We need to keep the defense above $22,500



Bitcoin on Monday, August 1, the BTC/USDt pair rose by 0.11% to $23,268 by the end of the day. The market volatility was low, while during the day there was a multidirectional movement in the range of $22,840 - $23,500. Attempts by buyers to develop an upward movement were unsuccessful due to falling stock indices.

Market participants are also weighing geopolitical risks after CNN reported that US House Speaker Nancy Pelosi will visit Taiwan despite Chinese objections. As a result of the day, the S&P500 and Nasdaq indexes fell by 0.25% and 0.18%, respectively.

For buyers, the technical picture is uncritical, but the scales begin to tip in favor of sellers. Ethereum also sank to $1566. If the price falls below, fixing will begin on the alts, which will strengthen the downward movement.

On Monday, the US ISM Manufacturing PMI fell to its lowest level since 2020 in July as the activity indicator fell to 52.8 from 53.0 earlier. However, the actual numbers were better than the market forecast of 52.0. On Wednesday, there will be data on business activity in the services sector.

On Tuesday, August 2, index futures are adjusted. Following them, the crypt is getting cheaper. If buyers keep the defense above $22,500, then on Wednesday I will expect the price to recover after the release of US statistics. The key event of the week will be Friday's report on the US labor market for July. It has a strong impact on all markets and is important to the US Federal Reserve.

Crypto world news

  • Cryptocurrency hardware wallet maker Ledger is in talks to raise at least $100million in a funding round.
    The company also added support for another 100 native tokens on the Cardano (ADA) network.

  • The latest report from CoinShares recorded a monthly inflow for July of $474 million, the largest in 2022. It almost made up for June's net cash outflow of $481 million.

  • The SEC accused the creators of Forsage of promoting a $300 million crypto pyramid.

  • Binance will remove AMP from its platform in the US on August 15, pending regulatory clarity on the classification of the token.

Daily review

  • Capitalization of the crypto market: $1.051 trillion (-$49 billion);
  • Dominance: BTC - 41.6%, ETH - 18.3%;
  • Index of fear and greed: 31 (extreme fear) against 33 the day before.

Posted Using LeoFinance Beta