The BTC exchange rate is down to 25,997 USD on Monday. Over the week, the flagship cryptocurrency sagged by a symbolic 0.05%, essentially remaining flat. However, within the week, the price saw an upward movement but failed to sustain it.
Investors failed to develop the buying momentum that formed after the positive court decision in favour of Grayscale in its dispute with the SEC. This is similar to a scenario when investors witnessed the same situation in Ripple's history, with a favourable court ruling regarding the status of the XRP coin.
Statistics from the US are mixed, and the market prefers not to risk its capital. On the BTC D1 chart, a "Death Cross" pattern is emerging: two moving averages (SMA 50 and SMA 200) intersect, and the movement goes from top to bottom. According to the classic theory, this signals a decline. However, it is just one of many signals, but it is attention-grabbing due to its prominence. The trend signal will not necessarily be realised instantly. The seasonal cycle remains bearish.
The support level for the BTC still holds at 25,150 USD, with 23,300 USD below it.
The cryptocurrency market capitalisation remains at 1.05 trillion USD. The share of BTC remains at 48.3%, while the share of ETH has dropped to 18.8%.
Trading volume on OpenSea has noticeably decreased
The trading volume on the NFT exchange, OpenSea, dropped to a two-year low in August, totalling 106 million USD. Investors believe that discontinuing the on-chain Operator Filter for royalty collection was a mistake.
The number of crypto whales has increased
The number of whales, meaning large investors holding more than 10 BTC, has reached its highest point since September 2020. The index has been rising since March 2022.