Bitcoin and XRP Prices Decline Amid Profit-Taking Following FOMC Rally
Bitcoin and Ripple saw declines due to profit-taking after a FOMC rally, with overall cryptocurrency market capitalization falling 3.2%. Some tokens, like TRX and TON, recorded modest gains. Analysts suggest cautious optimism with increased probabilities for BTC reaching $100K and significant support levels to monitor.
Following a brief surge in cryptocurrency prices, Bitcoin (BTC) and Ripple (XRP) experienced a decline due to profit-taking. After the Federal Open Market Committee (FOMC) meeting, Bitcoin surged past $85,000, but subsequently fell below $84,000, recording a more than 3% loss. The overall cryptocurrency market capitalization also shrank by 3.2% within 24 hours, with Ethereum (ETH) dipping below $2,000 and Solana’s SOL dropping 5%.
In contrast, certain tokens, such as Tron (TRX) and TON, managed to achieve modest gains, each rising by 2%. Notably, TRX debuted on Solana, aiming to broaden its user audience, while Toncoin Foundation revealed significant venture capital interest in TON, holding over $400 million. This positive reception appears to support retail demand for the asset.
Analysts have expressed cautious optimism, with some traders noting that the possibility of Bitcoin reaching $100,000 by June 30 has increased from 20% to 30%. In contrast, Ethereum’s probability of maintaining levels above $2,000 has dipped to a near 50% balance. Approximately 60% of recent ETH options showed bullish sentiment, while 34% of BTC volume reflected demands for downside protection.
Despite these positive indicators, experts advise caution. Notably, Alex Kuptsikevich from FxPro pointed to the critical $80,000 support level and emphasized the importance of breaking above the crypto market’s 200-day moving average, currently near $2.9 trillion. Maintaining momentum at this level could potentially initiate a buying phase across a broader range of cryptocurrencies.
In conclusion, the cryptocurrency market has shown volatility following a FOMC-induced surge, with Bitcoin and other major tokens facing a profitable correction. Despite this, selections such as TRX and TON have emerged positively. As analysts highlight pivotal support levels, the future trajectory of Bitcoin and Ethereum remains uncertain yet cautiously optimistic, requiring vigilance from traders.
Original Source: www.coindesk.com
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