Hesitation in Bitcoin (BTC) Trading Could Be a Sign of ‘Good Times’ Returning, Analyst Says

Major coins traded lower Tuesday night as the global cryptocurrency market cap fell 0.5% to $1.07 trillion at the time of writing.

Price performance of major coins
Coin 24 hours 7 day Price
Bitcoin BTC/USD -2% 7.7% $22,841.31
Ethereum ETH/USD -2% 11.3% $1,609.74
Dogecoin DOGE/USD -2% 7.6% $0.07
Top 24-Hour Gainers (Data via CoinMarketCap)
cryptocurrency 24-hour % change (+/-) Price
Lido DAO (I WANT) +12.5% $2.3
chronos (KRO) +6.6% $0.15
Oasis Network (ROSE) +9.1% $0.09

Also see: How to get free cryptography

Why it matters: Risk assets were seen in negative territory on Tuesday night, with two of the largest cryptocurrencies in the red. The S&P 500 and Nasdaq closed 0.7% and 0.2% lower, respectively. Their futures were mostly close to going to press.

Bitcoin’s Third Consecutive Daily Drop Could Be An Indication That “Recovery Momentum Is Decreasing,” Wrote Craig Erlama senior market analyst at OANDA.

His move will likely “ultimately depend on inflation,” the Federal Reserve, and any disturbing news, he said.

“Perhaps the hesitation is a sign that traders are not confident that this is a bottom and that the beginning of the good times is returning.”

An important news that could affect the Bitcoin price is the exit of Michael Saylor as CEO of MicroStrategy Incorporated MSTR — the US company with the largest Bitcoin holding company.

Saylor will remain with MicroStrategy as executive chairman, as he said the move will allow him to focus on the company’s Bitcoin acquisition strategy, while the company’s president Phong Lec takes the reins.

The company on Tuesday announced an impairment of nearly $918 million on its BTC treasury reserves in the second quarter as the price of the top coin fell during that period.

Visit of the Speaker of the US House of Representatives Nancy Pelosic to Taiwan is fueling risk aversion, which in turn boosted the dollar index, which rose 0.24% intraday at press time to 106.49.

Cryptocurrency Trader Justin Bennett said cryptocurrency bulls will want the dollar to fall from intraday lows of 105.05 to “expose 103.”

“Tough times for risky assets while intact,” Bennett said in a tweet.

Bitcoin Tests Resistance, According to Chartist Ali Martinez and a “clean close” above $23,530 will allow it to retest the $24,400 supply zone.

On the Ethereum side, transaction costs have remained “ultra-low” even as the price of the second-largest cryptocurrency soared since mid-June, Santiment said.

“The scarcer print run has played a large part in the lower costs, and fees are expected to remain reasonable up to a reasonable level. [FOMO] kicks in from the crowd,” the market intelligence platform said in a tweet.

At the time of writing, Ethereum’s average transaction fee was $0.0014 or $2.28, according to data from BitInfoCharts.

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