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TRX/BTC and XRP/BTC Price Analysis: What Demoralization Looks Like on a Chart

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XRP/BTC

It turns out that nothing really demonstrates the underlying character of the action we have seen over the past month in the cryptocurrency complex like the charts of some of the more volatile large market cap pairings.

For example, we’re going to take a look at the charts for TRX/BTC and XRP/BTC below, which feature some powerful trends that exemplify the importance of Bitcoin as an island in a sea of volatility.

TRX/BTC

Price Analysis

  • High: 0.00000325
  • Low: 0.00000301
  • 24-Hour Volume: 3.996M
  • MACD Signal: Sell

The TRX/BTC pairing features an extraordinarily consistent downward trend on the chart since late April.

The action has been steady and consistent and suggests a gradual liquidation from secondary to primary in this paired relationship, as one might expect during a flight to safety period for accounts denominated primarily in Bitcoin.

That said, by the same token, one might see this TRX/BTC pairing as a potential indicator of sentiment among more serious crypto traders. In other words, TRX/BTC is where we might see the most important inflection when the animal spirits begin to rise again in the cryptocurrency space.

That said, at this point, the TRX/BTC pair remains in a downtrend mode, trading beneath all its major moving averages with major oscillators camped out in deeply oversold territory.

XRP/BTC

Price Analysis

  • High: 0.00004753
  • Low: 0.00004413
  • 24-Hour Volume: 3.449M
  • MACD Signal: Sell

XRP/BTC has been a relatively uninteresting pair since the extraordinary spike we saw to close out 2017. For the most part, this pair has been in a gradual bearish slide that has only recently begun to accelerate as XRP has fallen off the end of a table against just about everything.

One interesting technical signal we see at present on the XRP/BTC chart is a potential bullish divergence on the 14-day RSI, with the print over the last 48 hours reaching a pivot low around the 20 level, which compares with the print under 13 at the pivot low formed in late July.

Since that late July low was at a much higher level on the XRP/BTC chart, the much lower score on the 14-day RSI is a potentially bullish signal of a loss of downward momentum underneath the surface of this chart.

This is certainly something to watch out for given the explosive nature of this pair when momentum comes back in and animal spirits are engaged.

Happy Trading~

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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.

Image courtesy of Pexels

Charts courtesy of tradingview.com

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%.

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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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