The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Bitcoin proceeds with its slow start
On Tuesday, Bitcoin prices proceeded with their slow start to the trading week. The most popular crypto asset was nearly intact.
As a matter of fact, in early Tuesday trade, on the Kraken crypto exchange, the currency pair BTC/USD, was last caught at $6,549.20, decreasing about 0.1%.
This week, the world’s number one crypto asset hasn’t traded outside the $6,500-$6,600 band. Some financial analysts are assured that Bitcoin is actually consolidating on the back of quite low volume, and it’s clearly seen from futures volumes – they headed south to their lowest value since September 20 on the CME Group exchange, and up to 1,514 contracts changed hands on Monday.
Market experts added that it feels like Bitcoin is struggling to break the resistance level of $6,800 as well as $7,000. As for the support of $6,000, it still appears to be a major focal point, as market analysts pointed out.
Moreover, the sideways price action has put pressure on the 30-day bitcoin volatility index, bringing it down to a 12-week minimum of 2.55%. In addition to this, year-to-date the given index has gone down more than 500 basis points.
As we know any crypto assets, which aren’t Bitcoin, share the common name altcoins. They also demonstrated a low start on Tuesday. As a matter of fact, the currency pair ETH/USD, which appears to be the second largest crypto asset, headed south by 0.8% coming up with an outcome of $226.98. Besides this, the currency pair BCH/USD managed to rally by up to 1.5% ending up with $535.70. The currency pair LTC/USD lost 1.2% reaching $59.58. Moreover, the currency pair XRP/USD, hit 55 cents, declining 4.7%.
Furthermore, October delivery XBTV8 futures dipped by 0.2% hitting $6,530. As for October delivery US:BTCU8 futures, they lost 0.2% being worth $6.525.
Ethereum crossed $3000 recently and is aiming at $3500 already. Is it taking over Bitcoin's place?
Bears finally took over the cryptomarket and pulled the price for BTC down.
This week Apple, Microsoft, Google, Facebook, Pfizer, and other large US companies will deliver earnings reports…
The overall market sentiment is risk-on. The S&P 500 index (US 500) is getting close to the all-time high. Oil is recovering quickly from its recent losses.
What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…