While it’s common for trading activity in the cryptocurrency market to decrease during the summer, recent unfavorable developments, such as the Federal Reserve’s interest rate hikes, have exacerbated this trend. CoinMarketCap reports a substantial drop in the cryptocurrency market cap, which now stands at $1.01 trillion. Notably, when examining individual cryptocurrencies, Bitcoin appears to be exhibiting the majority of fund outflows.
〽️ U.S. stock index futures gained on Monday, boosted by Tesla shares, and ahead of inflation data later this week that will offer clues on whether the Federal Reserve will pause its interest-rate hikes. pic.twitter.com/j9fK7OYYdK
— PiQ (@PiQSuite) September 11, 2023
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Additionally, Bitcoin’s price further depreciated, which correlated negatively with the momentary gains seen in the Dow Jones, S&P 500, and Nasdaq. At the beginning of the week, Bitcoin initiated a bearish trend, with its value steadily declining towards the $25,000 mark. This descent in price was accompanied by a significant decrease in trading volumes and heightened volatility. Given the prevailing negative sentiments and adverse market news, it’s probable that Bitcoin will continue on this bearish trajectory for an extended period.
Watch this to discover more. Continue below to know BTC/USD status
Bitcoin Key Levels to Watch (September 11)
After Bitcoin’s buy-side liquidity swept above the $31050.00 high in June 2023, the market experienced a steady decline. As of now, the market’s direction remains bearish. According to the RSI (Relative Strength Index), a correction to the upside is ongoing.
The downtrend emerged after the buy-side liquidity sweep alongside a falling trendline. Following the invalidation of the equal low at $25370.00, BTCUSD will likely expand upward to hit the diagonal resistance. After that, the market’s downtrend will continue.
BTC/USD Key Levels
Resistance Levels: $28661.0, $31050.0, $36800.0
Support Levels: $24750.0, $19569.0, $15460.00
Total Market Capitalization: $1.01T
Bitcoin Market Capitalization: $490B
Bitcoin Volume: $14.4B
Market Rank: #1
NASDAQ100 (NAS100) Shows Steady Bullish Trajectory Supported By Technical Momentum
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