Bitcoin (BTC) price remains pinned below $22,000 as the lingering impact of the Aug. 19 sell-off at $25,200 continues to be felt across the market.
According to analysts from on-chain monitoring resource Glassnode, BTC’s tap at the $25,000 level was followed by “distribution” as profit-takers and short-term holders sold as price encountered a trendline resistance following a 23 consecutive day uptrend that saw BTC trading above it’s realized price ($21,700).
The firm also noted that the “total inflows and outflows to all exchanges” metric shows exchange flows at multi-year lows and back to “late-2020 levels,” which reflects a “general lack of speculative interest.”
Stocks and crypto clearly risk off until we hear the Fed perspectives coming out of Jackson Hole this week/end. $BTC price continues to range, but looks a bit “soft.” pic.twitter.com/jpVjG2jslh
— Big Smokey (@big_smokey1) August 23, 2022
From a higher-time frame perspective, Bitcoin’s current price action is simply a continuation of its near 3-month long chop in the $18,500 to $22,000 range, but the real damper on sentiment are persistent non-crypto related concerns in the United States and global economy.
On August 25 the Jackson Hole Economic Symposium begins and from this the public will learn more about the Federal Reserve’s perspective on the U.S. economy, its plans for future interest rate hikes, whether or not the inflation target remains at 2% and if the Fed thinks the U.S and global economy are in recession. Anticipation over the symposium has clearly made investors skittish and these frayed nerves are visible in the S&P 500, DJI and crypto markets this week.
According to Serhii Zhdanov, CEO of EXMO cryptocurrency exchange:
“It appears there is no single driver for the recent decline. The global crises continue, and it is not certain where the bottom is. Inflation is forcing people to get rid of their investments to get cash to cover daily expenses. In many countries the total amount of credit card debt is breaking to new record highs. Recent data shows that Covid isn’t gone and geopolitical tension further adds fuel to global markets’ decline.”
Ether marches to the beat of its own drum
Ether (ETH), on the other hand, appears to be showing some upside promise from a technical analysis point-of-view. Last week, the asset corrected alongside BTC and endured a few blows…
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