The market has seen less action from traders, leading to a crypto action slowdown, while analysts believe buying activity could pick up next week onwards.
The crypto market underwent a minor uptrend, but prices haven’t seen a big jump. The slowing crypto action could be mainly due to Bitcoin’s tight trading range. Analysts are still bullish, as they predict bulls could move in with long positions next week. The relatively lower prices could be a good buying opportunity for long-term investors.
A new rally could take shape if they successfully move BTC above $30000. Traders could then help it cross $32000 towards the next resistance level. Until then, the upcoming weekend could continue seeing low volatility. Institutional investors could also buy BTC in large volumes, as indicated earlier. In the last 24 hours, tokens like Shiba Inu, Tron, BNB and Bitcoin saw gains.
Macro events haven’t changed the course of BTC recently compared to earlier years. This year, after the latest rate hike, BTC has still held its support levels. ETH has shown similar signs and is trading above $1800. Others like Dogecoin and Solana have also been green in the crypto trading charts.
The global crypto market cap rose to $1.16 trillion, with Bitcoin contributing $567 billion.
BTC/USD 1D price chart
Bitcoin is currently trading at around $29100 on August 4, 2023, with BTC/USD going up by 0.1% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (29,770.41) as BTC’s 24-hour volume decreased to around $12 billion. Bitcoin has seen around 76% returns on a year-to-date basis.