7-Day Market Moves
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
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.