Assessing the Crypto Week Ahead: Bitcoin, Ethereum, Solana, and Dogecoin
- WBOYOriginal
- 2024-08-29 03:14:211073browse
After quite a few days of promising upticks, the crypto market witnessed major corrections as several top coins tumbled.
Bitcoin’s price witnessed a drop of over 5% during the last 24 hours, bringing its price down to $59,4k. As per CryptoQuant, there was a rise in Bitcoin’s net deposit on exchanges.
This showed that investors were selling their BTC at a loss, which might be a sign of a market bottom during a bear market.
Our analysis of BTC’s daily chart revealed that the Chaikin Money Flow (CMF) remained bearish. However, the Money Flow Index (MFI) registered a slight uptick, hinting at a possible trend reversal.
If this happens, then BTC might attempt to retest the $61.6k resistance level this week.
Bitcoin’s net realized loss, a metric that showed the total unrealized loss being shifted from seller to buyer, also registered a rise during the last 24 hours to 24k BTC.
This metric showed the realized loss being shifted from short-term holders to long-term holders, indicating that the former were selling their BTC at a loss.
Meanwhile, the NFT sector also saw some interesting movements. Our analysis revealed that there was a rise in the total number of unique NFT buyers in the last 24 hours.
However, the total number of NFT sales saw a slight decrease during the same period.
The above is the detailed content of Assessing the Crypto Week Ahead: Bitcoin, Ethereum, Solana, and Dogecoin. For more information, please follow other related articles on the PHP Chinese website!