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The crypto market has lost momentum again after a decline in relief rallies over the weekend. One of the main reasons for this fall is the increase in market FUD at Fed meetings.
When approaching an important junction Bitcoin [BTC] It fell below $ 21,500 again.
Sentimental shakedown
The bear had full control over the weekend and pushed down assets. However, on July 25, Bitcoin fell below $ 22,000, resulting in a significant decline. The next day, Bitcoin fell below $ 21,000 and a similar pull-down was registered.
However, it reacted positively this fall, trading at $ 21,322 at the time of the press. In this regard, the analysis company Glassnode Said that,
“Short-term momentum suggests continued gains, provided that realized prices and long-term holders’ realized prices can be held at support levels. In the long run, momentum may have ended its worst surrender. It suggests that there is, but longer recovery times may be required as the basic repair continues. “
Here’s more
Recent Glassnode Update Claim The shrimp cohort began to accumulate large amounts of BTC. Shrimp (<1 BTC) increased the retention of circulating BTC supply from 5.2% to 6%.
This 0.8% jump occurs after the LUNA collapses and is equivalent to about 156KBTC.
That said, Mike McGrone, a senior commodity analyst at Bloomberg Intelligence, remains optimistic about Bitcoin.
His latest TweetMcGlone said Bitcoin could reverse in the second half of 2022.
This is a particularly bold statement, as Bitcoin has lost a lot of value since the beginning of the year. McGlone claimed that Bitcoin has been one of the “fastest horses” in the race since its inception.
Worst ever #Bitcoin Volatility and Bloomberg #Product Indexes (BCOMs) can signal a resumption of trends that outperform cryptographic performance. The chart showing Bitcoin prices and BCOM’s upward trajectory is typical compared to most assets. pic.twitter.com/vufd4qouVj
Mike McGlone (@ mikemcglone11) July 25, 2022
Today, the crypto market continues to be profitable as it approaches important decisions from the Fed. Losses on July 26 reached up to $ 50 billion.
This puts the market at risk as it has a market capitalization of less than $ 1 trillion.
Bitcoin, the representative of the crypto market, is not vigilant in itself. Support for $ 21,000 also seems to be stable, but it remains dark in the recent past.
