Bitcoin retreats from the upper boundary of an uptrend channel
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.
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.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 91.6% | 12 | $27 080.57 | 0.50% | 1.41% | $525 120 984 052 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 94% | 5 | $1 893.90 | 1.22% | 3.85% | $227 727 252 078 |  |
|
| 3 |  USDT |
Tether predictions | 93.2% | 1 | $1.000298 | 0.02% | 0% | $83 274 522 418 |  |
|
| 4 |  BNB |
Binance Coin predictions | 91.6% | 2 | $306.98 | 0.53% | 0.34% | $47 844 502 244 |  |
|
| 5 |  USDC |
USD Coin predictions | 96% | 1 | $1.000012 | 0% | 0% | $28 940 996 302 |  |
|
| 6 |  XRP |
XRP predictions | 80.4% | 40 | $0.518733 | 2.48% | 12.36% | $26 965 484 878 |  |
|
| 7 |  ADA |
Cardano predictions | 94% | 7 | $0.375804 | 2.71% | 4.65% | $13 110 576 749 |  |
|
| 8 |  STETH |
Lido stETH predictions | 90.8% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 9 |  DOGE |
Dogecoin predictions | 85.6% | 14 | $0.072136 | 0.28% | 2.18% | $10 070 286 642 |  |
|
| 10 |  SOL |
Solana predictions | 82% | 27 | $21.12 | 2.00% | 9.24% | $8 375 768 500 |  |
|
| 11 |  MATIC |
Polygon predictions | 81.6% | 31 | $0.897462 | 0.39% | -0.66% | $8 327 966 768 |  |
|
| 12 |  WTRX |
Wrapped TRON predictions | 80.8% | 34 | $0.076148 | 1.38% | -0.10% | $7 742 460 822 |  |
|
| 13 |  TRX |
TRON predictions | 78.4% | 33 | $0.076534 | 1.77% | 0.53% | $6 903 793 375 |  |
|
| 14 |  LTC |
Litecoin predictions | 81.6% | 38 | $94.27 | -0.39% | 8.09% | $6 887 309 688 |  |
|
| 15 |  DOT |
Polkadot predictions | 90% | 8 | $5.23 | -0.18% | 0.15% | $6 226 557 990 |  |
