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- Bitcoin Dips Into August, Are The Bulls Hibernating? | Daily News 2/8/22
Bitcoin Dips Into August, Are The Bulls Hibernating? | Daily News 2/8/22
The crypto markets continue to slip down 📉 in value throughout the start of August, despite the last few weeks of bullish action where we saw Bitcoin hit highs of over $24K, closing the month in the green 🟢 for the first time in 3 months! Altcoins, of course, have also slipped down where the majority are in the red bar a few notable exceptions. Where is the market going? 🤔
📊 Stock futures were lower early this morning after a new month of trading kicked off for the global markets. Futures tied to the Dow were 0.28% lower, while the S&P 500 futures and Nasdaq futures dipped 0.38% and 0.39%, respectively.
Let’s try to make sense of what is happening below! 👇
The biggest crypto by market cap Bitcoin (BTC), is down over 7.5% since its recent top of over $24,600 and is now currently valued at $22,896. This decline has lasted a few days, making a pretty slow start for August, especially after a great end of the month of July! 😯
The BTC/USDT chart on an hourly time frame shows the slow start of August as the price declines.
☝️ As you can see from the chart above, we have formed a new bearish trendline that the price is sticking quite closely to at the moment, as well as being under the 100-day moving average.
To see any 📈 upside action, we would ideally like to break these recent trend developments from a technical analysis perspective, otherwise, further downside is likely. We are currently very close to the immediate support level of $22860 and a break of $22,500 to the downside could bring BTC back to its earlier months’ lows.
📄 We also need to take into account the news, data, and developments this week from a global perspective, especially the NFP which is out on Friday. When this data is out, then more market volatility will arrive; but in which direction? We will be closely monitoring this for you and bring you the latest when we have it!
📺 Did you catch our crypto market analysis today on our YouTube channel? If not, come and check it out now and hear more details about the market as I see it.
Ethereum (ETH) is still holding up relatively well 💪 considering how Bitcoin has been declining over the last few days. Of course, ETH has dropped also but relative to price range and movement, not as hard as the ‘King of Coins’ Bitcoin. 🔻 ETH is down about 5% in the last 24 hours and is currently valued at $1573 and the next support that there is if it breaks its current support is at $1530.
🔴 As for the other altcoins in the market, everything is pretty much in the red still, with ApeCoin (APE) and Eos (EOS) declining by about 10% and 11%, respectively.
🟢 Noteworthy alts that are performing generally well considering, is Chiliz (CHZ) with an increase of 6.3% in the last 24 hours and Naga Coin (NGC) with a 2% increase in price.
📊 Stock futures were lower early this morning after we started a new month of trading leading to futures tied to the Dow being 0.28% lower, while the S&P 500 futures and Nasdaq futures dipped 0.38% and 0.39%, respectively.
📅 The beginning of August hasn't shown the strength that we have been seeing in recent weeks. The rally we saw just a week or so ago, was due to the uncertainty of some negative data being released and impactful events happening and there seems to be a lack of buyers leading into these types of events.
💲 As for the DXY (US Dollar Strength Index), we are seeing it so far today start to turn around and increase which, if it is to continue, then it will be harder for Bitcoin or anything else that trades against the dollar ,to breakout to the upside. However, it is worth mentioning that until yesterday, the DXY was declining alongside Bitcoin…..coincidence or BTC’s original narrative coming into play?! 🤔
👉 To get a more in-depth analysis of the crypto markets and global economic environments, check our video here in which I go through with you my current analysis and share with you my charts and insights.
- Bitcoin started the month in a decline, after a strong end to July.
- Alts are following suit, but ETH is certainly performing and holding up pretty well considering.
- We have the JOLTS Job Openings today to keep an eye out for.
- Check out today's market analysis video on our YouTube channel!
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