BTC crashes below $64,000 ETH Threatens $1,800 Level XRP retreats to the mid-$1 range
Design by Blockstreet Reporter Jeong Ha-yeon
Bitcoin (BTC) plummeted on the 4th as delays in the U.S.-Iran peace talks, growing concerns over a U.S. interest rate hike, and news of a sell-off by MicroStrategy, the world's largest Bitcoin holder, compounded the situation. With geopolitical uncertainty and macroeconomic headwinds emerging simultaneously, investor sentiment across the entire cryptocurrency market appears to be cooling rapidly.
Market analysts believe that risk appetite has significantly dampened as the possibility of an interest rate hike this year is being raised again due to recent strong U.S. economic indicators. Furthermore, anxiety among short-term investors has intensified following the confirmation of selling activity by MicroStrategy, a leading Bitcoin bull.
Bithumb Bitcoin (BTC) Daily Chart
Bitcoin (BTC) is trading at $64,000 (98.04 million KRW) as of 4 p.m. on the 4th. Bitcoin recently attempted to find support near $75,000 (114.95 million KRW), but showed a sharp decline due to massive selling pressure and the spread of risk aversion sentiment across the market. With all major moving averages on the chart having been broken downwards, whether the $60,000 level can be defended is considered a key point to watch in the short term.
Bithumb Ethereum (ETH) Daily Chart
As of 4 p.m. on the 4th , Ethereum (ETH) is trading at $1,789 (approximately 2.74 million KRW). Ethereum has widened its losses after breaking through the $2,000 level, which was considered a psychological support line, and currently, whether it can defend the $1,800 mark is critical. Investor sentiment appears to be significantly dampened as it displays relatively greater volatility compared to Bitcoin.
Bithumb Ripple (XRP) Daily Chart
As of 4 p.m. on the 4th , XRP is trading at $1.19 (KRW 1,824). XRP is also facing continued downward pressure following a breach of a key support level due to the overall market weakness, and analysts suggest that whether it holds support around $1.15 is important in the short term.
The market views the outcome of U.S.-Iran negotiations and the direction of U.S. monetary policy as key variables that will determine future volatility in the virtual asset market. However, as some analysts suggest the market has entered a short-term oversold zone due to the recent sharp decline, advice is being given that investors need to carefully monitor whether key support levels are recovered and changes in trading volume.
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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