Bitcoin, Ethereum, XRP, Dogecoin Tumble as Treasury Yields Hit New Highs: Analyst Flags 'Phenomenal Entry Opportunity' in BTC
Leading cryptocurrencies tanked on Wednesday after the Federal Reserve’s hawkish meeting minutes drove Treasury yields higher.Cryptocurrency24-Hour Gains +/-Price (Recorded at 9:26 p.m. EDT)Bitcoin -2.60%$83,174Ethereum -4.20%$2,576.32XRP -4.80%$1.42Solana -3.20%$116.31Dogecoin -4.80%$0.08918Crypto Market in RedBitcoin sank below $83,000, while Ethereum lost its $2,600 support amid broader cryptocurrency sell-offs.Cryptocurrency-related stocks also fell, with Strategy Inc. and Bitmine Immersion Technologies Inc. closing down 6.79% and 5.90%, respectively.Cryptocurrency liquidations surged over $700 million over the last 24 hours, with $646 million in bullish long positions alone wiped out, according to Coinglass data.Bitcoin’s open interest dipped 1.60% over the last 24 hours. Binance derivatives traders, including both retail and whales, increased their long exposure to the apex cryptocurrency.Top Gainers (24 Hours)CryptocurrencyGains +/-Price (Recorded at 9:26 p.m. EDT)Raydium (RAY) +12.70% $2.43Bitway (BTW) +11.60% $1.36NEAR Protocol (NEAR) +5.40% $5.37 Read Also: Stocks Correct After Fed Signals Hawkish OutlookStocks descended from record highs on Wednesday. The Dow Jones Industrial Average retreated 341.41 points, or 0.66%, to close at 51,179.87. The S&P 500 slipped 0.22% to end at 7,801.77. The tech-focused Nasdaq Composite fell 1.32% to end at 27,538.69.Minutes of the September meeting and leaning toward another hike by year-end. Traders currently assign only an 18% probability to a rate hike at the central bank’s October meeting, but more than a 66% probability to a hike at the December meeting, according to the CME FedWatch tool.The 10-year Treasury yield rose to 5.36%, its highest since April 2002. Returns on the 30-year Treasury notes jumped to 5.73%.Bitcoin Bulls to Return?Ali Martinez, a widely followed cryptocurrency analyst and trader, noticed a “Buy Signal” on Bitcoin’s hourly chart at the $83,000 support level using the TD Sequential indicator.“The correction over the past 24 hours was preceded by a sell signal from the same indicator,” Martinez said. “Now, with the TD Sequential flipping bullish at support, I’m watching closely for a potential BTC rebound.”The TD Sequential indicator is a technical analysis tool that helps traders identify potential price reversals and exhaustion patterns.https://twitter.com/ali_charts/status/1992519238435618927Michaël van de Poppe, another popular cryptocurrency commentator, predicted a “larger form” of Bitcoin correction involving a downside sweep of long-side liquidity followed by a reversal.Phenomenal entry opportunity,” he added. looks to be that we're going to be seeing a larger form of correction.That means, we'll probably take the long side liquidity and reverse after that.Phenomenal entry opportunity. Read Also: Photo Courtesy: vinnstock on Shutterstock.com