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Market Watch Aug 5: Bitcoin retests $23,000, more uptrend expected.

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Bitcoin moved up from yesterday’s $22,000 mark and is currently holding onto $23,146. And its gained slightly 0.14% in the last 24 hours. It seems the popular cryptocurrency has taken a slow and steady approach, testing and retesting levels to find support.

Ethereum is also up by 0.14% in the last 24 hours and is changing hands at $1,656. The second most popular cryptocurrency continues to show strength in the market. Analysts expect the maintenance above $1,500 continues to be bullish in the short term. It has been sticking to the $1,500 – $1,7000 mark as the network prepares for the much-anticipated Merge is scheduled for September.

Coming back to the king of cryptocurrencies, BTC has stopped bullish production. It has been displaying erratic behavior since it crossed over the $21,000 barrier in July-end. Bitcoin’s non-consistence could signal disinterest amongst short-term bulls and bears. The Bitcoin Volatility Index (BVIN), as per the on-chain analysis indicator, confounds the unpredictability that continues to plague the crypto asset. There’s declining volatility in net and cumulative volume and a steadily decreasing 50-day exponential moving average. Analysts believe a sideline approach may be justified for weeks till something solid comes along.

Meanwhile, for the last week, BTC funding rates have been more optimistic than in previous weeks. It had to maintain its positive at neutral for the seven days, and there has been no single day in the week that funding rates dropped below neutral. The funding rates have consistently remained, for the first time since March, above the negative level for a whole week.

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