Market Update For Aug 5TH | Bitcointalksearch.org

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Quote from: Alpha Marine on August 11, 2024, 01:29:31 PM

Quote from: asriloni on August 09, 2024, 09:26:52 PM

It's quite weird to see how bitcoin's movement is now following US market.

The US has the biggest financial market. The financial market of the US affects many other countries, it's like a domino effect. This will affect the bitcoin price. Other countries can ban Bitcoin today and it won't affect the price as much as when the United States bans bitcoins. It's like the US is at the centre of things when it comes to the financial market so when something happens to the US market it affects other markets to a certain degree.
Also, the US is one of the countries with the highest holders of bitcoins so what those people do with their coins might affect bitcoin price.

This was going to happen sooner or later, since the more people enter this market, the bigger the influence of other markets, but even then this should not be a problem at all.

People have very short term memories, but the price is much higher than what it was just one year ago, so the current short term volatility means absolutely nothing for anyone that has been holding their coins for a short amount of time, so it makes no sense to worry over market movements that over the long term will be nothing more than noise.

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Quote from: asriloni on August 09, 2024, 09:26:52 PM

It's quite weird to see how bitcoin's movement is now following US market.

The US has the biggest financial market. The financial market of the US affects many other countries, it's like a domino effect. This will affect the bitcoin price. Other countries can ban Bitcoin today and it won't affect the price as much as when the United States bans bitcoins. It's like the US is at the centre of things when it comes to the financial market so when something happens to the US market it affects other markets to a certain degree.
Also, the US is one of the countries with the highest holders of bitcoins so what those people do with their coins might affect bitcoin price.

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Quote from: bitterguy28 on August 09, 2024, 05:04:20 AM

well things change in few days as market now goes back to its feet, though not completely high as what from last week at least now we are back in 60k and above .

The market will always change in a matter of weeks and even days and that has happened quite a bit this month with Bitcoin and other coins in the market. I am also quite enjoying the current Bitcoin price swings because it at least still gives me the opportunity to get in and buy Bitcoin with the money I have right now. In addition, some influences that can still make the market continue to change can also come again this month so everyone should be able to make quite the right decision when facing conditions like this because in any condition, we should not be at a loss.

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Quote from: asriloni on August 09, 2024, 09:26:52 PM

It's quite weird to see how bitcoin's movement is now following US market.

The world's largest financial market is located in the United States, they are the center and bitcoin is part of the financial market, you do not need to be surprised that bitcoin's movement follows the US market. Bitcoin has a decentralized nature but that does not mean it can be immune and stay out of the world economy. For bitcoin to increase in price, we need a lot of money pumped into the market and the United States has the right to make those decisions.

We have bitcoin ETFs in Hong Kong, Australia and many other countries but why does no one care, and the whole market only cares and follows bitcoin ETFs in the US?
No one likes and wants bitcoin to depend on any country or organization, but we need to accept the fact that we are still governed and controlled by the US market.

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Quote from: Aanuoluwatofunmi on August 09, 2024, 02:37:31 PM

Base on recent speculations, some were already predicting that the market may remain for now in-between the range of $50,000 to $60,000 depending on the side which raised more resistance over the market volatility, we have to consider also on how it has occurred on the recent time whereby bitcoin price surges to above $62,000 before it then comes down as low as @59,000 but currently as we speak, its around the band of $60,000 and if it can maintain this for a while, we should then expect more of the bull sooner till it achieve close to $70,000 before the month end.

It may take some time for Bitcoin to be able to reclaim 62k again; I meant yesterday was in full swing. S&P500 was not performing quite well, and it affects the performance of Bitcoin's price to climb up. Also, it seems someone who put 12k BTC seller orders has already pulled off his order.

Considering we have no strong resistance, and i think we can go up as long as there will be a good news. But we're on the weekend now, and we may not be seeing a big movement from BTC.

It's quite weird to see how bitcoin's movement is now following US market.

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Base on recent speculations, some were already predicting that the market may remain for now in-between the range of $50,000 to $60,000 depending on the side which raised more resistance over the market volatility, we have to consider also on how it has occurred on the recent time whereby bitcoin price surges to above $62,000 before it then comes down as low as @59,000 but currently as we speak, its around the band of $60,000 and if it can maintain this for a while, we should then expect more of the bull sooner till it achieve close to $70,000 before the month end.

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Quote from: bitterguy28 on August 09, 2024, 05:04:20 AM

Quote from: VicManton on August 05, 2024, 08:26:42 PM

● BTC's main downtrend has begun, and altcoins are generally declining.

● U.S. stock market crash is pushing for a rate cut in September. Buffett has sold his U.S. stocks for the first time in the recent years.

well things change in few days as market now goes back to its feet, though not completely high as what from last week at least now we are back in 60k and above .

ya bitcoin again experienced a significant increase after getting news that it was likely that interest rates would be cut, then the BOJ raised a very small interest rate so the possibility is quite clear that a reversal could occur, or this is just a bull trap, it could be that volatile assets experienced something like that.

But hopefully we can get a much better opportunity for the future and bitcoin does return to its bullish sentiment, because in my opinion those who enter bitcoin are not only retail but large institutions and countries, it should be much safer and not too volatile like the previous cycle in the bitcoin price range.

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Quote from: taufik123 on August 09, 2024, 03:16:54 AM

Quote from: skarais on August 08, 2024, 01:36:43 PM

~~~

And it really happened, the $60k resistance managed to break through Bitcoin and broke out at the price of $61,500.
This is a good position for bitcoin and a few hours that had a hit at $62,700.

Bitcoin in the 1D Time Frame is in the Flip trend area and this will depend on whether strong support is to hold and then Bitcoin tries to head towards the Uptrend area at the price of $65k++ which is quite a strong resistance.

I am grateful that in the end $60k has become support. It broke $62,700 for a while, but then the price dropped to $60k again. I don't expect $60k to be a strong support at the moment because however $60k seems weak to withstand a selloff. Dropping $2700+ in a few hours was exactly what I didn't want post an attempted recovery, but the market was still very volatile. There is still panic among traders that basically really affects prices, but over time I expect that wave of panic to subside.

I don't know, I'm not sure if a big rally will actually happen, but some investors have been accumulating as much as they can during the downturn. Unfortunately I have had to miss out on several opportunities to do so even though I would have loved to buy and collect more.

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Quote from: VicManton on August 05, 2024, 08:26:42 PM

● BTC's main downtrend has begun, and altcoins are generally declining.

● U.S. stock market crash is pushing for a rate cut in September. Buffett has sold his U.S. stocks for the first time in the recent years.

well things change in few days as market now goes back to its feet, though not completely high as what from last week at least now we are back in 60k and above .

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Quote from: skarais on August 08, 2024, 01:36:43 PM

-snip-
If the $60k resistance is indeed broken, then of course I expect a nice rally after that. The market is gradually recovering as expected, but various issues including FUD should not be completely ignored.

And it really happened, the $60k resistance managed to break through Bitcoin and broke out at the price of $61,500.
This is a good position for bitcoin and a few hours that had a hit at $62,700.

Bitcoin in the 1D Time Frame is in the Flip trend area and this will depend on whether strong support is to hold and then Bitcoin tries to head towards the Uptrend area at the price of $65k++ which is quite a strong resistance.

This was also caused by Balckrock who started buying 2642 Bitcoins worth $164 million.
Bitcoin is back on track and is already preparing to continue its mission to $100k.
https://x.com/thomas_fahrer/status/1821707401839702247

Quote from: tabas on August 08, 2024, 01:41:44 PM

Just a few more hundred and we're back to $60k again. The dominance of Bitcoin keeps on increasing and that's a good sign. We can see that most of the money that has been out of the market has been back again but mostly with Bitcoin. I'm still expecting some sideways as it reaches back to $59k and it's true that it's not going to be easy and might take a while. Either way, this is a good sign that we're seeing and we can only wish that it won't be back under $50k but if it does, for sure that many of those that have missed that price will start panicking to buy it.

Whales are back and starting to buy, and Sideways is indeed highly anticipated for now. But the best price for the sideways and making the altcoin price have a good recovery is above the $70k price, but it will certainly take some time to get it back, but nothing is impossible in crypto.

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Quote from: taufik123 on August 08, 2024, 01:20:04 PM

Quote from: tabas on August 08, 2024, 12:16:11 PM

-snip-
soon we might be sticking to the $60k again. And currently, Bitcoin's dominance is at 56.1% and that's near about 60%. I missed seeing that it had gone as high as 70% but the price at that time was quite low for this cycle but nearly the ATHs that we've got.

It will continue, and it will only take a little more to be able to break out above the $60k price,
then Bitcoin will continue its rally and reach the top Resistance quickly.

But of course this will not be easy as long as the unfavorable narrative about bitcoin or the influence of the war is taking place,
so we also need to be prepared for a sudden decline.

Bitcoin's dominance is still quite high at the moment, at 57.29%, and it will head to 58%.
But the effect on altcoins will decline before finally bitcoin can sideways and altcoins will recover.

Just a few more hundred and we're back to $60k again. The dominance of Bitcoin keeps on increasing and that's a good sign. We can see that most of the money that has been out of the market has been back again but mostly with Bitcoin. I'm still expecting some sideways as it reaches back to $59k and it's true that it's not going to be easy and might take a while. Either way, this is a good sign that we're seeing and we can only wish that it won't be back under $50k but if it does, for sure that many of those that have missed that price will start panicking to buy it.

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Quote from: taufik123 on August 08, 2024, 01:20:04 PM

Quote from: tabas on August 08, 2024, 12:16:11 PM

~~~

It will continue, and it will only take a little more to be able to break out above the $60k price,
then Bitcoin will continue its rally and reach the top Resistance quickly.

But of course this will not be easy as long as the unfavorable narrative about bitcoin or the influence of the war is taking place,
so we also need to be prepared for a sudden decline.

I really hope for the best recovery scenario in the current situation especially after the really deep correction of the last few days. Bitcoin price was testing the $60k resistance in the last few hours, but it will take more effort to break it considering there are large orders at that price range.For the last 4 hours I was really waiting for $60k to break, but this hasn't happened yet but the price is now $59,500 to $59,700.

If the $60k resistance is indeed broken, then of course I expect a nice rally after that. The market is gradually recovering as expected, but various issues including FUD should not be completely ignored.

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Quote from: tabas on August 08, 2024, 12:16:11 PM

-snip-
soon we might be sticking to the $60k again. And currently, Bitcoin's dominance is at 56.1% and that's near about 60%. I missed seeing that it had gone as high as 70% but the price at that time was quite low for this cycle but nearly the ATHs that we've got.

It will continue, and it will only take a little more to be able to break out above the $60k price,
then Bitcoin will continue its rally and reach the top Resistance quickly.

But of course this will not be easy as long as the unfavorable narrative about bitcoin or the influence of the war is taking place,
so we also need to be prepared for a sudden decline.

Bitcoin's dominance is still quite high at the moment, at 57.29%, and it will head to 58%.
But the effect on altcoins will decline before finally bitcoin can sideways and altcoins will recover.

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Quote from: Dave1 on August 07, 2024, 09:12:20 PM

Not only did it go on the opposite direction, it goes now as high as $57k. So the negative news might have settled down already. And investors are starting to buy again, and Bitcoin dominance is again at almost 60%. So it means that we have bounce back while altcoin market is still way back from what they are expecting I guess. But still very early, pivotal movement might happen in the last quarter of the year.

It is $59k as per checking. The bouncing back was so quick and it didn't take a week for Bitcoin to recover, I don't know about other markets but it's possible that it's also doing the same. With this, it's not surprising that Bitcoin is able to recover. It has this attitude that it is very resilient and people have to recognize that and those that were able to buy at lows, soon we might be sticking to the $60k again. And currently, Bitcoin's dominance is at 56.1% and that's near about 60%. I missed seeing that it had gone as high as 70% but the price at that time was quite low for this cycle but nearly the ATHs that we've got.

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Quote from: VicManton on August 07, 2024, 08:42:01 AM

Please note that this is not a finacial advise and should only be viewed as a means of talking about market highlight as the title implies.

Right thanks for the disclaimer, but I guess everyone has our own opinion on the market right now and we really shouldn't take anyone's advise here. Nonetheless, you made your point and then the market going on the other direction.

Not only did it go on the opposite direction, it goes now as high as $57k. So the negative news might have settled down already. And investors are starting to buy again, and Bitcoin dominance is again at almost 60%. So it means that we have bounce back while altcoin market is still way back from what they are expecting I guess. But still very early, pivotal movement might happen in the last quarter of the year.

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Quote from: Oshosondy on August 06, 2024, 05:00:17 AM

Quote from: VicManton on August 05, 2024, 08:26:42 PM

● BTC's main downtrend has begun, and altcoins are generally declining.

What makes you think that the market will continue to fall? What if the support at $50000 would be very strong? What if bitcoin will not decrease further than $48900 that it fell to yesterday? The market may not be bullish for now but also it may not be bearish but ranging within certain price and later become bullish.

I guess at this point we are in for some long ride on the horizon, that can trigger up a total market down trends for a while, let not just bitcoin and we should also take note of what the impact of the current market situations Will have on altcoin who's market is like 10x in volitilities against bitcoin market, so all this should be considered, and we should try to include them in our cryptocurrency market analysis at each point in time, there is no one here that will say he have no portion of Their investment in other coins even though if bitcoin is the major coin of investment, we still hold some percentage of altcoins so we need to pay attention to their market also, unto say it a chain once their is a market reaction with bitcoin, it resultant effect on altcoin will be much greater.

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While this type of thing doesn't always look that great, I have to say that it is going to end up with nothing that great for the long turn, it is going to be something that will take some time and wouldn't be all that complicated. I believe that the best thing we can do right now would be just focus on whatever we can do, that's going to be the thing that could make it work one way or another.

In the end, we should be considering how to grow to be bigger, and for that reason the price is recovering right now. I know that it is going to take a while, but it will not be easy, so we can't make it work any other way.

I believe that we are going to see something that will take some time, so we can't really make it work if we keep thinking it is going down. Consider that it is going to go up, we need to consider this as the reality and we can't keep on thinking that it is going to be too hard at all times, we need to consider sometimes things going to be just easier and right now ahead of us is the easy time and we are going to see the price going higher, so it shouldn't really be an issue at all. I believe that we need to see that as the reality and can't really see any bigger situation to be existing about it.

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Please note that this is not a finacial advise and should only be viewed as a means of talking about market highlight as the title implies.

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Trends should be taken relative to the time line you are considering. For the very long term which is perfectly applicable in Bitcoin the trend remains bullish, even year to date this remains a positive and certainly longer term its done well and imo will continue.

Present selling may be serious, I dont even think its over but it will take a greater duration to alter the course on more important time frames then just near term.

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Quote from: VicManton on August 05, 2024, 08:26:42 PM

I do agree, there is no $50k, for us, on the contrary, it went and go up to $55k, so I guess the market has bounce back from the recent downtrend that we have seen. And it just shows how volatile the market is, as high as $70k in July and then suddenly in the next couple of days, it goes down hard.

But the thing is that it's resilient and so we should be very proud of the investors, as they are not willing to give up the market to the bears and so we have a good bounce already. We are showing strength, it has settled down a bit, and with that, the obvious next attempt is $58k and I think it's very possible this month.

This bounce back might be a "dead cat bounce"(which isn't necessarily bad). I was expecting a price crash during the summer and my predictions were right. The price might drop below 40-50K in the next days and weeks, or it might go back above sixty thousand dollars(which is less likely to happen). There's no reason for FUD and panic. I'm still waiting for the 2025 bull market(and probably a new ATH price).
OP, what the hell is this "USDT market cap" for Trump and Harris? Is this the amount of USDT donations received by both candidates?
What does that supposed to mean for the current situation on the cryptocurrency markets?

Topic: Market Update For Aug 5TH (Read 290 times)