Ah, the cryptocurrency market! A veritable rollercoaster of emotions, wouldn’t you agree? Just when you thought it couldn’t get any more exciting, along comes a delightful little crash to keep things interesting. 😜
Crypto Market in Turmoil as Treasury Yields Plunge Awaiting Nonfarm Payrolls Data
Our dear Bitcoin, Ethereum, and Ripple have all taken quite the tumble this week, as Donald Trump’s tariff threat added a touch of complexity to the Federal Reserve’s approach to rate cuts. This tumble has led the crypto market to shed over $1 trillion in value from its peak in 2024. Fear not, dear reader, for we shall now gaze into our crystal ball and provide forecasts for BTC, ETH, and XRP as focus shifts to the upcoming Fed’s nonfarm payrolls data.
BTC Price Analysis: A Tale of Two Tops and a Neckline
The ongoing macro issues have led to a strong BTC crash and ETF outflows. These ETFs have had outflows in the last eight straight days, bringing the net inflow to $36.85 billion from $40 billion earlier this year. That is a sign that investors are fearful as the crypto fear and greed index sinks.
The BTC price crash happened after forming a double-top pattern at $108,215. It has now crashed below the neckline at $89,107 and the 200-day moving average. Bitcoin seems to be targeting the March 2024 high of $73,615. 😲
ETH Price Forecast: Death Cross and a Fall to $2,000
Ethereum price has crashed below the key support level at $2,130, its lowest swing in September last year. This crash accelerated after the Ethereum price formed a death cross pattern as the 200-day and 50-day moving averages crossed each other. 💀
The average directional index (ADX) has risen to 42, indicating a strong downtrend. As such, the ETH price may drop to $2,000 as the crypto market sell-off continues. 📉
XRP Price Technical Analysis: A Head and Shoulders Pattern and a Potential Drop to $1.1393
Ripple price dropped after its lawyer Jeremy Hogan, predicted the conclusion of the Ripple vs SEC case to conclude no earlier than March 14.
The XRP price has crashed to $2 as the crypto market industry suffered a $1 trillion meltdown. This was a crucial level since it is the neckline of the head and shoulders pattern and the 50% Fibonacci Retracement level. 😱
The RSI indicator is falling, while the ADX is rising, pointing to more momentum. This means that the XRP price may crash to $1.1393, the 78.6% retracement point. 📉
A Crypto Crash and a Fed’s Nonfarm Payrolls Dilemma
The BTC, XRP, and ETH prices have imploded this year, and the upcoming nonfarm payrolls data will help to predict the next Federal Reserve cuts. Their crash has also accompanied that of the US Treasury yields and the equity market. 📉
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2025-03-01 00:53