**Bitcoin and Other Cryptos Struggle Amidst News of Higher Rates and Global Market Cues**
*Struggle on the Crypto Street*
On Wednesday, Bitcoin and other crypto tokens faced a tough day as hints of higher rates for a prolonged period weighed down market sentiments. The rise in US Treasury yields also contributed to pushing the riskier asset class lower. As a result, the global macroeconomic cues are set to guide the markets in the days ahead.
**Bitcoin and Ethereum in Focus**
Bitcoin found itself back in a downward trajectory, with the largest crypto token declining by about half-a-per cent, although it managed to hold above $26,000-levels. On the other hand, Ethereum, the largest peer of Bitcoin, inched up slightly but failed to surpass the $1,600-mark. Consequently, price action in the altcoins remained on the downside during the early hours of the day.
**Market Observations and Expert Opinion**
Edul Patel, Co-Founder & CEO at Mudrex, attributed Bitcoin’s decline to the surge in the US 10-year Treasury yield, reaching its highest level in about 16 years. Patel pointed out that this significant increase in interest rates has had a similar impact on the equity markets. Furthermore, he noted that Bitcoin has seen a 0.58 per cent increase in value this month and an impressive 58 per cent gain for the year thus far.
**Crypto Market Movement**
Apart from a few exceptions, most of the top crypto tokens were trading lower on Wednesday. Polygon, Toncoin, and Solana experienced drops of over 2 per cent, while Polkadot, Litecoin, and Shiba Inu were down by about 1 per cent each. In terms of overall performance, the global cryptocurrency market cap stood at $1.05 trillion, slightly lower, with total trading volumes plunging about 15 per cent to $19.47 billion in the last 24 hours. Among the gainers, Dogecoin and BNB rose by about a per cent each.
**Technical Evaluation from Giottus Crypto Platform**
According to Giottus Crypto Platform’s tech view, Bitcoin is consolidating just below its key moving averages after failing to decisively breach them earlier this month. While Bitcoin’s RSI is in neutral territory at 46, the platform noted a 5-year low in volume of trade on exchanges, indicating a wait-and-watch approach by long-term investors. Looking ahead, Bitcoin needs to take out the $28,200 level around its 100-day moving average to maintain a bullish bias leading into the fourth quarter of the year.
**Key Levels and Analyst’s Recommendations**
The platform highlighted that the key psychological support zone for Bitcoin is at $25,000 and stressed that a drop further down to $23,500 can’t be ruled out if volumes weaken further. Major support levels for Bitcoin include $26,000, $25,100, and $24,500, while resistance levels stand at $26,500, $27,500, and $28,200.
With Bitcoin up approximately 1 per cent for the month, it is set to mark the first time in 7 years that September isn’t red for the asset if it stays so this week.
As the market grapples with these challenges, experts advise consulting financial advisers before taking any position in the mentioned assets.
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
