Bitcoin’s recent volatility has put Chainlink (LINK) at risk of an 18% drop, with negative netflows and strategic positioning by whales signaling potential further declines. As Bitcoin’s price prediction suggests a potential crash to $54,000 amid ongoing market uncertainty, investors are bracing for continued turbulence.
Meanwhile, DigiHorse Empires is gaining traction in the crypto market as a premier Web3 gaming platform. Its native token, DIGI, has captivated investors during its presale phase, with experts and analysts optimistic about its growth potential.
Bitcoin’s CPI-Driven Volatility and Open Interest Decline
Bitcoin (BTC) continues to face significant headwinds following the release of the latest US Consumer Price Index (CPI) data, which revealed a 4% retreat in the cryptocurrency’s value, bringing it down to $58,730. This correction highlights the market’s sensitivity to economic indicators, with major altcoins like Ethereum (ETH), Solana (SOL), and Ripple (XRP) also experiencing declines of 4%, 3.1%, and 1.6%, respectively.
After briefly rallying above $61,000 and nearing $62,000 resistance ahead of the CPI data release, Bitcoin has struggled to maintain momentum. The Bureau of Labour Statistics (BLS) reported inflation cooling to 2.9% annually, with Core CPI steady at 3.2%, leading to speculation that the Federal Reserve might cut interest rates by 25 basis points in September. While this could ease pressure on risk assets like Bitcoin, the immediate reaction has been sell-side pressure, pushing BTC below $60,000.
The Bitcoin price prediction suggests further declines, potentially dropping to $54,000 before any significant recovery. This outlook is supported by data from Coinglass, which showed a 5% decline in CME BTC futures open interest (OI) to $8.36 billion, signaling a lack of confidence among traders. Historical trends indicate that Bitcoin tends to fall when CME futures OI decreases, further supporting the bearish outlook.
Bitcoin currently holds above a critical support zone identified by IntoTheBlock’s IOMAP model, ranging between $54,955 and $56,695. Here, approximately 874.5k addresses purchased 585.78k BTC, creating demand that could push the price toward $70,000. However, a significant resistance zone lies between $63,728 and $65,468, where 1.61 million addresses bought 944.51k BTC.
LINK’s Potential 18% Drop
Chainlink (LINK) is currently experiencing market indecision, with its price hovering around $10.37, reflecting a 1.8% drop during the New York trading session. Investors are torn between accumulating more tokens and offloading their holdings in anticipation of a potential 18% price drop. Despite this uncertainty, several large holders, or “whales,” on centralized exchanges are strategically setting buy limit orders at key price points, anticipating a deeper dip.
The overall trend for LINK appears bearish, as the price struggles to break above critical resistance levels marked by the 50 EMA (green line) and 21 EMA (red line). The 200 EMA (black line) remains positioned well above the current price, reinforcing the downward trend. Should the bears push the price lower, LINK could find support around $9.00, a level aligned with previous lows.
Chainlink’s price action also displays indecision, with small-bodied candles forming near the apex of the current chart pattern. This typically signals a potential breakout, though the direction remains uncertain. The formation of a bear pennant on the daily timeframe further suggests a higher probability of a breakdown, which could exacerbate the bearish sentiment.
DigiHorse’s DIGI Token Set to Soar in Crypto Market with Impressive Presale
DigiHorse Empires is making a significant mark in the cryptocurrency landscape with its native token, DIGI, currently priced at just $0.00333 during its vibrant presale phase. The platform has launched an ambitious offering of 450 million DIGI tokens at $0.003333 each, with experts predicting a monumental price jump to $0.075 post-listing, which could translate into a remarkable 2,150% gain for early investors.
As part of its strategy to expand its footprint, DigiHorse is preparing for a major launch across several high-profile exchanges, aiming to debut on at least two top-tier platforms. This move is poised to greatly enhance DIGI’s visibility and accessibility, propelling it further into the crypto market’s spotlight.
Adding to its strategic initiatives, DigiHorse has forged partnerships with major gambling companies, widening its user base and diversifying its revenue streams. These collaborations are expected to leverage the platform’s play-to-earn model, which allows users to earn real income through various in-game activities.
Learn More About the Thrilling Opportunities of DigiHorse ($DIGI) Presale Now!
Website: www.digihorseempires.com
Twitter: DigiHorse Empires
Telegram: DigiHorse Empires Official
Presale: Join Now
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
