Crypto Price Analysis: Bitcoin and Altcoins Dip on ETF News
Crypto price analysis shows a broad sell-off as Bitcoin and major altcoins dipped for a second consecutive day. Bitcoin slipped from a $107,000 intraday peak to around $103,000, down 2% in 24 hours. Ethereum eased nearly 3% to $3,450. Solana and XRP fell 5% and 3% respectively, while Celestia lost around 8%. Overall, the market declined almost 4% amid tech-driven sell-offs and uncertainty over the US government shutdown.
In separate developments, the Bitwise Chainlink ETF appeared on the DTCC’s active registry under ticker CLNK, a positive sign for potential SEC approval. The US Senate also passed a funding bill to end the 40-day shutdown, offering a bullish catalyst for risk assets. However, Coinbase and stablecoin startup BVNK mutually abandoned their acquisition deal, removing a potential revenue boost. This crypto price analysis highlights a bearish trading backdrop, with short-term pressure persisting despite long-term ETF and fiscal developments.
Bearish
The overall market decline and persistent selling pressure signal a bearish trend. Bitcoin’s drop from the $107,000 resistance and the subsequent fill of the CME gap reflects a repeat of historical patterns where gap closures precede rallies. A drop in open interest by 11% in derivatives shows traders are reducing speculative risk, typically a precursor to consolidation. Broad altcoin weakness and the cancellation of the BVNK acquisition remove immediate bullish catalysts. While ETF listings and the US funding bill offer long-term positives, near-term momentum remains negative, suggesting continued volatility before any recovery.