Bitcoin is still battling to hold on to present support as trading volume keeps dropping after reaching a high of $25k on Sunday and now sliding to the $23k lower level.
BTC and ETH are seeing single-digit percent losses this week of 3-4%, even as the cryptocurrency market’s market valuation is still above the $1 trillion mark. Judging from how the current Bitcoin and Ethereum market is going, we’ll probably see more support testing and decline till next week.
Summary:
Despite a dip near $20k and a few peaks above the $24k range, the monthly bitcoin price chart shows that the $23-$24k range is BTCUSD’s favored trading range. BTC has been trading in this range since July 27th.
While it continuously tries to surpass the $24k resistance level, bitcoin will still trade inside that range for the foreseeable future. BTCUSD keeps up with stock market price movement, closely tracking tech indices like the NASDAQ.
Sadly, Bitcoin has yet to experience major gains for the month of August despite the NASDAQ’s stellar performance this month, which saw a gain of over 25%.
Investors sentiment is still dull, seeing how hesitant they are in opening BTC long-term bullish positions. This is due to news of miners Losing significantly in the last quarter. Notably, over $1 billion in losses were recorded between four prominent miners.
The crypto winter this year has cost Coinbase’s Q2 earnings a loss of around $1.1 billion, as opposed to a profit of nearly $1 billion made during the same period last year.
Despite these uncertainties around the crypto market, Bitcoin has maintained trading inside the usual range without further declines. Also, the cryptocurrency markets are still above the $1 trillion market cap. The longer BTCUSD maintains this support, the more likely it is tol attempt breaking its three-month high of $30k once it breaks past this $25k zone.
Bitcoin’s Fear and Greed Index now settles on 30 after hitting 46 a few days ago when Bitcoin touched $25k levels. This clearly shows the market isn’t yet stabilized as suggested by many market observers.
Once Bitcoin breaks the $30k mark in the next weeks, many retail investors will be forced into the market, causing FOMO, which will drive the cryptocurrency even higher. Thereby, starting off a significant bull run or maybe a relief rally.
Big things are coming for Ethereum, with its most anticipated upgrade coming up in September. The Network’s upgrade from a proof-of-work to a proof-of-stake. Ether might potentially record a significant price increase.
Currently, Ethereum is posing serious threats to Bitcoin due to the upcoming Merge update. Ethereum’s next significant bull run may be imminent, forcing it to surpass Bitcoin per market cap. This is known as “The Flippening,” thereby making ETH the largest sustainable blockchain.
Considering how quiet the cryptocurrency market is right now, this could be a great time to start long-term positions in underappreciated projects. The current low pricing is fantastic for long-term holdings if you’re hoping to invest in virtual property, NFTs, and the Metaverse.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any Web3 tokens.
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