7-Day Market Moves
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Market Movement: Bitcoin dipped slightly by 0.25% over the past week, while Ether declined by 1.72%. Notably, digital assets faced their fourth week of outflows, with a hefty sum of US$107 million being pulled out, hinting at increased profit-taking.
BTC Shift: Bitcoin-focused products witnessed their most significant weekly outflow since March, registering US$111 million. However, a pause in outflows from Bitcoin short positions might indicate a potential strategy pivot by institutional investors.
Trading Tidbits: July saw muted crypto activity—Bitcoin's volume dropped by 13.1%, Ether by 21.9%, and stablecoins by 12.3%. Research analyst Greco from Fineqia International attributes this lull to the summer slowdown, yet remains optimistic about 2023 due to growing institutional interest.
Bigger Picture: The crypto market cap slightly grew to US$1.16 trillion. While trading volumes surged by 59.07% to US$32.76 billion, developments like the U.S. ETF applications and Hong Kong's new crypto trading licenses for HashKey Exchange and OKX spotlight the continued interest in the sector.
Eyes on the Price
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Bitcoin's price took a dip below the $28,800 mark but managed to stay afloat above $28,600. After hitting this low, the coin rebounded, breaking through the $29,000 resistance and even pushing past a significant bearish trend, peaking near $29,280. Currently, it's consolidating these gains, hovering above the $29,000 mark.
Looking ahead, Bitcoin faces its next test at the $29,500 resistance. If it clears this hurdle, we might see it touching the $30,000 mark, or even soaring to $31,200. On the flip side, if it struggles around the $29,400 resistance, a downturn could be on the cards, potentially plunging it towards the $28,000 zone. As always with BTC, keep an eye out for those sharp turns.