The decline in cryptocurrencies, especially Bitcoin, that began the other day seems to continue today. While it is thought that many events have had an impact on this decline, the statement made by Kamala Harris in the past hours regarding the taxation of unrealized income in the event of her possible election as president has created great unease.
Situation in the Crypto Market
Bitcoin continues to move between the price levels of $55,724 and $73,777. Although it is not easy to predict the direction of the price movement at the moment, it seems that long-term investors continue to be bullish in the market. Data provided by CryptoQuant shows that approximately 45,000 Bitcoins left the exchanges on August 27, which is the third-highest outflow. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
In addition to Bitcoin, investors are also seen continuing to buy Ethereum, where price movements are seen to be bearish again. Popular cryptocurrency analyst Satoshi Sniper, In his post on X, he explained that Ethereum whales added 200,000 Ethereum worth approximately $540 million over the last four days.
However, Bloomberg Intelligence senior commodity strategist Mike McGlone made a worrying statement in his latest analysis of X that the risk asset race “may be over.” According to McGlone, Bitcoin reached 15 times the value of the S&P 500 (SPX) in the first quarter of 2020, with a peak value of 14 times in 2024. He noted that a possible 50% drop to 7 times the value of the S&P 500 is possible.
Bitcoin Comment
Despite Bitcoin making a significant attempt, it was seen that demand decreased at higher levels, as it failed to rise above $65,000 on August 25. This revealed that a pullback started on August 27, falling below the moving averages on the charts.
The bulls are seen trying to hold the bottom above $58,000, but the relief rally is also likely to be accompanied by selling at moving averages. If the price continues to decline or remains below the 20-day exponential moving average ($60.9046), it will indicate that the bears have taken over the reins. The BTC/USDT pair could drop to $55,724 as the bears gain strength.
Ethereum Comments
It seems like things are not going well for Ethereum either. After visiting the $2,850 resistance level on August 24, it started to decline and was seen defending this level as resistance by the bears.
ETH/USDT Selling increased after the pair closed below the 20-day EMA ($2,670) on August 26. Bears can be seen attempting to push the price towards the $2,300 support. This area could be an important one to watch out for, as a move below this level could see a retest of the periodic low of $2,111 seen on August 5.
A rally from current levels or a bounce after the drop to $2,300 could signal demand at lower levels, which could keep the current view stuck in the $2,300-$2,850 range for a few days.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
