Cryptos

Market Watch Aug 5: Bitcoin retests $23,000, more uptrend expected. – Entmetrics

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bitcoin has fallen from yesterday’s $22,000 mark and is currently holding $23,146. And it has gained a slight 0.14% in the past 24 hours. It appears that the popular cryptocurrency has taken a slow and steady approach, testing and retesting levels to find support.

Ethereum is also up 0.14% in the past 24 hours and changing hands at $1,656. The second most popular cryptocurrency continues to show strength in the market. Analysts expect the hold above $1,500 to continue to be bullish in the near term. It held steady at the $1,500-$17,000 mark as the network gears up for the highly anticipated merger slated for September.

Coming back to the king of cryptocurrencies, BTC halted bullish production. It has been exhibiting erratic behavior since breaking through the $21,000 mark in late July. bitcoin‘s non-consistency could signal disinterest among short-term bulls and bears. The bitcoin Volatility Index (BVIN), according to the on-chain analysis indicator, confounds the unpredictability that continues to plague the crypto asset. There is decreasing net and cumulative volume volatility and a steadily decreasing 50-day exponential moving average. Analysts believe a sideways approach may be warranted for weeks until something solid comes along.

Meanwhile, last week BTC funding rates were more optimistic than previous weeks. It had to hold its positive at neutral for all seven days, and there was not a single day of the week when funding rates fell below neutral. Funding rates remained consistently, for the first time since March, above the negative level for an entire week.

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