Bitcoin, Ethereum, Dogecoin Rangebound – But Analyst Says This Upcoming Event Could End The ‘Holiday’

Major coins continued to come under pressure in the wake of the release of minutes from the US Federal Reserve’s July policy meeting, when the global cryptocurrency market cap fell 1.3% to $1.1 trillion.

Major Coin Price Performance Coin 24-Hour 7-Day Price Bitcoin BTC/USD -0.8% -3.2% $23,175.28 Ethereum ETH/USD 0.3% -2% $1,841.04 Dogecoin DOGE/USD -6, 4% 6% $0.075 Top 24-Hour Gainers ( Data via CoinMarketCap) Cryptocurrency 24-Hour % Change (+/-) Price GNOsis (GNO) +13.5% $197.82 Celsius (CEL) +1.9% $197.82 Ethereum (ETH) +0.3% $1,841.04

See also: How to get free crypto

Why it matters: The top coin was in the red at the time of printing, while other risky assets like stocks traded flat.

Bitcoin is officially on vacation. Despite decent moves with the dollar and government bond yields, Bitcoin remains anchored between $20,000 and $25,000,” said Edward Moya, senior market analyst for OANDA in a note seen by Benzinga.

“It appears that a big step will have to wait until we have a firm grip on market expectations for the FOMC meeting in September. If stocks continue to trade rangebound, it looks like Bitcoin could do the same in the run-up to the Jackson Hole Symposium,” Moya said.

The Jackson Hole event is hosted by the Federal Reserve and is scheduled for August 25 this year.

The dollar showed strength on Thursday. The dollar index, a measure of the dollar’s strength against six other currencies, rose to 107.57, its highest in a month, Reuters reported.

According to the recently released policy minutes for July, the dollar rose after Federal Reserve officials pointed to the need for further rate hikes to fight inflation.

Justin Bennett said on Twitter that the dollar index is likely to rise to 120 in the coming months. “USD up means risk assets down,” said the cryptocurrency trader.

The trend is your friend…unless it’s the . is $DXY.

112-113 first, but most likely 120 in the coming months.

USD up means risky assets down.#shares #crypto $BTC $ETH

— Justin Bennett (@JustinBennettFX) August 18, 2022

Michaël van de Poppe tweeted on Thursday that Bitcoin is “climbing up”. The trader said he expected the top coin to rise to $28,000 to $30,000 in the coming weeks.

#Bitcoin climb up.

Lows have been recorded in the last 24 hours.
Crucial to break back $23.7K.
If there is a move towards $24K, a flip of $23.7K is a trigger for longs.

The trend continues upward on higher time frames.

Still expect $28-30K in the coming weeks.

— Michaël van de Poppe (@CryptoMichNL) August 18, 2022

Bitcoin’s relative transfer volume, which is the entity-adjusted on-chain volume breakdown by dollar value of transactions, indicates that 63% of all on-chain volume is over $10 million in size. On-chain analytics firm Glassnode tweeted that these “dynamics have continued to evolve since mid-2020.”

#Bitcoin Relative transfer volume is dominated by large transfers with 63% of all on-chain volume being $10 million+ in size.

This dynamic has continued to develop since mid-2020.

— glassnode (@glassnode) August 17, 2022

Bitcoin’s profit-taking is on the rise, while Ethereum’s profit-to-loss ratio is falling after showing heavy profit-taking earlier this month, market intelligence platform Santiment tweeted.

#Bitcoin remains relatively flat at $23.4k, but the profit-to-loss trade ratio is creeping up towards ‘yellow flag’ levels. In the meantime, #Ethereum finally comes this week with a much safer ratio after some very heavy profit taking in early August.

— Santiment (@santimentfeed) August 18, 2022

Read next: Vitalik Buterin targets Ripple (XRP): ‘They tried to throw us under the bus’

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