Daily Crypto Analysis – FTX’s $3.3 Billion Sell-Off Shakes Bitcoin to Its Core
11 Sep 2023
Bitcoin (BTC), the cryptocurrency pioneer, suffered a significant setback as it dipped below $26,000 during the weekend. The market sentiment turned bearish due to news of FTX, a troubled crypto lender, considering the sale of its $3.3 billion crypto asset portfolio. This development triggered a selling spree among investors, while Ethereum (ETH) also saw a decline, trading at $1,608.83, down 1.29 percent from the previous day.
The total crypto market value decreased to $1.03 trillion.
Bitcoin Dips Below 26000$.
The world’s oldest and most valuable cryptocurrency, Bitcoin (BTC), fell below the $26,000 threshold over the weekend, casting a bleak shadow over the market. This decline is thought to have been brought on by news that troubled crypto lender FTX was planning to sell off its $3.3 billion worth of crypto assets, which incited a ‘sell’ mood among individuals.
- MA 5: 25741.95 | Negative Crossover | Bearish
- MA 20: 25847.94 | Negative Crossover | Bearish
- MA 50: 26139.01 | Negative Crossover | Bearish
- MA 5: 25758.98 | Negative Crossover | Bearish
- MA 20: 25808.94 | Negative Crossover | Bearish
- MA 50: 26068.16 | Negative Crossover | Bullish
RSI (Relative Strength Index): 39.87 | Selling Zone |Bearish
Stochastic Oscillator: 23.03 | Sell Zone | Negative
Resistance And Support Levels :
- R1: 26479.47 | R2: 27594.34
- S1: 25470.77 | S2: 24249.72
Overall Sentiment: Bearish | Market Direction: Sell
Trade Suggestion: Stop Sell: 25152.24 | Take Profit: 24249.72 | Stop Loss: 25895.49
Elsewhere In the Crypto Market
The price of ETH was $1,608.83, down 1.29 percent over the previous day, DOGE saw a 2.83 percent decline over a 24-hour period.
Bitcoin is lower (0.84%) at 25,614.50, Ethereum is down (2.02%) at 1,589.19, Litecoin is down (2.03%) at 59.87.52, Solana is down (3.71%) at 17.66, Dogecoin down (1.97%) at 0.60 as of writing time.
Key Economic Events & Data Release Today:
No major event today.