{"id":432096,"date":"2024-10-12T01:30:25","date_gmt":"2024-10-11T20:00:25","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=432096"},"modified":"2024-10-11T11:37:21","modified_gmt":"2024-10-11T06:07:21","slug":"bitcoin-to-55k-again-stablecoins-have-their-say-as-weak-demand","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-to-55k-again-stablecoins-have-their-say-as-weak-demand\/","title":{"rendered":"Bitcoin to $55K again? Stablecoins have their say as weak demand&#8230;"},"content":{"rendered":"<ul>\n<li><em>Bitcoin may be affected by the drop in stablecoins&#8217; market cap<\/em><\/li>\n<li><em>RSI signalled potential reversal, despite BTC&#8217;s price declining on the charts<\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\">Bitcoin (BTC)<\/a> has recorded significant price fluctuations recently, fueling mixed reactions in the crypto market. In light of such volatility, it&#8217;s worth looking at stablecoins. This asset class plays a crucial role in cryptocurrency trading, providing liquidity and exposure to the market.<\/p>\n<p>However, the recent $780 million drop in stablecoins&#8217; market capitalization may be a sign of reduced buying power. This decline could lead to weaker demand for cryptocurrencies, potentially causing price stagnation or further declines.<\/p>\n<figure id=\"attachment_432103\" aria-describedby=\"caption-attachment-432103\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GZiX5JJXkAIDlra.jpg\"><img decoding=\"async\" class=\"wp-image-432103 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GZiX5JJXkAIDlra.jpg\" alt=\"\" width=\"1200\" height=\"675\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GZiX5JJXkAIDlra.jpg 1200w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GZiX5JJXkAIDlra-300x169.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GZiX5JJXkAIDlra-1024x576.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GZiX5JJXkAIDlra-768x432.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/a><figcaption id=\"caption-attachment-432103\" class=\"wp-caption-text\">Source: Ali\/X<\/figcaption><\/figure>\n<p>Bitcoin, as the market&#8217;s leading crypto, is expected to be heavily affected, possibly entering an extended accumulation period or continuing its ongoing downtrend.<\/p>\n<h2>Declining price amidst liquidations<\/h2>\n<p>Analyzing the price action of BTC\/USDT on the 2-hour timeframe revealed that Bitcoin has already tapped into liquidity at the $59.5k\u2013$60k range, even dropping below $59.5k.<\/p>\n<p>While there\u2019s hope for a reversal, if one doesn&#8217;t occur, BTC could drop further, potentially testing $55k or lower levels.<\/p>\n<p>Although this correction might not be widely anticipated, the drop in stablecoins&#8217; market cap suggests that weaker demand could drive Bitcoin lower before any reversal.<\/p>\n<figure id=\"attachment_432101\" aria-describedby=\"caption-attachment-432101\" style=\"width: 1835px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GZj8yd5WQAkI3Po.png\"><img decoding=\"async\" class=\"wp-image-432101 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GZj8yd5WQAkI3Po.png\" alt=\"BTC\" width=\"1835\" height=\"823\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GZj8yd5WQAkI3Po.png 1835w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GZj8yd5WQAkI3Po-300x135.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GZj8yd5WQAkI3Po-1024x459.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GZj8yd5WQAkI3Po-768x344.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GZj8yd5WQAkI3Po-1536x689.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GZj8yd5WQAkI3Po-1200x538.png 1200w\" sizes=\"(max-width: 1835px) 100vw, 1835px\" \/><\/a><figcaption id=\"caption-attachment-432101\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p>The likelihood of BTC dropping to $55k is rather high as it has broken below critical support levels, including the 100 Day Moving Average (DMA).<\/p>\n<p>This indicator has acted as both support and resistance in recent months when BTC has been in a range. Breaking below it is a sign of bearish momentum.<\/p>\n<p>Additionally, Bitcoin also dipped under the 200 Exponential Moving Average (EMA), further supporting the case for sustained downside pressure. During this decline, over $107 million worth of BTC longs were liquidated when the price dropped below $59.5k.<\/p>\n<figure id=\"attachment_432100\" aria-describedby=\"caption-attachment-432100\" style=\"width: 1600px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GZjRXJJXsAA5Tas.jpg\"><img decoding=\"async\" class=\"wp-image-432100 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GZjRXJJXsAA5Tas.jpg\" alt=\"Bitcoin\" width=\"1600\" height=\"900\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GZjRXJJXsAA5Tas.jpg 1600w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GZjRXJJXsAA5Tas-300x169.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GZjRXJJXsAA5Tas-1024x576.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GZjRXJJXsAA5Tas-768x432.jpg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GZjRXJJXsAA5Tas-1536x864.jpg 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GZjRXJJXsAA5Tas-1200x675.jpg 1200w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/><\/a><figcaption id=\"caption-attachment-432100\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<h2>BTC&#8217;s RSI breaks above trendline<\/h2>\n<p>Despite these bearish signals, there may still be a glimmer of hope for a BTC recovery before the year ends.<\/p>\n<p>Bitcoin&#8217;s Relative Strength Index (RSI) broke out of a 200-day downtrend. It seemed to be retesting this breakout level at press time.<\/p>\n<p>If BTC manages to hold above this trend line, it could signal a reversal and provide some relief for traders and investors who are anticipating a long-term uptrend for Bitcoin.<\/p>\n<figure id=\"attachment_432099\" aria-describedby=\"caption-attachment-432099\" style=\"width: 1818px\" class=\"wp-caption alignleft\"><img decoding=\"async\" class=\"size-full wp-image-432099\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-170.png\" alt=\"\" width=\"1818\" height=\"288\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-170.png 1818w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-170-300x48.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-170-1024x162.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-170-768x122.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-170-1536x243.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-170-1200x190.png 1200w\" sizes=\"(max-width: 1818px) 100vw, 1818px\" \/><figcaption id=\"caption-attachment-432099\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p>Staying ahead of these market moves is crucial, especially as Bitcoin\u2019s price remains at a pivotal point.<\/p>\n<p>While further declines are possible, the potential for a reversal is also present, making this a critical time for traders and investors to watch BTC closely.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Will BTC fall even further or is a reversal on the cards now?<\/p>\n","protected":false},"author":98,"featured_media":432113,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[6427,6425],"class_list":["post-432096","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto","tag-featured"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin to $55K again? 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Stablecoins have their say as weak demand..."},{"@type":"WebSite","@id":"https:\/\/ambcrypto.com\/#website","url":"https:\/\/ambcrypto.com\/","name":"AMBCrypto","description":"Stay Ahead!","publisher":{"@id":"https:\/\/ambcrypto.com\/#organization"},"alternateName":"AMBCrypto News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ambcrypto.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ambcrypto.com\/#organization","name":"AMBCrypto","alternateName":"AMBCrypto News","url":"https:\/\/ambcrypto.com\/","logo":{"@type":"ImageObject","@id":"https:\/\/ambcrypto.com\/#\/schema\/logo\/image\/","url":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/04\/amb-wide.jpg","width":600,"height":60,"caption":"AMBCrypto"},"image":{"@id":"https:\/\/ambcrypto.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/cryptoamb","https:\/\/x.com\/CryptoAmb","https:\/\/www.linkedin.com\/company\/13629485\/"]},{"@type":"Person","@id":"https:\/\/ambcrypto.com\/#\/schema\/person\/2e30c6eabb27ebd61e6b40e35e3bfdac","name":"Lennox Gitonga","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/11\/7742849e-53ec-4881-82d6-b96de68a0f13-100x100.jpg","url":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/11\/7742849e-53ec-4881-82d6-b96de68a0f13-100x100.jpg","contentUrl":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/11\/7742849e-53ec-4881-82d6-b96de68a0f13-100x100.jpg","caption":"Lennox Gitonga"},"description":"Lennox Gitonga is a Financial Market and On-Chain Analyst at AMBCrypto with a Bachelor of Commerce in Finance. 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