Bitcoin does not have the strength to rise in the short term, and some altcoins fall drastically


All markets fell after the Jackson Hole Economic Symposium about Central Bank on Friday, with Nasdaq down nearly 4%, the S&P 500 loses 3% and Bitcoin per day also decreased by 6 percent. Bitcoin has lost more than 12 percent in the past seven days.

Bitcoin Price – Source: TradingView

Powell reaffirmed the commitment Federal Reserve to curb inflation and stated that the Fed would continue to raise interest rates at a rate that would have “some pain” for the US economy.

Based on inflationsaid it was still close to its highest level in more than 40 years and that the bank would use its tools hard to fight it.

Despite some investors’ hopes for little change in the future, many analysts expected the Fed chairman to take a hawkish tone and reiterate the central bank’s commitment to getting inflation back on track.. As for the latter, it doesn’t look like it’s likely to happen anytime soon, and Bitcoin isn’t going to stop copying tech stocks either. Analyst Mike Ermolaev shared his analysis with Cointelegraph en Español.

Selling pressure on Bitcoin miners is easing

It’s true that miners Bitcoin is liquidating its stock, but not as much as it did during the mining bloodbath over the summer, when the majors dumped around 240,000 BTC.

BTC price rose in July as well. rose 17%, which explains the reduced selling pressure from public miners. Since the forced sale in June, miners have reduced sales and some have even hoarded. now, it is too early to declare this a bright sign.

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As far as technical analysis is concerned, both RSI and Stochastic indicate an oversold condition over the past two weeks, where 82% of the price movement has been down, which indicates that the trend may change.

Bitcoin Price – Source: TradingView

Worst performing cryptocurrencies

A look at the cryptocurrencies that have struggled recently highlights the following.

Currency apM (APM)

APM Coin is the native cryptocurrency of a blockchain-based customer reward management and payment platform. at the beginning of August Binance.US removed the asset after the SEC listed APM as an unregistered security during its investigation into Coinbase insider trading. With a market cap of $24,146,953 at the time of writing, it is down 46.4% in the last 7 days. in 2022 June 14 it hit an all-time low of $0.00944614.

APM Price – Source: CoinGecko

Sportio (SPRT)

Sportium is the official multi-sport NFT platform. Sportium NFT allows users to interact with sports by collecting, trading, playing and earning. The token has fallen 67.4% in the past two weeks. and keeps falling.

SPRT Price – Source: CoinGecko

indoors

Endome contains a of the metaverse In the Metahero ecosystem. Everdome’s goal is to create an experience web3 everywhere with hyperrealistic graphics. However, its native DOME appears to be suffering from tailwinds and sinking, falling 49.3% in two weeks, and on August 26th. hit an all-time low of $0.002139326472.

DOMO Price – Source: CoinGecko

Disclaimer: The information and/or opinions contained in this article do not necessarily reflect the views or editorial line of Cointelegraph. The information provided here should not be considered financial advice or investment recommendation. Any investment and commercial move involves risk, and each person should do their due diligence before making an investment decision.

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