Bitcoin (BTC) Could See ‘One Final Step’ Before Things Turn ‘Shady’, Says Analyst

Major currencies were trading in negative territory Monday evening as the global cryptocurrency market cap fell 0.6% to $1.08 trillion at the time of writing.

Major currency price performance
Currency 24 hours 7 days price
Bitcoin Bitcoin / US Dollar -0.7% 10.1% 23212.12 dollars
Ethereum ETH / USD -3.1% 14.8% $1,635.31
Dogecoin DOGE / USD -0.45% 10.8% 0.06833 USD

Top 24 Hour Gainers (data via CoinMarketCap)
Cryptocurrency Change by 24 hours (+/-) price
Chili’s (CHZ) + 18.6% $0.15
theta network (theta) + 11.5% 1.5 dollars
expensive (extra) + 8.1% 0.06 dollars

See also: Best interest rates on the US dollar

why does it matter: Bitcoin and Ethereum were in the red at press time.

The major currency continued to track stocks, with S&P 500 and Nasdaq futures down 0.2% each, respectively.

The beginning of August lacked the abundance of the last week of July. The analyst at Global Block said that this rise was due to the uncertainty on the back of “potential negative data being released, or the occurrence of an impact event.” Marcos Sotero In a note seen by Benzinga, adding that a shortage of buyers leads to such events.

“In addition to market pricing in bad news, there is another reason, in my opinion, why global markets rebounded last week,” Sotiriou said.

“The stock market hit its lows in every recession when the Fed switched — by a radical change, I mean moving from a stance of monetary policy tightening to accommodative monetary policy (this could be pausing price hikes or even reintroducing rate cuts). “

“Many buyers are starting to price in the possibility of the Fed’s turnaround in the coming months,” Sotirio said.

OANDA Senior Market Analyst Edward Moya Wall Street said he still had the mindset that the recent stock market gains were just a “bear market rally”.

Regarding the rate hike path, Moya said, “The data-driven Fed is still in a good position to deliver another significant rate hike, but expectations are for it to solidify at a much slower pace after the FOMC decision in September.”

The data across the chain remains “lack” and the rally in late July “has not yet seen a convincing follow-up in notable demand activity,” Glassnode wrote in a weekly blog post.

“Bitcoin blocks are partially empty, Ethereum gas prices are at multi-year lows, and the EIP1559 burn rate is at an all-time low,” the on-chain analysis firm said. EIP1559 is a reference to the Ethereum fee burning mechanism.

As an example of the lackluster activity on the chain, Glassnode shared an “active address count” in Bitcoin, which the company said has held steady in a well-defined downtrend channel.

“With the exception of a few sharp spikes in activity during major capitulation events, current network activity indicates that there is still little new order flow to date.”

Bitcoin: Number of Active Addresses, Courtesy – Glassnode

Cryptocurrency Dealer Justin Bennett He wrote on Twitter that total market capitalization could see “finally little progress” before “things get suspicious again”. The analyst says $1.15 trillion is the level to watch.

my neighbor Ali Martinez He said Bitcoin is on top of stable support between $17,000 and $23,000 as 3.4 million addresses bought $2.14 million of the major coin. The significant resistance level is between $31,000 and $41,000, where 5.37 million addresses previously bought 2.55 million bitcoins.

read the following: Vitalik Buterin calls Michael Saylor the ‘total clown’ of Bitcoin

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