{"id":43913,"date":"2024-12-23T12:23:52","date_gmt":"2024-12-23T12:23:52","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/weekly-price-analysis-yearly-selloffs-push-prices-lower\/"},"modified":"2024-12-23T12:23:52","modified_gmt":"2024-12-23T12:23:52","slug":"weekly-price-analysis-yearly-selloffs-push-prices-lower","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/weekly-price-analysis-yearly-selloffs-push-prices-lower\/","title":{"rendered":"Weekly Price Analysis: Yearly Selloffs Push Prices Lower"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div data-site=\"CoinJournal\">\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\" data-site=\"CoinJournal\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/12\/Price-analysis-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/12\/Price-analysis-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/12\/Price-analysis-smartcrop-750x375.png\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/12\/Price-analysis-smartcrop-363x181.png\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>The crypto market spent the greater part of last week trading consistently lower.<\/li>\n<li>Yearly profit-taking is a major reason for price declines as institutions close positions for the year, although the Fed\u2019s hawkish stance at the Dec. 18 policy meeting also played a role.<\/li>\n<li>Open Interest in major cryptos showed weekly declines.<\/li>\n<\/ul>\n<p><strong>Bitcoin<\/strong><\/p>\n<p><a href=\"https:\/\/coinjournal.net\/bitcoin\/\">Bitcoin\u2019s price<\/a> fell from the weekly high of $108,372 on Dec. 17 to a low of $92,555 before closing the week around $97,700. However, despite the 9.7% drop, Bitcoin\u2019s price has not changed character to the downside.<\/p>\n<p><img loading=\"lazy\" fetchpriority=\"high\" decoding=\"async\" data-source=\"CoinJournal\" class=\"alignnone  wp-image-258086\" src=\"https:\/\/coinjournal.net\/wp-content\/uploads\/2024\/12\/BTCUSD_2024-12-23_10-19-26_3236e.png\" alt=\"\" width=\"866\" height=\"479\"\/><\/p>\n<p>Open Interest data shows a reduction in open contracts at the CME which correlates with price declines.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" data-source=\"CoinJournal\" class=\"alignnone  wp-image-258087\" src=\"https:\/\/coinjournal.net\/wp-content\/uploads\/2024\/12\/BTC-CME.png\" alt=\"\" width=\"866\" height=\"266\"\/><\/p>\n<p>The Fed\u2019s policy decision on Dec. 18 favoured a 25bps slash. However, Fed Chair Jerome Powell expressed hawkish sentiments concerning slashing plans next year, exacerbating selloffs.<\/p>\n<p>Meanwhile, <a href=\"https:\/\/coinjournal.net\/bitcoin\/what-is-bitcoin\/\">Bitcoin<\/a> spot ETF inflows data shows outflows on Dec. 19 and 20 totalling $948.90Mn. Net inflows from Dec. 16 to Dec. 20 were $447.00Mn.<\/p>\n<p><a href=\"https:\/\/coinjournal.net\/bitcoin\/trade\/\">Bitcoin trades<\/a> at $95,700 as of publishing.<\/p>\n<p><strong>Ethereum<\/strong><\/p>\n<p>Unlike Bitcoin which maintained its bullish structure, <a href=\"https:\/\/coinjournal.net\/ethereum\/\">Ethereum\u2019s price<\/a> changed character on the H4 time frame to trend lower after testing (but failing to break) the local high at $4,096.50.<\/p>\n<p><a href=\"https:\/\/coinjournal.net\/ethereum\/what-is-ethereum\/\">Ethereum<\/a> fell from a weekly high of $4,108.82 to a weekly low of $3,098.40 before eventually closing the week at $3,470.44 (a 15.51% drop).<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" data-source=\"CoinJournal\" class=\"alignnone  wp-image-258088\" src=\"https:\/\/coinjournal.net\/wp-content\/uploads\/2024\/12\/ETHUSD_2024-12-23_10-36-04_faff1.png\" alt=\"\" width=\"863\" height=\"477\"\/><\/p>\n<p>Ethereum spot ETF inflows show a similar pattern with Bitcoin\u2019s with outflows on the last two days of the week.<\/p>\n<p>Meanwhile, Ethereum\u2019s open interest shows a steep decline correlated with price.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" data-source=\"CoinJournal\" class=\"alignnone  wp-image-258090\" src=\"https:\/\/coinjournal.net\/wp-content\/uploads\/2024\/12\/ETH-Binance.png\" alt=\"\" width=\"864\" height=\"262\"\/><\/p>\n<p><a href=\"https:\/\/coinjournal.net\/ethereum\/trade\/\">Ethereum trades<\/a> at $3,330.78 as of publishing.<\/p>\n<p><strong>Solana<\/strong><\/p>\n<p><a href=\"https:\/\/coinjournal.net\/solana\/\">Solana\u2019s price<\/a> action continued a decline that began two weeks ago after it failed to break above the all-time high of $260.02.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" data-source=\"CoinJournal\" class=\"alignnone  wp-image-258091\" src=\"https:\/\/coinjournal.net\/wp-content\/uploads\/2024\/12\/SOLUSD_2024-12-23_10-45-03_e47a9.png\" alt=\"\" width=\"868\" height=\"479\"\/><\/p>\n<p>Last week, price action traded into an internal supply zone around $227.71, continued selling to a weekly low of $175.12 and eventually closed at $194.44 (a 15.07% drop).<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" data-source=\"CoinJournal\" class=\"alignnone  wp-image-258093\" src=\"https:\/\/coinjournal.net\/wp-content\/uploads\/2024\/12\/SOLUSD_2024-12-23-H4.png\" alt=\"\" width=\"869\" height=\"480\"\/><\/p>\n<p>The demand zone around $160 (mentioned last week) remains the first logical support zone as open interest continues to fall.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" data-source=\"CoinJournal\" class=\"alignnone  wp-image-258092\" src=\"https:\/\/coinjournal.net\/wp-content\/uploads\/2024\/12\/SOL-Binance.png\" alt=\"\" width=\"867\" height=\"269\"\/><\/p>\n<p>Solana trades at $184.82 as of publishing.<\/p>\n<p><strong>Ripple<\/strong><\/p>\n<p>Since breaking previous all-time highs two weeks ago, <a href=\"https:\/\/coinjournal.net\/ripple\/\">Ripple\u2019s price<\/a> action has largely ranged between $1.89 and $2.90. However, within this range, the price has logged lower lows.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" data-source=\"CoinJournal\" class=\"alignnone  wp-image-258095\" src=\"https:\/\/coinjournal.net\/wp-content\/uploads\/2024\/12\/XRPUSD_2024-12-23_10-55-13_b1086.png\" alt=\"\" width=\"878\" height=\"485\"\/><\/p>\n<p>Ripple\u2019s price traded into an internal supply zone and broke above it on Dec. 17 but melted to a weekly low of $1.95 before eventually closing at $2.27 (a 16.42% drop).<\/p>\n<p>Ripple\u2019s open interest data shows a decline in open contracts since Dec. 3.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" data-source=\"CoinJournal\" class=\"alignnone  wp-image-258094\" src=\"https:\/\/coinjournal.net\/wp-content\/uploads\/2024\/12\/XRP-Binance.png\" alt=\"\" width=\"880\" height=\"275\"\/><\/p>\n<p><a href=\"https:\/\/coinjournal.net\/ripple\/what-is-ripple\/\">Ripple<\/a> trades at $2.21 as of publishing.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/weekly-price-analysis-yearly-selloffs-push-prices-lower\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) The crypto market spent the greater part of last week trading consistently lower. Yearly profit-taking is a major reason for price declines as institutions close positions for the year, although the Fed\u2019s hawkish stance at the Dec. 18 policy meeting also [&hellip;]<\/p>\n","protected":false},"author":3947362368,"featured_media":43914,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/43913"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362368"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=43913"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/43913\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/43914"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=43913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=43913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=43913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}