Bitcoin is trying to hold 23 000 USD level

4:08 PM August 4, 2022

Cryptocurrencies are still struggling to maintain their upward trend:

  • Bitcoin has settled back below $23,000, Ethereum is still trading above $1,600. 'Altcoins' are strengthening against Bitcoin, record growth against the 'king of cryptocurrencies' is recorded by BinanceCoin, the main cryptocurrency of the Binance exchange. Nevertheless, cryptocurrency increases have caught a distinct breathlessness;
  • Ethereum developers today began key tests on the Goerli test network, which are expected to bring the cryptocurrency's September transition to the eagerly awaited version 2.0 closer. By the start of the developers' work, we may see a 'drop in risk sentiment' on ETH tokens, with investors likely to be wary of news of further delays or possible bugs detected by the Ethereum team delaying the cryptocurrency's transition to Proof of Stake;
  • Solana's blockchain was attacked by hackers. 7767 wallets became the target of the attack, with losses reaching nearly $8 million. As a result, Solana's stock price dived below $40. Cyber security firm OtterSec reported that the Ethereum ecosystem could also be at risk, as the so-called 'private keys' of third-party hardware wallets may have fallen into the hands of hackers. Solana Labs, along with developers Phantom and Slope, are working to trace the source of the problem. The market expects a statement on the matter in the coming days, which could heighten volatility in SOL tokens;
  • Michael Saylor, known for his growth predictions around cryptocurrency market valuations and CEO of Microstrategy, has resigned from his position. The company was known for its aggressive Bitcoin accumulation, of which it is one of the largest holders. Elon Musk reacted critically to the decision by actively contributing on social media.Data from Coinglass confirms that some 'ETH bulls' are pulling back from long positions in the face of Ethereum's problems with holding firm support at $1,600. Going forward, traders are likely to monitor the number of 'smart contracts' processed on the network, gas fees and the impact of the value of deposits flowing into the Ethereum blockchain (Total Value Locked). Sentiment toward risk is declining with the next intensification of developers' work. Source: Coinglass

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Bitcoin's overvaluation in June was one of the largest on record, but still not a record price drop. Both 2017 and 2018 resulted in deeper discounts for the 'king of cryptocurrencies'. Source: CoinGecko, Financial UndergroundThe Fear and Greed Index still indicates a 'fear' market, confirming that markets do not fully believe that the current crypto resurgence is a direct harbinger of the next bull market. Source: alternative.meBitcoin price chart, D1 interval. The price is still moving below the 200-session moving average on the daily interval, which indicates the area around $33,000 as major support. In the coming weeks, the main task for the demand side will be to drive valuations to the vicinity of $30,000, where high volatility would be expected. At current prices, this scenario still seems distant  Bitcoin still has problems with permanently overcoming $23,000 level. Source: xStation 5

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