Cryptocurrency Market Faces Selling Pressure as Bitcoin Struggles to Hold Key Levels
**Bitcoin and Ethereum Trading Lower**
On Friday, Bitcoin and other top crypto tokens were trading lower, with traders eagerly awaiting key macroeconomic data from the US. Despite the crypto market’s resilience over the past six weeks, the largest cryptocurrency, Bitcoin, was showing signs of struggle as it traded in an increasingly narrow spread.
Bitcoin managed to hold the 29,000-mark, trading almost unchanged from the previous session, while Ethereum remained below the $1,850-level. The altcoins also experienced a downside in price action as the overall market seemed immune to macroeconomic developments and other industry events.
**Market Immunity to Macro Developments**
The crypto market experienced slight selling pressure over the past 24 hours, with minor fluctuations in the market cap, which fell to around $1.16 trillion. Despite this, the market remained relatively stable, showing minimal response to macro developments. Even as jobless claims and treasury rates rose, the market seemed to be immune to the typical risk-off sentiment among investors.
In a recent development, Curve Finance, Metronome, and Alchemix, which had lost nearly $62 million to a bug exploit, agreed to offer the hacker a 10 per cent bounty in exchange for the remaining crypto. The hacker has until August 06 to act on this offer, after which the bounty will be open for anyone who can aid in the hacker’s arrest.
**Challenges Faced by Litecoin**
Litecoin faced a challenging month, hitting a low since completing its third halving event. The event cut the network’s mining rewards, reducing the supply of new Litecoins from miners.
**Tech View by Giottus Crypto Platform**
Giottus Crypto Platform expressed that Litecoin was facing difficulty in breaching the previous resistance level at $90 and was experiencing a downward momentum following its halving event. The LTC/USD pair was attempting a rebound and may signify a potential trend reversal if it breaks the 50-day exponential moving average of $88.
The 14-day RSI suggested an oversold sentiment, indicating a potential uptrend in the near term, as long as the price holds the $80 support level. Major support levels were identified at $80, $75, and $70, with resistance levels at $90, $95, and $100.
**Investors Await Regulatory Clarity**
Bitcoin continued to trade in a range-bound pattern between $29,000 and $29,500, reflecting a lack of fresh money flowing into the crypto market. Investors were eagerly awaiting more clarity on the regulatory environment and the potential approval of a Bitcoin ETF in the US.
The crypto market was facing selling pressure, but overall, it remained resilient to macroeconomic and industry events, showing signs of immunity to the typical risk-off sentiment. As investors await key data from the US, the cryptocurrency market’s response to regulatory developments will be closely watched.
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
