On the hourly timeframe, the market is ready for continued growth to $24,400



Bitcoin on Monday, August 8, trading on the BTC/USDt pair ended with growth. Bitcoin has risen in price against the dollar by 2.74%, to $23,810. In the American session, buyers raised the price by $24,245. There were problems with the continuation of the upward movement, as US stocks turned lower. Investor attention shifted from Friday's labor market to the US consumer price index. The report will be released on Wednesday. Inflation data may change the Fed's expectations for further actions and have an impact on all markets.

On Tuesday, August 9, futures for the SP500 index traded in a small plus. The BTC/USDt pair retreated to $23,780. The buyers went through the $23,500 level perfectly, but stalled around the $24,500-$25,000 zone, which is an intermediate resistance. The crypto in 2020 lost its independence and is now dependent on the stock market. In this regard, we have to monitor the dynamics of the indices, as many investors expect the United States to plunge into a deep recession and a new market collapse.

On the hourly timeframe, the market is ready for continued growth to $24,400. If futures for indices do not drop before the opening of the American session, then it is quite possible to see the continuation of the upward movement.

Crypto world news

  • The Tornado Cash mixer has been officially blacklisted in the US - American individuals and legal entities are prohibited from interacting with the mixer and any addresses associated with the project. The sanctions included 38 Ethereum addresses and 6 USDC addresses associated with Tornado Cash.
  • The Ethereum rate has reached the level of $1800.
  • The number of installed cryptomats in the world has exceeded 39,000. Now cryptomats are installed in 77 countries, they are served by 614 operators.
  • Singapore-based crypto lending platform Hodlnaut has announced a withdrawal ban due to deteriorating market conditions.
  • Cryptocurrency miner Marathon Digital recorded a net loss of about $192 million in the second quarter

Daily Review

  • Capitalization of the crypto market: $1.128 trillion (+$12 billion);
  • Dominance: BTC - 40.5%, ETH - 19.2%;
  • Index of fear and greed: 42 (extreme fear) against 30 the day before.

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