Bitcoin, Ethereum, XRP, Dogecoin Dip as Investors Await Kevin Warsh's Interest Rate Moves: Analyst Sees 'Interesting Week' Ahead for BTC

Benzinga · 1d ago

Leading cryptocurrencies declined overnight on Sunday as investors assessed the likelihood of interest rate cuts and geopolitical developments.

Cryptocurrency 24-Hour Gains +/- Price (Recorded at 9:27 p.m. EDT)
Bitcoin (CRYPTO: BTC) -1.0% $80,082.97
Ethereum (CRYPTO: ETH)
               
-1.4% $2,327.61
XRP (CRYPTO: XRP)                          -0.30% $1.30
Solana (CRYPTO: SOL)                          -0.90% $101.34
Dogecoin (CRYPTO: DOGE)              -0.90% $0.077

The Late Sunday Dip

Bitcoin dropped below $80,000 and Ethereum hovered in the low $2,300s as the cryptocurrency market waited for fresh momentum.

Roughly $120 million in positions were liquidated in the cryptocurrency market over the past 24 hours, of which $82 million came from long positions, according to Coinglass data.

Bitcoin’s open interest fell 1.29% over the last 24 hours and down 4% over the last month. Retail and whale derivatives traders on Binance were bullish on Bitcoin, with Long/Short ratios of over 1.

“Neutral” sentiment prevailed in the market, according to the Crypto Fear & Greed Index.

Top Gainers (24 Hours) 

Cryptocurrency Gains +/- Price (Recorded at 9:27 p.m. EDT)
Pyth Network (PYTH)       +6.10%     $0.0753
Ethena (ENA)                    +5.40%     $0.2062
Rain (RAIN)               +5.00%     $0.008632

Big Decision on Interest Rates Ahead

Stock futures traded mixed Sunday overnight. The Dow Jones Industrial Average Futures rose 37 points, or 0.07%, as of 9 p.m. EDT.  Futures tied to the S&P 500 gained 0.04%, while Nasdaq 100 Futures dipped 0.05%.

Traders are awaiting the Federal Reserve’s decision on Wednesday. The CME FedWatch tool indicates a 90.6% chance that the Kevin Warsh-led central bank will leave the rates unchanged at the current 3.75% to 4% target range.

The market remained on edge after reports suggested that the U.S. is planning a major strike on Iran once the midterm elections end.

‘Interesting Week Coming Up’

Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, discussed Bitcoin’s recent liquidity sweep on the daily chart and warned of further correction if the cryptocurrency fails to form a higher high.

Van De Poppe warned that another sweep could drag Bitcoin below $75,000, potentially erasing the current uptrend.

“Interesting week coming up,” the analyst remarked.

Van De Poppe also weighed in on Ethereum, highlighting potential for a rebound if a higher low forms and price breaks above $2,370.

“If there’s no sign of buying pressure, the second level is one to monitor, which is around $2,200. That must hold,” he added.

Photo Courtesy: Phongphan via Shutterstock.com