- Bitcoin stagnates near $ 119,000, while the Altcoinkurse climb and press the market guide to the lowest level since March.
- Wal inflows and rising foreign exchange reserves signal caution, while the dealers would not be surprised from a BTC decline in $ 114,000.
After Bitcoin had reached an all -time high of $ 123,000 at the beginning of the month, he entered a consolidation phase that enables alternative tokens to gain the ground. Alcoins have grown massively in the same period and recorded long phases last month.
Bitcoin was traded at around $ 119,000 this week after falling to $ 116,000 at the weekend. Analysts observed the quick closure of a CME futures gap around this level, which marked the sixth Monday in a row, on which such gaps were closed early. Dealers attentively observe a lower gap near $ 114,000, with some point out that downward -down and a stagnant momentum could indicate short -term weakness.
A remarkable liquidation cluster is $ 115,300, a level that, according to the market participants, could be tested with increasing sales pressure. The lack of strong delta signals continues to indicate a neutral position in which neither bulls nor bears have clear control.
BTC performance sinks- Altcoins at the advantage
Ethereum, XRP and other old coins have overtaken Bitcoin in the past few days, which has led to renewed claims that the old coin season has started. Bitcoins market share at the cryptom market capitalization fell from 66 to just over 60 percent, the lowest level since March. It is one of the rapidest weekly declines in years.
Traders and analysts, including Henrik Zeberg, believe that this shift indicates a wide swivel towards old coins while Bitcoin consolidates. The strong course development of Ethereum and the increasing speculative interest in assets with a lower market capitalization are considered the main driver of this trend.
Federal Reserve in focus in front of Powell speech
The US Federal Reserve remains an important macroeconomic factor this week. The chairman of the Fed, Jerome Powell, becomes Speak at a regulatory conference in Washington on Tuesday. Although the markets used to expect possible interest reductions this summer, the expectations have cooled down due to the mixed inflation data and stable economic output.
According to the CME Fedwatch Tool, the probability of reducing interest rate in July is still less than 5 %. The dealers now see an even chance for a reduction or an unchanged interest rate reduction in September. In the meantime, the political pressure on Powell has increased, with the White House rejected rumors about a possible replacement last week.
Foreign reserves rise by repositioning the whales
The Bitcoin reserves on central stock exchanges have increased, which indicates an increasing caution of investors. The onchain analysis platform Cryptoquant reported The highest BTC stock exchange stock since June 25th. This shift indicates a wave of profit treatment and a possible preparation for a correction phase.
Large investors have also contributed to this trend, with the tributaries of WAL letter pockets between the 14th and 18th July from $ 28 to $ 45 billion. This change is still below the maximum of earlier cycles, but is seen as a sign of a replacement by institutional actors.
Despite the consolidation, the long -term price forecasts remain high. The goals are between $ 137,000 and $ 160,000, whereby many retailers expect a local high over $ 130,000 before continuing in the fourth quarter. In the short term, however, the dynamics have slowed down, and retailers have to consider that the market makers may prepare for a further downward trend in order to trigger liquidations.
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