Crypto Daily: Bitcoin sent lower over weekend break
Proactive Investors – (BTC) is in the midst of its third bearish day in a row after posting small but consistent losses over the weekend.
Having closed Friday on a solid footing at US$30,350, the BTC/USDT pair fell 0.2% on Saturday and 0.4% on Saturday.
This morning’s underwhelming Asia trading window brought the pair lower, and at the time of writing, was swapping for US$30,100.
This is, obviously, still above the US$30,000 support line, thus conforming to the 30k to 31k sideways channel that has marked bitcoin’s performance over the past 2.5 weeks.
Bitcoin sticks to sideways trading channel – Source: currency.com
Additional buyers’ support can be seen at the US$29,600 price point, per Binance’s order book.
As has been the case since mid-June, BlackRock’s spot bitcoin ETF filing dominates the discussion.
However, with no developments since the world’s largest asset manager refiled its application with the US regulators last Wednesday, bullish sentiment appears to have subsided for now.
This coming Wednesday sees US inflation data being released, which could provide either upside or downside on bitcoin’s price contingent on softer or hotter data.
In the altcoin space, (SOL) has teared ahead despite no clear sign of a catalyst.
Currently the ninth-largest cryptocurrency with a market capitalisation of US$8.3bn, SOL has rallied 6.5% over the past seven days compared to bitcoin losing 1.8%.
As for (ETH), the world’s second3-largest cryptocurrency has a similarly bearish weekend in tandem with bitcoin, falling 0.8% to US$1,856 from Friday’s close.
The global cryptocurrency market capitalisation currently stands at US$1.17tn, with bitcoin dominance totalling 51.6% of the entire market.
