Crypto Market Takes a Dip Despite Fed's Rate Cut

The crypto market is not responding positively to the Federal Reserve's recent rate cut. Even though the Fed lowered interest rates, Bitcoin and Ethereum have both dropped in value. The overall market is down by 2. 25% from the previous day, totaling $3. 07 trillion. Traditional markets, like the S&P 500 and Nasdaq, saw gains after the rate cut. However, the crypto market did not follow this trend. This difference might mean that traders are rethinking future financial conditions, even with lower borrowing costs. Most of the crypto market is currently losing value, with some of the top 10 cryptocurrencies by market cap seeing double-digit losses. Bitcoin's price is currently at $89, 977, down 2. 24% in the last 24 hours. It reached a high of $92, 103 before dropping back towards the important $90, 000 mark. This suggests that the recent price increase might not be a long-term trend change. Bitcoin's price is following a downward trend that started after its peak in October around $126, 000. It's struggling to stay above the $90, 000 level. Looking at technical indicators, Bitcoin's price is below its 50-day and 200-day exponential moving averages, a pattern known as a death cross. This usually signals a bearish trend. The Relative Strength Index (RSI) is at 44. 23, indicating more selling than buying. The Average Directional Index (ADX) is at 28. 15, confirming a strong downward trend. Despite the bearish signs, many traders on Myriad, a prediction market, are still optimistic. 69% of them believe Bitcoin will reach $100, 000 before dropping to $69, 000. Additionally, 90% of traders on Myriad think that a crypto winter is not coming. Ethereum is also struggling, down 4. 40% to $3, 178. 8 today. It opened at $3, 324. 3 and dropped to a low of $3, 146. 4 before stabilizing slightly. Ethereum's price almost set up a golden cross, which is a bullish signal, but it failed to do so. This suggests that despite a brief show of strength, the long-term bearish trend remains. The RSI for Ethereum is at 51. 24, which is neutral. This means neither bulls nor bears have a clear advantage. Many technical indicators suggest a bearish trend, but sentiment on Myriad is shifting to a more bullish outlook.