It’s been a brutal week for Bitcoin to say the least. Indeed, after a continuation of uncertainty on Monday and Tuesday, the cryptocurrency began to fall on Wednesday, a movement that accelerated sharply on Thursday, and which gave way to a timid rebound on Friday.

In more detail, it should be noted that after a peak at $29,660 on Monday, the BTC/USD price marked a trough towards $25,000 on Thursday (the lowest since mid-June), a drop of more than 12%. However, the exact reasons for this plunge remain, at this stage, unclear.

Why has Bitcoin fallen so sharply this week?

Indeed, some have raised rumors about a supposed sale of Bitcoins by SpaceX, the space exploration company of Elon Musk, also the boss of Tesla.

It would seem that these rumors were related to the publication of a Wall Street Journal article that SpaceX had written down the value of its bitcoin holdings in 2021 and 2022 on its balance sheet and that it had sold the cryptocurrency. But the timing of the release did not match the plunge, and there is no indication that SpaceX has recently sold BTC.

On another note, we note that several Fed members made hawkish remarks this week, while the Minutes of the last Fed meeting also contained indications in favor of a strict monetary policy, which is starting to question the prospect of a break in rate hikes in the eyes of crypto traders.

It’s also important to note that Bitcoin’s fall this week came amid concerns about China’s real estate sector, with the bankruptcy of one of the country’s largest real estate developers, China Evergrande, potentially signaling the start of a broader crisis that would go beyond the country’s borders.

However, while these events are indeed bearish factors for BTC, the timing of the crypto’s decline suggests that the reasons are more diverse. Notably, some observers noted that long positioning in Bitcoin was particularly high before the drop, which would thus have been accelerated by a “long squeeze”, i.e. mass closings of long positions.

BTC/USD sends multiple bearish signals

From a technical analysis perspective, the week saw multiple bearish signals for Bitcoin, which broke below several key levels.

BTC/USD has indeed successively broken below the $29,000 threshold, below the 100-day MA at $28,570, below the $28,000 threshold, below the 200-day MA at $27,300, and below the $27,000 and $26,000 thresholds, falling close to $25,000.

The slight all-weekend rebound from BTC’s plunge has seen the crypto rally back to $26,000 at the time of writing on Saturday morning, but the profile remains broadly bearish on the daily chart.

If Bitcoin’s slide resumes this weekend, the $24,800/$25,000 area will be the first key support to consider. If, on the contrary, a rebound starts, the threshold of $27,000 and the 200-day MA at $27,300 will form the first important resistance zone to watch.

In other words, the current backdrop, both technically and fundamentally, is by no means an incentive to buy Bitcoin, and there is no indication that the situation will change in the near term. However, that doesn’t mean the crypto market doesn’t hold other exciting opportunities in lesser-known cryptocurrencies.

It is with this idea in mind that we recently reviewed several crypto projects in presale, that is to say, whose tokens are not yet available on the platforms, and therefore not subject to the vagaries of the market.

Speaking of which, one of these new cryptocurrencies that caught our attention the most is the Chimpzee (CHMPZ) 

The presale of this eco-friendly crypto-meme is wildly successful despite the crypto market depression

This project appealed to us for several reasons. First of all, the CHMPZ token can currently be acquired at a price of $0.00085 per unit from the issuer, which represents a considerable discount compared to the price of $0.00185 expected for future introduction on the exchanges. trading platforms.

Additionally, the success of the pre-sale, which has already raised more than $1.2 million, suggests that the price could go up much more once the Chimpzee becomes available to the general public.

But beyond these advantages, common to many presale cryptos, the Chimpzee also offers to participate in the preservation of the environment. Indeed, the CHMPZ presents itself as an ecological crypto-meme, the project using part of its funds for operations to safeguard fauna and flora all over the world.

The project has in particular made it possible to plant 1,200 trees in Brazil and 20,000 in Guatemala, to make a donation of $15,000 to save African elephants, and is currently carrying out a collection operation for the protection of black jaguars.

But that’s not all, since the Chimpzee is a complete crypto project that also allows you to collect passive income thanks to a high-yield staking offer, and which also offers a Chimpzee Shop, an NFT marketplace, as well as a crypto game called Zero Tolerance which is themed around saving the environment.

We can therefore strongly advise you to find out quickly about the Chimpzee to verify that the project meets your expectations as an investor before the next stage of the presale begins, and the price increases.

Name Price24H (%)
Bitcoin (BTC)
$29,211.00
0.30%
Ethereum (ETH)
$1,853.65
0.23%
Tether (USDT)
$1.00
-0.01%
XRP (XRP)
$0.70
3.23%
BNB (BNB)
$237.59
0.19%
USD Coin (USDC)
$1.00
0.05%
Lido Staked Ether (STETH)
$1,853.05
0.23%
Dogecoin (DOGE)
$0.080434
4.73%
Cardano (ADA)
$0.302005
-0.28%
Solana (SOL)
$23.56
2.18%

Newsletter

Leave a Comment

Copyright @Coinandforex.de