Crypto Market Takes a Dip Despite Fed's Rate Cut

The crypto market is not responding positively to the Federal Reserve's recent rate cut. Even though the Fed lowered interest rates, Bitcoin and Ethereum have both dropped in value. The overall market is down by 2.25% from the previous day, totaling $3.07 trillion.

Traditional Markets vs. Crypto

Traditional markets, like the S&P 500 and Nasdaq, saw gains after the rate cut. However, the crypto market did not follow this trend. This difference might mean that traders are rethinking future financial conditions, even with lower borrowing costs.

Top Cryptocurrencies See Losses

Most of the crypto market is currently losing value, with some of the top 10 cryptocurrencies by market cap seeing double-digit losses.

Bitcoin's Struggles

• Current Price: $89,977, down 2.24% in the last 24 hours.
• High: $92,103 before dropping back towards the important $90,000 mark.
• Trend: Following a downward trend since its peak in October around $126,000.
• Technical Indicators:
• Below its 50-day and 200-day exponential moving averages (death cross).
• RSI (Relative Strength Index): 44.23 (more selling than buying).
• ADX (Average Directional Index): 28.15 (strong downward trend).

Trader Sentiment

Despite bearish signs, many traders on Myriad, a prediction market, remain optimistic:

• 69% believe Bitcoin will reach $100,000 before dropping to $69,000.
• 90% think a crypto winter is not coming.

Ethereum's Performance

• Current Price: $3,178.8, down 4.40% today.
• Opened at: $3,324.3, dropped to a low of $3,146.4 before stabilizing slightly.
• Technical Indicators:
• Failed to set up a golden cross (bullish signal).
• RSI: 51.24 (neutral).
• Sentiment: Shifting to a more bullish outlook.