Price Analysis

Several crypto analysts are pointing to what they call blatant market manipulation as the primary force behind Bitcoin’s recent price action, noting that both good and bad news seem to trigger price drops. They cite recurring patterns, such as sharp declines during the U.S. market open, as evidence of coordinated efforts by large firms.

After a sharp drop below $90,000, Bitcoin has staged a strong recovery, reclaiming lost ground. The broader market followed, with Solana leading the altcoin gains, rising nearly 7%.

XRP experiences significant selling pressure with whales dumping 330 million tokens, while larger whales accumulate 350 million, as network activity declines and price finds support at $2.

Analyst Tom Lee, Chairman of BitMine, believes Ethereum has reached its price bottom for the year. He cites ongoing accumulation by his firm and strong long-term fundamentals like DeFi and AI growth as reasons for optimism, despite current market volatility.

Terra (LUNA), the token at the center of the 2022 market crash, has unexpectedly surged nearly 180% this week. The price jump appears to be driven by speculation ahead of founder Do Kwon’s sentencing verdict.

Despite a 25-basis-point interest rate cut by the Fed, Bitcoin’s price reaction has been tepid, raising concerns. Technical analysis suggests bearish patterns similar to past FOMC meetings, with potential downside targets for both Bitcoin and Ethereum.

A bear flag pattern on Bitcoin’s chart suggests a potential 25% drop to $67,000. Several analysts support this bearish outlook, citing overbought indicators, negative ETF flows, and low trading volume.

Bitcoin and the broader crypto market are in the red today. Despite positive news from the Federal Reserve about an interest rate cut, the market reacts with uncertainty due to internal disagreements at the Fed and a cautious outlook for the U.S. economy.

New U.S. XRP ETFs have attracted nearly a billion euros in inflows within their first month, outpacing some rivals. However, the XRP price has yet to react, remaining stuck in a downtrend as analysts watch for a potential breakout.

Ethereum has reclaimed the $3,300 price level, driven by a 6.4% surge and significant capital inflows. Analyst Ted Pillows predicts a further rise to $3,700, supported by BlackRock’s recent $35 million investment and a major ETF inflow of $177.7 million.