Bitcointhe market leader of cryptocurrencies yields and is one step away from US$26,000 this Monday, August 21, pressured by the high yield on US treasury bondswhile investors await the symposium of the Federal Reserve in jackson hole For more clarity on the path of the interest rates.
The leading cryptocurrency falls 0.3% in the last 24 hours and stands at US$26,033, while ethereum it loses 0.7% in the same hourly range and reaches US$1,664. The stablecoins present drops of up to 3.9% led by Ripplefollowed by Solarium (3.3%) and Binance (3.1%).
Bitcoin: what the market expects for this week
After a week of chaos, traders and analysts remained very cautious on the outlook; various sources refer to various triggers for further falls.
“Traders remain scared; expect more dips,” he wrote decentrader in an X update on August 21.
decentrader He noted that traders shorted all exchanges after a major wipeout of open interest during the dip last week. “Funding rates remain negative,” he added.
For his part, Maartunncollaborator of the on-chain analysis platform CryptoQuantdescribed Binance’s order book liquidity as a “ghost town.”
“This will open the door for volatility, in case you missed it,” he suggested, alongside a chart showing liquidity and order volumes for whale monitoring resource Material Indicators.
Nevertheless, Maartunn reasoned that increases could occur, given historical precedents.
“In all the history of bitcoinsthere were eleven occasions in which the open interest It had a decline similar to that of three days ago. Among these 11, eight led to increased prices, while three did not,” stated part of a separate analysis.
Bitcoin: investors attentive to unemployment benefit data and symposium of the Federal Reserve
This week promises to be crucial for investors, with their eyes set on the Fed Chairman’s speech, Jerome Powellduring the annual meeting of central bankers in jackson hole. Powell’s words could color the economic outlook globally and have a direct impact on the markets.
In addition, on August 24, the petitions for unemployment benefitpreceded by the home sales and other data.
“Volatility is officially back“, summarized the financial commentary resource The Kobeissi Letter to your X subscribers.
Source: Ambito
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