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Crypto Market Welcomes August on a Bearish Note

August 1, 2024

After ending June on a negative note [-7.07%], crypto traders and investors were pumped for Bitcoin’s July close. The asset’s latest monthly candle closed in green, up 3.08%. However, even before market participants could rejoice, sellers started calling the shots. In retrospect, assets started shedding value, and gains were nullified.

Large-cap assets including Bitcoin and Ethereum slipped below key MA support levels from the technical point of view. At press time, they were hovering around $64.2k and $3.1k, down by 3% and 5% respectively.

Long traders had to bear the brunt of the correction. Data from Coinglass pointed out that over the past 24 hours, more than $225 million worth of crypto positions were liquidated. Out of that, more than $197.7 million were longs.

Source: Coinglass

Nevertheless, market participants remain calm and composed. The fear and greed index’s reading flashed a neutral reading of 52 at press time, supporting the said assertion.

In the background, investors have been replenishing their hodlings. Consider this: The Kimchi Premium Index continues to hover in the positive territory, indicating that Koreans are paying a premium to acquire BTC at this stage.

Amid the price pullback, Bitcoin’s dominance has also retraced to 56.2%, slightly down from its 2024 high of 56.76% which was recorded a couple of days back. On the YTD front, however, this metric is up 8.9%, indicating that Bitcoin continues to remain in the driving seat.

For context, BTC.D depicts the ratio of the coin’s market capitalization to the crypto market’s cumulative market capitalization. A rise registered usually indicates investors are locking their funds in Bitcoin during periods of volatility and market uncertainty. Contrarily, a drop connotes a rise in altcoin interest.

Parallelly, the season index pointed out that 3/4th of the top 50 coins failed to perform better than Bitcoin in the last 90 days, affirming that the market is currently in the midst of the Bitcoin season.

Source: blockchaincenter.net

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