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The global cryptocurrency market has had a topsy-turvy past few days, with Bitcoin looking set to end the week in red, snapping a historic 7-week winning streak. The Bitcoin price is currently trading at $41,800, down 4% from its weekly open.
After a poor start to the week, major cryptocurrencies witnessed a sharp bounce, thanks to a dovish speech from Federal Reserve chairman Jerome Powell. The Fed decided to keep its Federal Funds Rate unchanged and Powell signaled that the central bank’s monetary tightening is likely over, citing the progress in curbing inflation levels.
Multi trillion dollar giant BlackRock stated that Powell’s speech was a green light to the investors. Moreover, the CME FedWatch highlights a strong possibility of the Fed cutting its benchmark rates as early as March of next year, which would be a massively bullish signal for the crypto market.
After Powell’s speech, Bitcoin surged to as high as $43.9k – however, it soon retraced back to below $42,000. The past week was also marked by an explosive bull rally in Solana and SOL-based tokens such as the Bonk meme coin.
5 Things To Watch In Crypto This Week
The upcoming week could play a major role in deciding whether the crypto market will continue its bullish trajectory to end the year or if it could witness a steep correction. Indeed, Bitcoin is on the verge of a breakdown below a crucial resistance, which could also impact the altcoin market.
However, if BTC manages to consolidate around the $42,000 mark, Solana could see another leg up to the $88 price point. Large-caps XRP and Ethereum also are in crucial ranges, while new presale token Bitcoin Minetrix reached an important milestone.
Bitcoin Faces Crucial Resistance
The Bitcoin price rally is showing signs of weakness, with BTC trading firmly below the $42,000 price mark. Bitcoin Technical Analysis from TradingView also downgraded its “Strong Buy” signal to “Buy”, considering that BTC has now fallen below its 10-day Simple and Exponential Moving Averages.
However, the most important indicator for Bitcoin remains the 20-day Simple Moving Average indicator. Crypto analyst DrProfitCrypto, along with a number of other smart-money traders, have continued to highlight the significance of this important indicator.
Over the past week, Bitcoin retested the crucial MA20 level, only to experience a significant 7% bounce. However, this bounce was more due to the result of the Fed’s dovish stance. Now, BTC once again faces the crucial test, considering that the 20-day Simple Moving Average is currently hovering at $41,553 – just $300 below Bitcoin’s current price.
A breakdown below this level could very likely push BTC below the $40,000 mark.
Solana Price Prediction – Could $SOL Hit $88
The Solana price resumed its bullish trajectory past week, climbing as high as $79. However, $SOL has since depreciated back to the $72.26 price mark.
According to popular trader CryptoJelleNL, $SOL achieved a major breakout and perfect retest of its ascending triangle, which is an extremely bullish signal that could take the cryptocurrency to new yearly highs of $88.
However, according to popular analyst Crypto Tony, it is imperative for $SOL to close the week above the $75 price mark to kickstart a bullish continuation. Therefore, the next weekly will likely determine whether the Solana price will end the year with a bang or below the $70 mark.
Bitcoin Minetrix Hits $5 Million Milestone In ICO
Crypto whales are searching for new presale tokens to make money from, with $BTCMTX emerging as a standout choice, owing to its important utility. One whale – who is also the admin of the Crypto Whale Pumps channel on Telegram – recently purchased a sizable amount of the token in its presale.
$BTCMTX is the native cryptocurrency of Bitcoin Minetrix, an innovative cloud mining platform that makes it easier for retail investors to mine Bitcoin and earn passive rewards.
Considering that the traditional crypto mining industry has been dominated by wealthy corporations, it has been nearly impossible for retail investors to enjoy any money-making opportunity. Indeed, the cost of investment and technical expertise required is too high.
However, with Minetrix, investors can simply stake the tokens and earn mining credits, which could be burned for a percentage of the yields or cloud mining time, both options leading to passive BTC rewards. The stake-to-mine dashboard makes the entire process as simple as clicking a few buttons.
This tokenized cloud mining approach is also a significant improvement over other platforms, due to its high transparency. Minetrix users are allowed to unstake and sell their tokens at any point.
Due to its unique value proposition, Minetrix has already over $5 million in its ICO.
Visit Bitcoin Minetrix Presale
Ethereum On The Verge Of Bearish Breakdown
Right alongside Bitcoin, the Ethereum price has had a poor week. ETH depreciated over 5% in the past week and close to 2% on Sunday itself.
However, the second-largest cryptocurrency is on the verge of much steeper bearish breakdown, especially if it slips below the $2130 mark. Analyst @ali_charts earlier revealed that the $1,934 to $2,160 range is a crucial demand zone for Ethereum, considering that over 5.58 million addresses purchased 40 million $ETH in this zone.
From an on-chain perspective, he called this zone the most critical support level for ETH. A breakdown below this range could lead to a major sell off in the second largest cryptocurrency. Ethereum is already underperforming its 10-day and 20-day Simple Moving Averages and is on the cusp of falling below its 10-day Expenential Moving Average.
Will XRP Breach Ascending Parallel Channel?
The XRP price has also plummeted close to 6% over the past week, currently trading at $0.61. More importantly, XRP has been moving inside an ascending parallel channel since June of this year.
Over the past week, the token has been rejected from the channel’s mid-line, which is bad news for the XRP bulls. XRP could now see a steep correction back to the $0.55 mark.
It is becoming increasingly harder for XRP to fully price in Ripple’s recent legal victories over the SEC or its non-security status. In fact, TradingView gives a bearish “Sell” signal to the token in the daily time frame, considering it is underperforming 8 0f the 15 crucial moving average indicators. A move to the 55-cent price will likely downgrade TradingView’s signal to “Strong Sell”.
