The BTC rate could not continue to grow. Last week, everything looked much more optimistic, at least due to the expansion of trading volumes. By today, BTC is back in the “sideways”, there is no expressed interest in the flagship cryptocurrency, the market is again in standby mode.
BTC does not have its own internal growth points right now. The traded range of $21,000-23,000 is too tight for the market to be interested in it. BTC can follow the ETH exchange rate, which in itself will be a precedent — Ethereum plans to complete the ecosystem unification process in September and switch completely to PoW. The market has been waiting for this for several years, the token rate may grow and pull the rest with it.
But it will be only in the middle of September, and for now everything is very difficult with the reasons.
This week, investors are saving their strength in anticipation of comments from Federal Reserve Chairman Jerome Powell, among other things. Powell’s speech is scheduled for Friday at an economic symposium in Jackson Hole, USA. There he can touch upon the issues of further steps in monetary policy. However, it should be understood that nothing is solved at events of this format — its purpose is rather to communicate and exchange opinions at the level of monetary politicians and representatives of the financial sector.
The market has not yet decided what exactly it expects from the Fed meeting in September — a rate increase of 50 bps or 75 bps, and therefore it is looking for any reasons to take a particular position.
On Wednesday, BTC is consolidating around $21.385. He never managed to get above $ 25,000, so we return the scenario with the probability of sales — first to $ 20,000, and then to $17,500. In order to cancel this option, BTC must be more expensive than $22,000.
The capitalization of the cryptocurrency market now stands at the previous $1.024 trillion. It is noteworthy that the BTC market share has decreased to 39.9% from the usual 40-41%. The flagship is clearly giving way to newer coins.