility, it’s worth looking at stablecoins. This asset class plays a crucial role in cryptocurrency trading, providing liquidity and market exposure.

However, the recent drop in stablecoin market capitalization by $780 million could be a sign of reduced purchasing power. This decline could lead to weaker demand for cryptocurrencies, potentially causing price stagnation or further declines.

Source: Ali/X

Bitcoin, as the leading cryptocurrency in the market, is expected to be hit hard and may enter a longer accumulation period or continue its ongoing downward trend.

Falling price amid liquidations

An analysis of BTC/USDT price action within a two-hour time frame showed that Bitcoin has already tapped into liquidity in the $59.5k to $60k range, even falling below $59.5k.

While there is hope for a reversal, if it doesn’t happen, BTC could fall further, potentially testing a level of $55,000 or lower.

While this correction may not be widely expected, the drop in stablecoin market caps suggests that weaker demand could drive Bitcoin lower before a turnaround occurs.

BTCBTC

Source: TradingView

The chances of BTC falling to $55,000 are quite high as it has fallen below critical support levels, including the 100 Day Moving Average (DMA).

This indicator has acted as both support and resistance in recent months when BTC has been in a range. Breaking below that is a sign of bearish momentum.

See also  Chubby Penguins Hit All-Time Highs as NFTs Recover With Bitcoin Above $100,000

Moreover, Bitcoin also fell below the 200 Exponential Moving Average (EMA), further supporting the case for continued downward pressure. During this decline, over $107 million worth of BTC longs were liquidated as the price fell below $59.5k.

BitcoinBitcoin

Source: CryptoQuant

BTC’s RSI breaks above the trendline

Despite these bearish signals, there may still be a glimmer of hope for a BTC recovery before the year ends.

Bitcoin’s Relative Strength Index (RSI) broke out of a 200-day downtrend. It looked like it was retesting this breakout level at the time of writing.

If BTC manages to hold above this trendline, it could signal a reversal and provide some relief for traders and investors anticipating a long-term uptrend for Bitcoin.

Source: TradingView

It is crucial to stay ahead of these market movements, especially as Bitcoin’s price remains at a crucial point.

While further declines are possible, the potential for a reversal is also present, making this a critical time for traders and investors to keep a close eye on BTC.

Next: MANTRA [OM] Price Forecast – New Highs After Crossing July Levels?

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55k Bitcoin Demand Stablecoins weak
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