Altcoins’ Under Heavy Losses, BTC Bias in Favor of Bears as Stock Market Fears Another March-Like Sell-Off

Although the weekly candles are giving a short-term bullish outlook as they slowly trend upwards, the trader says, "Unless $10,500 is taken out, the bias remains in favor of the Bears and further consolidation."

Bitcoin's price remains flat, with volume dying despite the stablecoin supply explosion in 2020. It just took four months for the stablecoin supply to double to reach 12 billion while it took five years to reach the initial 6 billion.

In the past few weeks, bitcoin's correlation with the S&P 500 is also surging, and it is struggling to outperform the gold.

However, as we reported declining volatility is indicating we may be about to see some action.

“The Bitcoin market continues to trade within range. Caution is advised as long as price remains in this range,” said trader CryptoYoda.

Although the weekly candles are giving a short-term bullish outlook as they slowly trend upwards, the trader says, “Unless $10,500 is taken out, the bias remains in favor of the Bears and further consolidation.”

Retail Activity Pushing Prices Higher

Bitcoin trading sideways, however, has been suitable for altcoins, which have been rallying, most notably Dogecoin. This “joke cryptocurrency” had a volatile last week driven by Tik Tok zoomers.

Retail trading has the equity markets ballooning with the millennial and Gen Z using commission-free apps like Robinhood, which saw a record 3 million new accounts in Q1, to invest in cheap assets. This retail activity also spilled into the digital asset market.

While Dogecoin never reached $1 as the viral challenge went on Tik Tok, on July 8th, over 1 billion units of supply that haven't moved for two years was suddenly transferred.

Cardano was another one that saw its market reaching new 2020 highs on July 8th, which saw it passing LTC's market cap after ADA prices rose in anticipation of the Shelley mainnet release.

Meanwhile, LINK jumped to a new ATH and captured the 10th spot, VeChainThor also exploded higher with DeFi tokens using this rally to push even further.

Red or Green?

Amidst the greens, yesterday, bitcoin slid slightly after the stock market dropped, which resulted in Altcoins falling as well. On Monday, Nasdaq rallied to set an all-time high only to close down by over 1%. The last time this happened was in early March 2020, which had traders fearing another March sell-off like situation.

But that time, the Fed wasn't printing money like crazy.

For now, among the top cryptos, ADA is down the most by 6.50%, followed by Chainlink's (LINK) about 5%.

Other losers include Ampleforth (37.4%), Loopring (10.89%), Synthetix (10.60%), Theta Token (9.46%), REN (9.28%), Balancer (7.17%), Tezos (7%), Kyber Network (7.96%), Ravencoin (7.96%), Algorand (6.85%), Compound (6.52%), Stellar (6.12%), Ziliqa (5.90%), Elrond (5.5.61), Matic Network (5.09%), VeChian (4.73%), BNB (4.33%), BitTorrent (4.18%), and Tron (3.97%),

In the past hour, however, things have started to turn green.

It all depends on how bitcoin behaves now. If the world's leading cryptocurrency continues to trade sideways, altcoins will rally. Even a slight uptrend could help these cryptocurrencies, but a drop in Bitcoin price will mean only more losses for the altcoins.

“Alts will likely take a hit once Bitcoin shows its true face in the form of turbulent moves in either direction; thus, more patience is needed,” said CryptoYoda.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,470FansLike
2,795FollowersFollow
4,233FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Second Half of 3-Yr Bull Market: Ether’s Crazy Run has 90% of its Supply in Profit

This past weekend, the price of Ether went past $400 to as high as about $420, a level last seen in July 2018. This...

Teenage Mastermind Behind the Twitter Hack Owns $3.39 Million in Bitcoin (300 BTC); Bail Set At $725k

The 17-year old Twitter-hack mastermind holds over $3 million in BTC value with only $725,000 set for bail. In a bizarre moment last month, Twitter...

Bitcoin (BTC) Jumped to $100,000 on Binance Futures

There have been several predictions that see Bitcoin hitting a six-digit figure. On Sunday, this became a reality, very briefly, thanks to an algorithm. Bitcoin...

Flash Crash Caused Serious Network Congestion for ETH, ETC, And ERC 20 Tokens on Coinbase

On August 1, the Ethereum's blockchain faced a spike in network transaction fees, causing a backlog in transfers across several exchanges. Coinbase and Binance,...

Bitcoin’s Wild Weekend Reminiscent of 2017 Bull Rally, ‘Higher Highs Ahead in 2020'

This past weekend, bitcoin had a rough time as the largest cryptocurrency made its way past $12,000 to $12,112 in trading just after midnight...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today