Bitcoin price poised for relief rally before continuing downtrend
Bitcoin's (BTC) price is recovering from initial weekly losses after a 7% drop on Monday, trading 3.8% higher at $57,245 at the time of writing on Thursday. Meanwhile, Metaplanet secured a ¥1 billion loan at a 0.1% Annual Percentage Rate (APR) on Thursday to fund additional Bitcoin purchases. However, on-chain data shows negative funding rates, indicating prevailing bearish sentiment and the dominance of short sellers. This suggests that the broader downward trend may continue in the coming days.
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Toncoin price surges 11% as Binance announces listing
Toncoin (TON) trades 11.8% higher at $6.07 on Thursday following Binance’s announcement of the TON token listing. TON’ price retested the daily support level at $4.83 on Monday and surged 9.5% the following day, as on-chain data also reveals a capitulation event that day, suggesting the potential for a rally in the coming days.
XRP and Toncoin enjoy some good news
The crypto market has been quietly hovering around the $2 trillion mark for the past two days. However, this could be a base formation followed by an upside momentum as the market recovers from the shock sell-off since early August. This sell-off has been closely linked to the sell-off in BTC and ETH due to their close ties to institutional holders.
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Bitcoin: Can BTC rebound from the recent market challenge?
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