Cryptocurrency Market Overview on 04/08/2022

The cryptocurrency market is showing consolidation, after several days of falling, amid the absence of strong news that can change the market situation.

The stock market continues to remain under pressure despite yesterday’s slight strengthening of the US and European stock indices. The prospect of an aggressive increase in global interest rates continues to worry investors, while bonds have fallen and the dollar looks like it will show the best week in a month.

The distribution of the supply of whales with a balance of 1,000 to 100,000 BTC shows a massive accumulation since June 2021. More recently, the number of wallets containing 1,000 to 10,000 BTC has increased from 2,034 to 2,166.

Bitcoin quotes remained virtually unchanged during yesterday’s trading session, remaining below the strong level of 44.300. At the same time, the indicators show a strong oversold, and taking into account the formation of yesterday’s reversal candle at the bottom of the wave, there is a possibility of strengthening quotes. So in case of a breakdown of the 44.300 level, there is a possibility of resuming the upward trend to work out the 48.000 level. On the other hand, holding quotes below the 44.300 level will probably lead to continued consolidation of Bitcoin at current levels.

Iron Fish
Daily market analysis with Love to Crypto.