Bitcoin (BTC) Trade Hesitation Could Signal Return of ‘Good Times’, Analyst Says

Major currencies traded lower Tuesday night as the global cryptocurrency market capitalization fell 0.5% to $1.07 trillion at press time.

Price performance of major coins
Currency 24 hours 7 days Price
Bitcoin USD/BTC -two% 7.7% $22,841.31
Ethereal EUR/USD -two% 11.3% $1,609.74
doecoin DOGO/USD -two% 7.6% $0.07
Top 24-hour gainers (data via CoinMarketCap)
cryptocurrency 24 hour % change (+/-) Price
Lido DAO (I DO) +12.5% $23
Chronos (CRO) +6.6% $0.15
Oasis Network (ROSE) +9.1% $0.09

See also: How to get free cryptocurrencies

Because it is important: Risk assets were seen in negative territory on Tuesday night, with two of the largest cryptocurrencies in the red. The S&P 500 and the Nasdaq closed down 0.7% and 0.2%, respectively. His futures were largely flat at press time.

Bitcoin’s third consecutive daily decline could be an indication that “recovery momentum is waning,” he wrote. craig erlamSenior Market Analyst at OANDA.

His move will likely “ultimately depend on inflation,” the Federal Reserve and any troubling news, he said.

“Perhaps the hesitation is a sign that traders are not confident that this is a bottom and the start of good times coming back.”

An important piece of news that may be related to the price of Bitcoin is the exit of Michael Saylor as executive director of Embedded MicroStrategy MSTR — the American company with the largest share of Bitcoin.

Saylor will continue at MicroStrategy as CEO, as he said the change will allow him to focus on the company’s Bitcoin acquisition strategy, while company chairman Phong Le take the reins.

The company on Tuesday revealed an impairment charge of almost $918 million on its BTC treasury reserves during the second quarter, as the price of the main coin declined during that period.

The visit of the president of the House of Representatives of EE.UU. Nancy Pelosi to Taiwan is spurring risk aversion, which in turn buoyed the dollar index, which was up 0.24% intraday at 106.49, at press time.

cryptocurrency trader justin bennett he said that crypto bulls will want the dollar to break from intraday lows of 105.05 to “expose 103”.

“Tough times for risk assets while this is intact,” Bennett said in a tweet.

Bitcoin is testing resistance, according to chart Ali Martinez and a “clean close” above $23,530 will allow it to retest the $24,400 supply zone.

On the Ethereum side, transaction fees have remained “ultra-low” even as the price of the second-largest cryptocurrency surged since mid-June, Santiment said.

“Little circulation has played a part in lowering costs, and fares can be expected to remain reasonable until a considerable degree of [FOMO] activates in the crowd,” the market intelligence platform said in a tweet.

At press time, the average Ethereum transaction fee was $0.0014 or $2.28, according to data from BitInfoCharts.

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