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Bitcoin fell Wednesday morning in Asia to trade below US$26,000. Ether also dropped to near the US$1,600 support level as all other top 10 non-stablecoin cryptocurrencies traded flat to lower. Solana\u2019s SOL led the losers. The Forkast 500 NFT index declined, while a former manager at NFT marketplace OpenSea received jail time for insider trading. U.S. stock futures edged higher after Wall Street closed mixed on Tuesday. S&P Global Ratings joined the Moody\u2019s ratings agency in downgrading a number of U.S. banks.<\/p>\n
Bitcoin dipped 0.71% in the last 24 hours to US$25,946.61 as of 07:20 a.m. in Hong Kong and lost 11.05% for the week, according to CoinMarketCap<\/a> data. The world\u2019s leading cryptocurrency has been trading around the US$26,000 mark this week following a near 10% slide last Friday. But it reached a 24-hour low of US$25,520.73 on early Wednesday morning.<\/p>\n After the previous week\u2019s nosedive, some crypto analysts are predicting further losses. Social media commentator Ali Martinez put the token\u2019s new key support level at US$25,400<\/a>. Keith Alan, co-founder of analytics firm Material Indicators, put it as low as US$25,000<\/a>. Both Martinez and Alan said losing the key support level could drive the token to a new low in the US$20,000 range.<\/p>\n \u201cBitcoin prices falling below a US$25,000 support level could be considered a bearish indicator, from a technical perspective, as it may signal a general uptrend reversal,\u201d Wade Guenther, partner at U.S.-based asset management firm Wilshire Phoenix, said in an emailed comment.<\/p>\n Meanwhile, Bitcoin\u2019s technical indicators including the Relative Strength Index (RSI<\/a>) and the Moving Average Convergence Divergence (MACD<\/a>) suggest the token\u2019s price could be oversold.<\/p>\n \u201cThe 50-day moving average (MA) has begun to sharply diverge towards the 200-day MA. Generally, it could be considered a bearish signal if the 50-day MA crosses below the 200-day MA,\u201d added Guenther.<\/p>\n On the regulatory front, investors await a much-anticipated verdict in the lawsuit between Grayscale Investments and the U.S. Securities and Exchange Commission (SEC). Grayscale has applied for permission from the regulator to convert its Bitcoin trust product (GBTC) to a spot Bitcoin exchange-traded fund (ETF). However, the decision was delayed<\/a> twice last week.<\/p>\n That delay added to the delays of other Bitcoin applications. On Aug. 11<\/a> the SEC delayed its decision on the ETF application submitted by Cathie Wood\u2019s Ark Invest.<\/p>\n Elsewhere, decentralized finance (DeFi) platform Balancer reported Tuesday that it had detected a vulnerability affecting several of its liquidity pools.<\/p>\n