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Cryptocurrencies Can’t Gain Momentum
The sideways movement in the price of Bitcoin continues, and the king of cryptocurrencies is soon expected to experience a breakthrough. In the past, we have seen significant market fluctuations following periods of shallow volatility like this. It seems likely that a similar process will begin soon. So, how did cryptocurrencies start the new day?
This week, the Core Personal Consumption Expenditures (PCE) data, which is extremely important for the Fed, was announced. Despite falling below expectations, the price of Bitcoin, which failed to rise, is exerting negative pressure on the rest of the market. We haven’t seen any significant movements above $29,500 for BTC in days. Although the price has been trying to surpass this level, it has been met with selling pressure. This indicates a further weakening of the belief in an upward trend in the market.
The 7-day average spot volume of Bitcoin hit a two-year low yesterday. It is also important to remember that summer months usually pass like this as well. The motto of “sell and go on vacation” that started in May and the possibility of August passing in the same way due to regulatory concerns are likely. Another reason for the low volume is the reduction of market makers’ activities. Jump Crypto and many other major market makers have decided to reduce their presence in the crypto market. We have been witnessing the impact of this decision with low volumes since May.
Bitcoin and Altcoins
At the time of writing, BTC is finding buyers at $29,316. While BTCD has dropped to 48.1%, ETH remains at almost the same price as yesterday. On a weekly basis, BTC, ETH, and BNB have not experienced any significant gains or losses. XRP Coin, affected by the general market negativity, interrupted its rally and lost 3.45% of its value in the past 7 days.
On the other hand, DOGE continues to offer alternatives in the midst of a boring market, as it has risen above $0.08 again. The conversion of Twitter and the surprise plans that Elon Musk has said will be announced soon may support an increase in the short term. However, it seems that the realization that these surprise plans are unrelated to DOGE could be a good excuse for profit-taking.
As we announced earlier this week, Shiba Coin initiated the rise indicated by on-chain signals. The price has seen a 10% increase on a weekly basis and a 5% increase on a daily basis. The Shibarium story could bring further increases.
