Market overview
Bitcoin (BTC): $52,886.57 (-12.41%)
Bitcoin Dominance: 57.28%
Fear and greed Index: 26 (fear)
WHAT HAPPENED?
Since the beginning of last week, bitcoin has lost more than 28% in price. This was influenced by weak macroeconomic indicators, investors' fear of recession, the tense situation in the Middle East, as well as the expectation of compensation payments from the bankrupt MT.Gox exchange.
In 2010-2014, Mt.Gox was the largest crypto exchange in the world — it accounted for more than 50% of the total bitcoin trading volume. However, after a series of hacker attacks, about 850 thousand BTC were stolen.
The exchange stated that 17 thousand of the 24 thousand customers have already received compensation in bitcoin. And according to Bloomberg, it was the sale of returned assets that contributed to such a rapid decline in the first cryptocurrency.
Now let's turn to the chart. We've broken through all significant buy zones and updated the global sideways Low. Now we have large volumes, which are recorded precisely at the moment of breaking through and updating the lower level of the flat. The last time such a large volume was observed was in April 2024.
WHAT WILL HAPPEN: OR NOT?
Usually, after such commotions, it's possible to stay in the sideways for a long time, which will give the market the opportunity to accumulate new liquidity for further movements.
The maximum trading volumes were held in two zones: $55,400-$53,900 and $52,000-$50,000, rotation is possible within these marks.
The long scenario is still a priority, but consolidation below $49,000 may lead to a more protracted bearish trend.
Buy zones: $48,000-$47,000 (pushing volumes), $44,000-$41,600 (accumulated volumes).
The most important sell area that we need to overcome is $53,900-$55,400.
IMPORTANT DATES
This week we're following these macroeconomic events:
• Monday, August 5, 13:45 (UTC) — purchasing managers' index (PMI) in the services sector for July;
• Monday, August 5, 14:00 (UTC) — ISM purchasing managers' index for the non-manufacturing sector of the USA for July;
• Thursday, August 8, 12:30 (UTC) — the number of initial applications for US unemployment benefits;
• Friday, August 9, 06:00 (UTC) — German consumer price index for July.
*This post is not a financial recommendation. Make decisions based on your own experience.
Bitcoin Dominance: 57.28%
Fear and greed Index: 26 (fear)
WHAT HAPPENED?
Since the beginning of last week, bitcoin has lost more than 28% in price. This was influenced by weak macroeconomic indicators, investors' fear of recession, the tense situation in the Middle East, as well as the expectation of compensation payments from the bankrupt MT.Gox exchange.
In 2010-2014, Mt.Gox was the largest crypto exchange in the world — it accounted for more than 50% of the total bitcoin trading volume. However, after a series of hacker attacks, about 850 thousand BTC were stolen.
The exchange stated that 17 thousand of the 24 thousand customers have already received compensation in bitcoin. And according to Bloomberg, it was the sale of returned assets that contributed to such a rapid decline in the first cryptocurrency.
Now let's turn to the chart. We've broken through all significant buy zones and updated the global sideways Low. Now we have large volumes, which are recorded precisely at the moment of breaking through and updating the lower level of the flat. The last time such a large volume was observed was in April 2024.
WHAT WILL HAPPEN: OR NOT?
Usually, after such commotions, it's possible to stay in the sideways for a long time, which will give the market the opportunity to accumulate new liquidity for further movements.
The maximum trading volumes were held in two zones: $55,400-$53,900 and $52,000-$50,000, rotation is possible within these marks.
The long scenario is still a priority, but consolidation below $49,000 may lead to a more protracted bearish trend.
Buy zones: $48,000-$47,000 (pushing volumes), $44,000-$41,600 (accumulated volumes).
The most important sell area that we need to overcome is $53,900-$55,400.
IMPORTANT DATES
This week we're following these macroeconomic events:
• Monday, August 5, 13:45 (UTC) — purchasing managers' index (PMI) in the services sector for July;
• Monday, August 5, 14:00 (UTC) — ISM purchasing managers' index for the non-manufacturing sector of the USA for July;
• Thursday, August 8, 12:30 (UTC) — the number of initial applications for US unemployment benefits;
• Friday, August 9, 06:00 (UTC) — German consumer price index for July.
*This post is not a financial recommendation. Make decisions based on your own experience.
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