The wider crypto market has opened the August month on a bearish trend as major cryptocurrencies like Bitcoin, Ethereum, XRP, Cardano and others are flashing red. Currently, this has pulled back the global crypto market by 0.94% over the last 24hrs
The world’s largest cryptocurrency by market cap, Bitcoin price has declined by almost 2% over the last 24hrs trading just above $23,000.
On July 30, 2022 Bitcoin price claimed $24,650, not seen since June 13 and in the month of July alone the currency has gained almost 27%. This gain is considered as one of the best surges since October 2021. Meanwhile, even Ethereum has spiked 70% in the month of July.
Altcoins Succeed Bitcoin?
A crypto analyst known as Crypto Tony, claimed that when Bitcoin and altcoins are compared against each other, altcoins are performing much better while Bitcoin is blanketed with selling pressure. The analyst further says that though cryptocurrencies had entered a recovery phase, this week might be a consolidation week.
It’s just not Bitcoin price, even the currency’s trading volume has been pulled by 14% positioned at $23.2 billion. Along with this, the flagship currency’s dominance has also plunged by 0.27% over the last 24hrs.
Next, the analyst asserts that he is hoping for a breakout from the present trend and also says that until Bitcoin trades below $24,000, the trend will remain short.
Important Facts For Bitcoin Price
Another analyst and trader, tedtalksmacro has a few facts in his analysis on which Bitcoin is set to trade this week. As per the analyst, the ISM and July’s US employment stats are about to be released this week. The Fed’s further process will be dependent on these data.
The ISM is nothing but the US economy which is made up of Employment and Stable prices and this will impact Fed’s monetary policy. As per the expert prediction, Bitcoin price will see a rise if the ISM index is low.