What’s Happening In Crypto Today: BTC Retests $85k, ETH Consolidates Above $2.7k

The crypto landscape today is a bit of a mess. Established coins like Bitcoin (BTC) and Ethereum (ETH) are down and don’t seem to be able to stem the losses.

In the last 24 hours,

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Bitcoin
BTC

$85,670.98


1.01%

Bitcoin
BTC


Price

$85,670.98

1.01% /24h





Volume in 24h

$36.84B
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Price 7d

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dropped to $83,540 before changing course and breaching the $84,000 level, and then finally retesting the $85,000 level, where it is trading at the moment. It is, however, still down by 11% on the weekly charts.

For the most part, it seems like a weak job market, coupled with the dovish comments by New York Fed President John Williams, has encouraged buying at lower levels.

https://twitter.com/Mr_Derivatives/status/1992409802736361778?ref_src=twsrc%5Etfw” rel=”nofollow” target=”_blank

Meanwhile, the Fed rate cut probability has jumped to more than 70% as opposed to nearly 40% just a few days ago, prompting traders to rotate into riskier assets such as crypto.

(Source: FedWatch)

However, a look at US BTC spot ETFs puts data into perspective. Per SoSoValue’s data, US BTC spot ETFs have lost more than $3 billion during the past month, with weekly outflows amounting to around $1.5 billion. The only bright side is that the daily inflow is still positive at $238 million, a drop in a bucket.

(Source: SoSoValue)

At the moment, BTC is trading below its 20-day and 50-day EMAs. For BTC to reverse its price action, it needs to recapture both these EMAs at $86,281 and $90,322 before it can retest its 100-day EMA at $95,075, which incidentally also forms the upper resistance level.

(Source: TradingView)

EXPLORE: Next 1000X Crypto – Here’s 10+ Crypto Tokens That Can Hit 1000x This Year

ETH Crypto Consolidates Above $2.7k, Retests $2.8k Level Today

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Ethereum
ETH

$2,799.23


0.39%

Ethereum
ETH


Price

$2,799.23

0.39% /24h





Volume in 24h

$14.96B
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Price 7d

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has been experiencing difficulties over the past few days. For the longest time, it had managed to hold its own above the $3,100 level. Alas, it was not to be. Although ETH followed BTC during the broader market pullback, its decline was subdued and not as dramatic.

Its price action took a decisive plunge and broke through the $3,000 support level before subsequently breaching more support zones, dropping to $2,680 before finally stabilizing above $2,700 level, where it had been consolidating since the last couple of days.

For ETH to start ascending again, it must hold above $2,800. It is currently on its way to retest its 20-day EMA at $2,823. However, the critical level to capture is the 50-day EMA near $3,000, which is also the resistance level to beat.

(Source: TradingView)

Analysing on-chain data reveals heavy liquidation clusters surrounding its price action between $3,100 and $3,600, acting like major resistance zones.

(Source: CoinGlass)

At the same time, online sleuths think that now is a good time to get in on the action and buy the dip before the price flips again. Its Fusaka upgrade is slated for December, and with prices as low as they are, it might be good to go long.

https://twitter.com/MattWraithSOL/status/1992394962764468385?ref_src=twsrc%5Etfw” rel=”nofollow” target=”_blank

However, it all depends on ETH maintaining the $2,700 level. Sliding down from $2,700 will test lower support zones near $2,300-$2,400.

EXPLORE: Top 20 Crypto to Buy in 2025

The post What’s Happening In Crypto Today: BTC Retests $85k, ETH Consolidates Above $2.7k appeared first on 99Bitcoins.

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