Right now, the crypto market is in a bit of a shaky situation. Bitcoin just dropped below $58,000, and Ethereum is also down, trading under $2,500.
This sudden dip caused over $300 million worth of long positions to be liquidated. Investors are feeling quite anxious because of this.
One of the reasons people are on edge is due to some key economic data coming out from the U.S., like the GDP and PCE Index figures.
These numbers are crucial since they give an idea of how the economy is doing.
If the results are bad, it might trigger even more selling in the market. So, some people are selling off their assets now just to be safe. Source (ABP Live, CoinSwitch)
Ethereum is facing some tough times, too. It’s stuck at a resistance level around $2,827, and the technical signs are not looking good.
There's a "death-cross" forming—basically, it's when certain moving averages cross in a way that often signals more downward movement.
On top of that, big holders or "whales" are moving large amounts of Ethereum to exchanges, which could mean they’re preparing for more price drops. Source (The Currency analytics)
There are also some significant moves that could impact the market further. The U.S. government recently moved 29,800 BTC, and there’s news about the Mt. Gox payouts, which could release a lot of Bitcoin into the market.
Both these factors are making people worried about more selling pressure, which could make the market even more volatile. Source (Binance)
Overall, it’s a time of uncertainty in the crypto market. Both technical factors and upcoming economic news are playing a big role in how things might turn out. If you’re planning to trade or invest in crypto, it’s important to stay updated and be cautious right now.
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