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Bitcoin’s Performance Near $27,000 Is Dominated By Downside Risks

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Bitcoin's Performance Near $27,000 Is Dominated By Downside Risks

(CTN News) – Bitcoin’s downtrend continues as Fed decision fails to boost crypto, despite Fed decision to boost crypto

The Fed’s recent decision and comments, however, have not been enough to inspire crypto investors to move from their entrenched positions.

As the market cap of the crypto market fell 0.25% on the day, it was significantly less than the Nasdaq’s losses (-1.5%) and more reflective of the dollar’s 0.3% appreciation over the same period of time.

The sell-off in Bitcoin intensifies in the vicinity of the 50-day moving average, which persists in a downtrend.

The curve is near $27.0K at the moment, however, it has been pointing down since early August, coinciding with the start of the current bearish trend.

However, with a dip towards $26.8K, Bitcoin is once again being dominated by buyers as it is once again reaching a level of support. It won’t be long before this tug-of-war comes to an end. There is a good chance that the market will decide its direction before Friday.

In spite of this, we still believe that there is a higher chance of further declines at the moment.

It seems that long-term holders of Bitcoin are accumulating the coins they sold to short-term investors in the spring, which bodes well for the future. In Bitfinex’s view, this is the kind of behavior that hoarders exhibit at the beginning of a bull market.

According to QCP Capital, bitcoin’s recovery above $27K has been attributed to rumours that the start of the distribution of funds to Mt.

Gox customers will not be until 2024 as it had originally been planned. Previously, the process was supposed to be completed by the 31st of October 2023. Currently, there are 142,000 Bitcoins held by Mt.Gox.

David Hirsch, a spokesman for the SEC, said the regulator’s interest in crypto is not limited to the largest exchanges and that there will be increased oversight over intermediaries.

The organizations may be brokers, dealers, exchanges, clearing agencies, or any other organization that deals with cryptocurrencies.

According to the New York State Department of Financial Services (NYDFS), a reduction has been made in the number of pre-approved cryptocurrencies that are allowed to be traded and stored on licensed cryptocurrency platforms for trading and storage.

This list has been updated to remove XRP, DOGE, LTC, and ETC from it.

In a recent Coinbase survey, it was found that 20% of Americans own cryptocurrency. It has been reported that 87% of Americans believe the financial system in the United States needs to change.

As much as 72% of those between the ages of 18 and 34 believe that “crypto gives you direct control over your money”,

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Salman Ahmad is a seasoned writer for CTN News, bringing a wealth of experience and expertise to the platform. With a knack for concise yet impactful storytelling, he crafts articles that captivate readers and provide valuable insights. Ahmad's writing style strikes a balance between casual and professional, making complex topics accessible without compromising depth.

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