Crypto Price Analysis 10-2 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGECOIN: DOGE, RIPPLE: XRP, RENDER: RNDR, DOGWIFHAT: WIF

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Bitcoin (BTC) fell as low as $60,300 earlier today due to escalating tensions in the Middle East that have spooked the crypto and traditional markets. The world’s largest cryptocurrency is down almost 4% in the past 24 hours following Iran’s attack on Israel. The drop to $60,000 means that BTC has given up almost all the gains made following the Federal Reserve’s announcement of a rate cut. 

Almost all major cryptocurrencies, including Solana (SOL), Ethereum (ETH), Ripple (XRP), Dogecoin (DOGE), Toncoin (TON), and several others, have registered substantial losses over the past 24 hours. As a result, the crypto market cap has declined by over 4.50% and has dropped to $2.16 trillion.

Investors Retreat To Safe Haven Assets 

Bitcoin (BTC) posted its most significant decline in nearly a month as risky assets such as cryptocurrencies registered a sharp drop thanks to an escalation in the Middle East. BTC dipped to a low of $60.168 in one of its biggest declines since September 6. Other cryptocurrencies registered a similar drop, including Ethereum (ETH), Dogecoin (DOGE), and Avalanche (AVAX). The drop occurred as investors sought safe-haven assets, with bonds, oil, gold, and the US Dollar registering a significant jump. Crypto enthusiasts have long stated that BTC displays the qualities of an uncorrelated asset such as gold. 

“When we think about Bitcoin, we think about primarily as an emerging global monetary alternative. Scarce, global, decentralized, non-sovereign asset. And it’s an asset that has no country-specific risk, that has no counterparty risk.”

US equities also registered a sharp selloff, with the price of oil also registering a sharp jump. The past 24 hours have seen over $250 million in futures positions liquidated across all major cryptocurrencies, according to data sourced from CoinGlass. ETH, which was trading above $2,600 a day prior, has now dipped below $2,500, while Solana (SOL) has dipped below $150. However, some analysts have reiterated their bullish outlook for BTC and other digital assets, stating that war news rarely has a sustainable negative impact on prices. 

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BlackRock CEO Issues Warning 

BlackRock CEO Larry Fink has urged the market to temper its expectations of a Fed rate cut, while analysts have stated that China’s central bank will create a tsunami of liquidity. 

“The amount of easing that’s in the forward curve is crazy. I do believe there’s room for easing more, but not as much as the forward curve would indicate.”

Analysts and investors believe there is a one-in-three chance the Federal Reserve will cut another 50 basis points in November and 190 basis points by the end of 2025. The markets were caught unawares by the Federal Reserve’s decision to implement a 50 basis point reduction in September, the first since the pandemic. This is expected to initiate a policy-easing cycle that could potentially boost risk-correlated assets such as BTC. 

Japan Considering Changes To Crypto Rules 

Japan is reportedly considering changes to its crypto rules in an effort to assess their effectiveness. The review will take place over the next few months and could lead to the eventual launch of crypto ETFs in the country. The review of the Payments Services Act, enacted in 2009, will address changes in the financial landscape due to the emergence of digital assets. The act recognizes Bitcoin (BTC) and other cryptocurrencies as legal property and requires cryptocurrency exchanges to be registered with Japan’s Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) obligations. 

Japan’s Financial Instruments and Exchange Act (FIEA) is also crucial in digital asset regulation. Japan’s Financial Services Agency (FSA) aims to ascertain whether these rules effectively safeguard investors, especially since Japanese traders use crypto as an investment instead of a mode of payment. 

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) has registered a significant slump over the past couple of sessions as escalating tensions in the Middle East rattled the markets, sending investors to safe-haven assets. As a result, BTC is down almost 4% over the past 24 hours. The recent decline means the cryptocurrency has given up almost all of the gains made following the announcement of the rate cut by the Federal Reserve. US-based spot Bitcoin ETFs also registered outflows worth over $240 million, breaking an eight-day streak of inflows. CoinGlass data revealed that BTC registered over $140 million in liquidations, of which $126 were long positions and $16 million were short positions. 

Looking at the price chart, we can see that BTC was quite bullish last week, pushing above $65,000 on Thursday after an increase of 3.19%. While buying activity waned on Friday and Saturday, BTC remained in the green, registering an increase of 0.95% and 0.12%, respectively. However, buyers lost steam on Sunday as BTC dropped into the red, dropping by 0.38% to end the weekend at $65,634. Bearish sentiment intensified on Monday as BTC failed to stay above $65,000. As a result, it fell by 3.46% to slip back below the 200-day SMA to $64,365. Buyers attempted a recovery on Tuesday as BTC briefly climbed back above the 200-day SMA.

Source: TradingView

However, escalating tensions in the Middle East rattled traders as they turned their attention to safe-haven assets like gold. As a result, BTC registered a sharp drop, falling by almost 4% to slip below the 20-day SMA and settle at $60,873 after recovering from a low of $60.205. The current session sees BTC up by 1.55% and trading around the $61,700 mark, with traders buying the dip around $60,000. BTC has strong support at around $60,000, and buyers will do their best to keep the price above this level. If this level is breached, sellers could drive the price as low as $55,000. Buyers will look to push back above the 20-day SMA and reclaim the $65,000 level.

Ethereum (ETH) Price Analysis

Like BTC, Ethereum (ETH) also registered a sharp decline following escalating tensions in the Middle East, slipping below a key support level and $2,500. ETH was relatively positive last week and registered substantial increases of just over 2% on Thursday and 2.39% on Friday to settle at $2,696. ETH was facing a key resistance level at $2,700, a level which it had struggled to move past previously as well. Buyers again lost momentum after reaching this level, as ETH fell back into the red on Saturday, dropping by 0.73% to $2,677. Selling pressure continued on Sunday, with ETH dropping by another 0.59% to $2,659.

Source: TradingView

Bearish sentiment intensified on Monday as ETH began the week with a 2.10% drop to $2,603. Market watchers expected ETH to stay above this level, but the crypto markets registered a sharp drop on Tuesday, with the Middle East crisis escalating. As a result, ETH dropped almost 6%, slipping below the 20 and 50-day SMAs and the $2,500 level to $2,449. The current session sees ETH up by 1.41% and is currently trading at $2,479. Buyers will look to reclaim the $2,500 level in the short term. Should ETH continue to push higher, we could see an attempt to reclaim $2,600 and move towards $2,700.

Solana (SOL) Price Analysis

Solana (SOL) dipped below $150 as bearish sentiment intensified across the crypto markets, with almost all major altcoins registering a substantial decline. SOL pushed above the 200-day SMA on Thursday after an increase of 5.14%, which saw it move past $150 and settle at $155. Despite increasing selling pressure, SOL continued to push higher on Friday, registering an increase of 1.37% and moving to $157. The weekend saw a mixed performance by SOL as it dropped by 0.58% on Saturday before recovering on Sunday and settling at $158 after an increase of 1.10%.

Source: TradingView

The current week began with SOL slipping back below the 200-day SMA on Monday after a drop of almost 4% dragged the price down to $152. Selling pressure intensified on Tuesday as SOL fell nearly 5%, slipping below $150 and settling at $145. Sellers managed to drag SOL to a day low of $142, after which it recovered to push back above the 20-day SMA to $145. The current session sees SOL up by just under 2% and trading around the $147 mark. Buyers will look to reclaim $150, and if the sentiment remains favorable, they will push back towards $160. On the other hand, sellers will look to drive SOL below $140. Should this level be breached, SOL could drop as low as $130.

Dogecoin (DOGE) Price Analysis

Dogecoin (DOGE) has been down almost 9% over the past 24 hours as markets panic after recent geopolitical developments. DOGE was in the green until the weekend, although it was also experiencing considerable volatility thanks to selling on rallies. Despite the volatility and selling pressure, DOGE pushed above $0.125 on Saturday and settled at $0.128. However, it fell back into the red on Sunday as sellers gained the upper hand, dropping by almost 3% to end the weekend on a bearish note at $0.124. Selling pressure intensified on Monday, as DOGE fell by 8.33% and dropped to $0.114. Buyers attempted a recovery on Tuesday as DOGE reached a day high of $0.119, but with overall market conditions turning bearish, sellers were able to push the price back down.

Source: TradingView

As a result, DOGE slipped below $0.110 and the 20-day SMA, hitting a low of $0.102 before recovering and settling at $0.107, a decline of 6.38%. The current session sees DOGE up by 1.68% as buyers look to reclaim the $0.110 level.

Ripple (XRP) Price Analysis

Ripple (XRP) dropped to its $0.58 support level on Tuesday as the crypto markets capitulated. The altcoin, which had been trading in a narrow range since September 14, finally broke above $0.60 on Saturday after registering an increase of 4.41% and moving to $0.61. Bullish sentiment persisted on Sunday as buyers pushed the price to a day high of $0.66. However, with sellers active at this level, XRP fell back to $0.64, registering an increase of 4.29%.

Source: TradingView

Buyers attempted to push above $0.65 on Monday but could not do so. As buyers lost steam, sellers took the upper hand and dropped XRP down by 4.58% to $0.61. XRP experienced significant volatility on Tuesday, reaching a day high of $0.63 and a day low of $0.57 before eventually settling at $0.59 after a drop of 2.43%. The current session sees XRP up by 0.70% as it looks to reclaim the $0.60 price level. If buyers can build momentum, we could see XRP push back toward $0.65. On the other hand, sellers will look to keep XRP below $0.60 and push the price down towards $0.55.

Render (RNDR) Price Analysis

Render (RNDR) pushed above $6.50 on Friday and settled at $6.69, as buyers sought to push the price towards $7. However, with solid resistance prevailing at upper levels, RNDR fell back on Saturday, dropping by 2.40% and struggling to stay above $6.50. The price recovered on Sunday as it registered an increase of 2.08% and settled at $6.67. However, sentiment changed once again on Monday, with RNDR dropping by 3.43% to slip below $6.50 and settle at $6.44. Selling pressure intensified on Tuesday thanks to adverse market and geopolitical conditions.

Source: TradingView 

As a result, RNDR slumped by over 10%, falling to a day low of $5.55 before slightly recovering and settling at $5.79. The current session sees RNDR up by 3.27%, as it looks to push back above $6. Buyers will look to keep RNDR above $6 and the 20-day SMA. A drop below both levels would signal the return of strong selling pressure. On the other hand, buyers will look to keep the price above $6 and retest the $6.50 resistance level.

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Dogwifhat (WIF) Price Analysis

Dogwifhat (WIF) is looking to retest the $2.50 resistance level as it recovers after a bearish and highly volatile Tuesday. WIF had been incredibly bullish all of last week, registering substantial increases and pushing above crucial resistance levels. By Friday, it reached a day high of $2.42, but intense selling pressure at this level and increased volatility pushed the price back down. WIF eventually settled at $2.26, an increase of 2.72%. Sellers attempted to drive WIF below the $2.20 support level on Saturday but were unsuccessful as bulls seized the initiative and pushed the price up by 4.68% to $2.37.

Source: TradingView

Sunday saw a significant jump in volatility as WIF reached a day high of $2.57 and dropped to a day low of $2.25 before settling at $2.45 after an increase of 3.43%. The current week began with volatility persisting as buyers and sellers struggled for control. WIF eventually registered a marginal increase and settled at $2.46. With markets turning bearish on Tuesday, WIF faced another round of intense volatility before dropping by 6.40% and settling at $2.30. The current session sees WIF up by just over 5% and trading around the $2.42 level.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.