Tuesday, February 27, 2024

Market Watch Aug 3: Bitcoin yet to find a breakthrough, uncertainty remains.

Bitcoin is looking for a breakthrough from the crucial $22,500 level and it’s likely to happen soon but uncertainty remains. Word is that investors are pricing higher odds of a downturn. The main source of investors’ distrust is crypto’s correlation to traditional assets. And this comes especially at a time when pricing in recession risks and tensions are running high between the US and China with House Speaker Nancy Pelosi visiting Taiwan.

Last week, the US Federal Reserve’s interest rate hikes to control inflation brought more uncertainty for risk assets. It somewhat limited Bitcoin’s price recovery. Despite it all, investors hope for a soft landing – the Federal Reserve will gradually revoke its stimulus activities without causing much unemployment or recession.

Bitcoin price is currently trading at $22,857, while Ethereum is up 2.25% in the last 24 hours and changing hands at $1,618. The altcoins have seen slight gains. Ethereum Classic (ETC) is the biggest gainer – up by 10.70%. Polygon MATIC gained 3.23%, Polkadot 2.43%, and Avalanche 2.38%. Solana (SOL) is the biggest loser. It’s down by 4.41% in the last 24 hours. Ripple’s XRP is also down by 0.47%.

Meanwhile, analysts expect BTC to make a run for the $25,200 – $26,400 zone. An uptrend is predicted with extreme erratic behavior. Glassnode highlighted the popular cryptocurrency’s weak transactions and demand for block space like the 2018-19 bear market. It says a trend-breaking pattern would be required to indicate new investor intake. The analytical firm said active addresses breaking above 950,000 would suggest an uptick in on-chain activity. This means potential market strength and demand recovery.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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