Bitcoin
The value of bitcoin for the week of July 28 to August 4, 2023 changed purely symbolically. The decrease amounted to 0.35%. Meanwhile, only on Tuesday, Aug. 1 and Wednesday, Aug. 2, BTC showed gains of more than 0.5%.
Source: tradingview.com
There is little or no momentum. The crypto industry has not seen any revolutionary upheavals recently. Withdrawal of crypto assets from exchanges continues. At least from the American. At the same time, the trend on Korean exchanges UpBit, Bithumb and CoinOne is the opposite – there is an increase in activity.
The trend is opposite – there is an increase in activity.
CCData. cited by CCData;
Interestingly, according to the same platform, demand for BTC options grew by 16.6% in July. Such dynamics is observed for the first time in four months. According to
According to the platform’s specialists, large players are trying to hedge their positions in this way, as market uncertainty remains quite high.
In addition, there is still no clarity on how the situation with spot bitcoin ETFs will be resolved. While the head of the Securities and Exchange Commission (SEC) is clearly reluctant to approve them, he is clearly under political pressure to do so. After all, he did not recognize BTC as a security. And since this is the case, there is no reason to refuse large companies. This is the position expressed by Raoul Pal, CEO and co-founder of the publications
Real Vision Group and
Global Macro Investor.
From a technical analysis perspective, bitcoin investors are now dominated by bears. This is evidenced by the fact that price has fallen below the 50-day moving average (indicated in pink). The support level is around $28 500, the low of the past week. The $31 818 resistance level is the 2023 high.
Source: tradingview.com
The Fear and Greed Index showed a two-point increase from the previous week s reading. The value as of August 4, 2023
is 54, which continues to indicate neutral sentiment.
Ethereum
Ethereum has shown slightly more momentum compared to bitcoin. The second most capitalized cryptocurrency fell 2.1% this week. ETH failed to consolidate above $1 900 and is now quite close to reaching $1 800.
Source: tradingview.com
Vitalik Buterin’s brainchild has similar dynamics to BTC. Companies have begun
apply for registration of ETFs on ETH. ProShares was another such organization this week. This brings the total number of applications to 11. However experts are quite skeptical about these attempts. For example, Bloomberg analyst James Seyffart (James Seyffart) is confident: by the end of next week, all applications will be withdrawn. Now the companies have simply
have shown their willingness to develop in this direction, which will be done again in the future.
In addition, by the end of July, interest in steaking had also declined. While on July 28 the volume of
deposited ether amounted to 141 600, the figure of August 2 was more than five times lower – 27 648.. This could signal: investors prefer to play their card in the short term rather than hold the cryptocurrency for the long term.
In terms of technical analysis, ether is sideways, but bearish trends prevail. Price fell below the 50-day moving average (indicated in pink). If the support level around $1 815 is broken, the coin is likely to drop even lower. Growth can be thought about only after overcoming the resistance level around $1 900.
Source: tradingview.com
Litecoin
Litecoin performed worse than bitcoin and ether, falling by 9.24%. That said, as the week progressed, the LTC koin was worth more than $100 at a moment’s notice. However sessions on Wednesday, Aug. 2 and Thursday, Aug. 3 drove the price below $90.
Source: tradingview.com
The main event, probably for the entire crypto industry, was the halving of Litecoin. The result was a reduction in the reward to cryptocurrency miners to 6.25 LTC, down from 12.5 LTC. It would seem that mining Litecoin has become more difficult. Essentially, supply has decreased, price must increase. However there was nothing of the sort in sight. Apparently the demand for digital silver isn’t so great right now.
Interestingly, crypto analyst Benjamin Cowen has predicted the Litecoin movement. From his point of view, the cryptocurrency should have reached its peak in June-July 2023, but at the moment of halving, the enthusiasm of the bulls is drying up. According to Cowan, further growth should not be expected until 2025 at the earliest. He draws his conclusions
draws his conclusions based on Litecoin’s historical post-halving behavior.
From the point of view of technical analysis, there is no growth picture for digital silver yet. If we look at the weekly chart, a possible support would be the level around $71-$72, with resistance at $105.67.
Source: tradingview.com
Thus, cryptocurrency rates continue to decline very slowly. The situation with bitcoin and ether ETFs is still in limbo, which doesn’t add to the bulls’ resolve. Litecoin, on the other hand, hasn’t even been helped by the halving.
This material and the information in it does not constitute personalized or other investment advice. The opinion of the editorial staff may not coincide with the opinions of the author, analytical portals and experts.