Bitcoin
BTC$70 549.88

3.00%

Ethereum
ETH$3 558.87

2.67%

Tether
USDT$0.999961

0.05%

Binance Coin
BNB$581.56

2.48%

Solana
SOL$185.81

2.06%

XRP
XRP$0.629771

3.31%

Bitcoin retreats from the upper boundary of an uptrend channel


02 Aug 2022

#Bitcoin

Bitcoin has lost 2.1% in the past 24 hours, pulling back to $22.9K. Ethereum has fallen 6.5% over the same period, to $1580. Top altcoins fell from 2.7% (XRP) to 12% (Polkadot). Total cryptocurrency market capitalization, according to CoinMarketCap, fell 3.7% to $1.05 trillion during the day. The cryptocurrency Fear and Greed Index fell further to 31 by Tuesday morning, marking the exhaustion of last week's bullish momentum.

Although BTCUSD formally rewrote local highs at the end of last month, as in two other episodes since early July, price gains are quickly losing momentum, and the surge is followed by selling pressure.

These cryptocurrency market dynamics point to a continued impressive cryptocurrency supply overhang, although Bitcoin confirmed the upward channel in July. The rate is potentially heading towards the channel's lower boundary, which now coincides with the 50-day moving average and passes near $21.7K. A decisive dip below $21.0K would be evidence of a break of this upward consolidation and could trigger a true market capitulation. For now, however, there are more signs that the market is gradually warming to buying.

Bitcoin retreats from the upper boundary of an uptrend channel

According to CoinShares, net capital inflows into crypto funds last week amounted to $81 million, of which $85 million came from BTC investments. At the same time, investments in funds, which allow opening shorts on bitcoin, decreased by $2.6 million. The total monthly inflow in crypto funds for July amounted to $474 million and was the highest in the current year.

Capriole Investments noted that the past two months had seen a capitulation in many of the most critical metrics for bitcoin. This is a great time to invest in BTC and digital assets. The crypto fund expects the next 6-12 months to provide the best opportunity to enter this market for years to come.

MineXMR, the largest mining pool in the Monero ecosystem, announced its closure on 12 August. In February, Monero community members were concerned about the concentration of mining capacity in the MineXMR pool, which carried a potential 51% attack risk.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 78.8% 43 $70 549.88 3.00% 8.27% $1 387 494 788 714 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 76.8% 48 $3 558.87 2.67% 3.84% $427 320 303 389 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.2% 1 $0.999961 0.05% 0.02% $104 450 060 275 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 60% 80 $581.56 2.48% 6.11% $86 964 779 028 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 56.8% 89 $185.81 2.06% 3.93% $82 554 709 619 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 79.6% 30 $0.629771 3.31% -0.48% $34 564 529 747 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 92.4% 2 $1.000062 0% 0% $32 292 135 993 USDC 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 64% 68 $0.219561 20.82% 46.58% $31 541 252 554 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 66% 67 $0.649764 1.83% 3.99% $23 119 704 162 ADA 7 days price change
10 Avalanche (AVAX) AVAX Avalanche predictions 59.6% 88 $54.41 1.81% 1.88% $20 533 847 583 AVAX 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 56.8% 94 $0.000032 5.79% 17.12% $18 596 655 821 SHIB 7 days price change
12 Toncoin (TON) TON Toncoin predictions 58.8% 88 $4.90 -1.11% 20.64% $17 014 430 701 TON 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 71.6% 52 $9.46 1.54% 3.44% $13 498 790 542 DOT 7 days price change
14 Chainlink (LINK) LINK Chainlink predictions 77.2% 42 $19.16 0.31% 5.06% $11 246 466 874 LINK 7 days price change
15 Bitcoin Cash (BCH) BCH Bitcoin Cash predictions 69.2% 60 $569.65 6.10% 38.03% $11 211 669 006 BCH 7 days price change

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