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Game Over for Bitcoin (BTC)?

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The researchers from Renaissance Macro Research have recently stated that Bitcoin (BTC) might be done for if its price goes under the year-to-date support level. If this crucial barrier is broken, BTC will suffer a permanent damage.

Bitcoin is in a very bad place right now

New reports from the financial analysis firm called Renaissance Macro Research, Bitcoin is currently facing far more serious issues than it might seem at first. After years and years of prices going up and down, a lot of people would say that the current fluctuations are no different. However, the experts believe that the situation may be direr than ever before.

Renaissance Macro Research believes that Bitcoin is currently facing a large existential crisis. They also stated that the coin’s year-to-date support level is softening each of its falls, and preventing the coin from suffering irreversible damage. However, if BTC were to go below this level, it might never be able to reach its full potential.

Recently, there has been a lot of activity for Bitcoin, starting with a rally in July that brought the coin’s value back to $8,400 for the first time in weeks. However, while this seemed like a beginning of a serious bull run, BTC fell under $7,000 only days after. The reason for this is believed to be the announcement left by the US SEC, which has stated that the BTC ETF decision will be delayed once more. The confirmation of this decision came only a few days ago, and since then, BTC fell even more. Now, it is lower than it has been in months, with a price of $6,140.43 per coin.

Is this the end of Bitcoin?

While many believe that the situation couldn’t get much worse, analysts believe that what we have experienced so far might only be the tip of the iceberg.

Jeff deGraaf, the head of technical research at Renaissance, stated that his recommendation is to only take short positions on Bitcoin if the year-to-date support level gets breached. He spoke with clients this Thursday and stated that the parabolic moves can be extremely dangerous, especially for short-sellers.

He also said that a top can often develop, and things seemingly look like a descending triangle. This situation can go on for months, and it can often result in lower volatility. However, when the top is complete when it comes to the violation of support levels, the security might become impaired permanently. In many cases, this is a pure ‘game over’, and Bitcoin is approaching this situation right now.

On the other hand, there are numerous analysts that are urging the crypto community to calm down, and not overreact regarding the SEC’s decision delaying. Some even claim that the creation of a new crypto platform, Bakkt, is the right thing to focus on right now.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin

Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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