Home Ethereum Ethereum price falls below $1,600 as Bitcoin shows bearish action

Ethereum price falls below $1,600 as Bitcoin shows bearish action

Ethereum price falls below $1,600 as Bitcoin shows bearish action

The Bitcoin price remained unchanged after remaining in the $21,000 area all week. BTC looks solid to maintain its support until next week, when the market may determine what to do next after managing to stay in the same range for the past seven days. In contrast, Ethereum fell below the $1,600 mark, losing its support range.

Consider all the relevant Bitcoin and Ethereum news that could affect prices this weekend and the following week.

key ideas

  • The $20,000-$21,000 price range seems to be Bitcoin’s favorite zone.
  • The hash ribbons indicate that the miners’ capitulation may be over, signaling a bullish indicator for the BTC/USDT pair.
  • Bitcoin Depot has signed an acquisition agreement worth over $855 million to list on NASDAQ under the symbol “BTM” in the first quarter of 2023
  • With the upcoming network meltdown, cryptocurrency traders expect bullish momentum to build next month.
  • Ethereum Classic may stage a price surge as POW miners may switch to ETC after the ETH network merges.
  • As sideways trading continues, cryptocurrency market sentiment remains neutral.

Bitcoin News Update

The creator of the quantitative crypto fund Capriole Investments, Charles Edwards, invented “hash ribbons”, as one points out. CNBC Report and can serve as a buy signal for bitcoin (BTC). Recently, the 30-day moving average of the Bitcoin hash rate exceeded the 60-day moving average, indicating that the miners’ capitulation may be over. Moreover, the price of Bitcoin is poised for a dramatic comeback in the coming weeks.

When Bitcoin miners sell off the digital assets they created to make up for losses, it’s called “miner capitulation.” Significant selling pressure will diminish after the capitulation, giving Bitcoin a chance to demonstrate strong bullish momentum.

Everyone has been making assumptions about what Bitcoin’s lowest price will be. One of the notable stats that can shed some light on when BTC may bottom is the hash rate. Since many factors exist in the cryptocurrency markets, no single signal can accurately predict a market rally. Either way, the sideways trade at or around $21,000 is a bullish indicator that may indicate a potential bounce in the coming weeks, which is still not a known fact.

Top Bitcoin ATM Company to List on Nasdaq

The world’s largest Bitcoin ATM company is gearing up to list on NASDAQ under the symbol “BTM”. $855M SPAC Deal Will Allow Bitcoin Depot to Launch by Q1 2023, Says BitcoinMagazine report.

As the largest Bitcoin ATM provider in the United States, Bitcoin Depot has over 7,000 machines across the United States. A Special Purpose Acquisition Company (SPAC) will purchase the company and the transaction is expected to be completed by the first quarter of 2023. The organization will change its name to Bitcoin Depot Inc. and begin trading on the NASDAQ exchange with the BTM ticker code.

For a company to be listed on the largest stock exchange in the world, the Bitcoin ATM industry has come a long way. This is another encouraging development for the cryptocurrency market as a whole.

Ethereum News Update

When it comes to current Ethereum news, the impending network merger is always a hot topic as traders anticipate a big increase in Ethereum’s value next month. Ethereum hasn’t fared well this week, but ETHUSD is on course to hit the $2,000 level in September.

September will likely be one of the best trading months for cryptocurrency if all goes according to plan by the planned network meltdown date of September 15th.

It is important to remember that Ethereum has already successfully merged on its testnets, with just minor setbacks that are unlikely to occur during the mainnet merge.

With a low of $1,491 and a high of $2,000, Ethereum has fluctuated in the $1,600 range this month. It is the spirit of opportunity that precedes the expected huge run, so traders can move forward to take advantage of the anticipated positive momentum brought by the impending merger.

ETC on the verge of a potential price spike

Additionally, it is crucial to keep an eye on Ethereum Classic (ETC), which may see a significant increase in hash rate as POW miners switch to Ethereum Classic post-merger. ETC traded in the $36-38 range this month, bottoming out at $27.5 and reaching a high of $44. It trades at around $35, which is a good buy-in zone.

Despite a 1.22% loss from the previous day, the market capitalization of all cryptocurrencies is still above $1 trillion. This is a good sign that the general market is still maintaining its strong position.

This Friday, the market continued to trade sideways with little change in overall sentiment.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

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