In the context of the recent Christmas holiday, Bitcoin (BTC) is trying to regain the $100,000 mark after falling below $93,000. However, BTC encountered a sharp decline after just surpassing $99,800, eventually stabilizing around $95,300 — down 3.1% in the past 24 hours. The broader CoinDesk 20 index also fell 4.2%, with significant declines in many other cryptocurrencies.
U.S. stock futures also indicate a slight decline, while gold and oil prices are edging up. Although BTC's value has doubled since the beginning of the year, recent price fluctuations have occurred with low trading volume, potentially affected by rising interest rates. The 10-year Treasury yield rose to 4.63%, nearing its highest level in 2024, reflecting a significant increase following the Federal Reserve's rate cuts in September.
Macro researcher Jim Bianco emphasized that the current trend of rising long-term interest rates following the Fed's cuts is unusual and warned that continued discussions about rate cuts could further raise bond yields, potentially destabilizing the economy.
Regarding altcoins, XRP has been testing a psychological support level at $2 since December 20 and is currently consolidating between $2.40 and $2.13, preparing for a potential breakout. Analysts say that to maintain the upward momentum, XRP needs to close above $2.30. A 'buy wall' has formed from $2.20 to $2.23, suggesting that if XRP cannot hold above this range, there is a likelihood of further decline.
Despite some positive activity in the spot market on platforms like Kraken and Bitfinex, traders remain cautious, believing that XRP is not yet truly stable. The futures market shows a sharp decline in open interest, implying reduced liquidity and increased volatility potential. A symmetrical triangle is forming, indicating the possibility of price movement in both directions, with a potential target of $2.95 on the upside and $1.85 if support is broken.
In summary, traders are advised to closely monitor the price action of XRP to catch upcoming signals.
