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The crypto market has already shown signs of uncertainty in the first half of the week.

Bitcoin has retraced slightly along its current price channel, but this pullback has significantly less volume and a smaller range.

Bitcoin’s current performance is consistent with uncertainty over whether it will continue to rise or turn around.

Some analysts expect the market will continue to look for more downside as the Fed ramps up quantitative easing.

This outcome is expected to continue to put more pressure on risky assets such as Bitcoin,

On the other hand, BTC saw a sharp rally following the results of the last FOMC meeting.

These contrasting scenarios ultimately lead to widespread unpredictability. Bitcoin’s Aug. 4 price of $22,863 was right in the middle of its current support and resistance range.

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BTC’s MFI indicator has stabilized around 50%, and the RSI is showing similar results.

This reflects a reduction in outflows, and a closer look at Bitcoin’s on-chain metrics may be helpful in understanding the market.

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During the bearish retracement, whales have been increasing their balances, supporting their current range.

Addresses holding more than 100 BTC rebounded from a monthly low of 15,819 on July 28 to 15,856 on June 3.

Source: Glassnode

Bitcoin’s dormancy indicator also shows that most of the Bitcoin accumulated especially at the end of July has not moved.

The dormancy indicator is now near its lowest level in four weeks. This suggests that most BTC holders are optimistic about the potential upside.

BTC’s decline in realized profits in the first week of August confirms the accumulation around current price levels.

It saw a strong surge near mid-July as investors cashed out after the last rally. The futures market has not been left behind by this wave of demand.

The futures open interest indicator has risen significantly over the past four weeks.

Source: Glassnode

These observations explain Bitcoin’s rising floor price. Whales accumulating BTC is a potentially healthy sign for bulls.

However, the market is still waiting for the uncertainty to clear, which means a bearish outcome is still highly likely.

Bitcoin could retest its current ascending support line over the weekend.

However, its ability to bounce back will depend on whether the market will depend on current sentiment. Mode disruption may also be just around the corner.

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