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| | Death Cross on the Bitcoin Chart | | Hey! Check out our new Market Overview newsletter. We're excited about the new format and would love your feedback. Just hit like or dislike at the end and share your thoughts! | | Having spotted a "death cross" on the weekly chart, trading veteran Peter Brandt noted that Bitcoin might have shifted from bullish to bearish . Though not always a sure predictor, it hints at a possible downtrend. | | David Puell from ARK Invest highlighted key support levels at $52,000 and $46,000 , the latter backed by on-chain data. With institutional buying on pause and technical signals looking shaky, Bitcoin's short-term outlook is uncertain, and the next few weeks will be crucial in determining its direction. | | | | | | Top Gainers and Biggest Losers | | The top performers over the last two weeks were RARE, DAR, and SYN. On the flip side, the biggest losers were GFT (-40%), NYM (-17%), and CERE (-14%). | |  | SuperRare
RARE | $0.23
▴ 173.61% | | | | |  | Mines of Dalarnia
DAR | $0.18
▴ 35.32% | | | | |  | Synapse
SYN | $0.57
▴ 57.68% | | | | | Wondering what are the best & worst performing crypto on a daily basis? Subscribe to our price alerts here. | | | | Why Is the Market Going Down? | On August 6,
the crypto fear and greed index dropped to 17 , the lowest since July 2022. This slump came after a sudden drop in market sentiment. Just the day before, on August 5, Bitcoin briefly tested $50,000, plunging 13% in a day. | | In July,
annual inflation in the US dropped slightly to 2.9% from June's 3% , which is better than expected. Monthly, the consumer price index rose by 0.2%, matching forecasts after a 0.1% dip in June. A few hours after this data came out, Bitcoin fell below $60,000. | | Nearly $1.4 billion
in Bitcoin options and $471.79 million in Ethereum options are set to expire, with maximum pain points* at $59,500 and $2,650 , respectively. The put-to-call ratios** of 0.83 for Bitcoin and 0.80 for Ethereum suggest a slight bearish sentiment. | | | *The "maximum pain point" marks the price causing the most financial strain for option holders. | | **"Put-to-call ratio" reflects market sentiment—lower ratios are more optimistic, higher ones are bearish. | | | | | As the market is currently bearish, it might be a good time to consider holding onto your crypto and possibly expanding your portfolio. | | | | | As the market is currently bearish, it might be a good time to consider holding onto your crypto and possibly expanding your portfolio. | | There might be a rebound from the $2 trillion mark , potentially pushing the market cap up to $2.11 trillion. However, recent sell-offs and uncertainty from the US CPI could dampen this potential rally. | | | | | Have you enjoyed this letter? |  |  | | | |
© Changelly 2015—2024
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