{"id":24577,"date":"2022-08-01T03:40:36","date_gmt":"2022-08-01T03:40:36","guid":{"rendered":"http:\/\/egrowonline.com\/?p=24577"},"modified":"2022-08-01T03:40:36","modified_gmt":"2022-08-01T03:40:36","slug":"bitcoin-btc-cools-after-weekend-rally-analyst-says-watch-out-for-sp-500-moves","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=24577","title":{"rendered":"Bitcoin (BTC) Cools After Weekend Rally, Analyst Says Watch Out For S&P 500 Moves"},"content":{"rendered":"


\n<\/p>\n

\n

The two largest coins traded in the red Sunday evening as the global cryptocurrency market cap declined 1.05% to $1.08 trillion at press time.<\/p>\n

\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n
Price Performance Of Major Coins<\/caption>\n

<\/p>\n

Coin<\/th>\n

<\/p>\n

24-hour<\/th>\n

<\/p>\n

7-day<\/th>\n

<\/p>\n

Price<\/th>\n


\n\t\t<\/tr>\n

\n\t<\/thead>\n

<\/p>\n

Bitcoin<\/strong> BTC\/USD<\/span><\/td>\n

<\/p>\n

-1.6%<\/td>\n

<\/p>\n

3.3%<\/td>\n

<\/p>\n

$23,314.77<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Ethereum<\/strong> ETH\/USD<\/span><\/td>\n

<\/p>\n

-1.2%<\/td>\n

<\/p>\n

5.1%<\/td>\n

<\/p>\n

$1,678.08<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Dogecoin<\/strong> DOGE\/USD<\/span><\/td>\n

<\/p>\n

-1.9%<\/td>\n

<\/p>\n

1.45%<\/td>\n

<\/p>\n

$0.07<\/td>\n


\n\t\t<\/tr>\n


\n\t<\/tbody>\n


\n<\/table>\n<\/figure>\n

\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n
Top 24-Hour Gainers (Data via CoinMarketCap)<\/caption>\n

<\/p>\n

Cryptocurrency<\/th>\n

<\/p>\n

24-Hour % Change (+\/-)<\/th>\n

<\/p>\n

Price<\/th>\n


\n\t\t<\/tr>\n

\n\t<\/thead>\n

<\/p>\n

Filecoin<\/strong> (ROSE)<\/td>\n

<\/p>\n

+25.1%<\/td>\n

<\/p>\n

$9.94<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Internet Computer<\/strong> (ICP)<\/td>\n

<\/p>\n

+9.5%<\/td>\n

<\/p>\n

$9.03<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Arweave<\/strong> (AR)<\/td>\n

<\/p>\n

+6.2%<\/td>\n

<\/p>\n

\u200b\u200b$15.58<\/td>\n


\n\t\t<\/tr>\n


\n\t<\/tbody>\n


\n<\/table>\n<\/figure>\n

See Also:<\/em> Best USDC Interest Rates<\/em><\/a><\/p>\n

Why It Matters:<\/strong> Cryptocurrencies, which were buoyant over the weekend, appear to be losing steam heading into a fresh trading week.\u00a0<\/p>\n

Bitcoin reached a high of $24,572.58 over the weekend and has since contracted 5.1% from those levels.<\/p>\n

Cryptocurrencies continue to be aligned with stocks. The S&P and Nasdaq futures were down 0.4% each at press time. Heading into a fresh trading week, investors will keep an eye on a flurry of earnings data and the nonfarm payrolls report from the Bureau of Labor Statistics.<\/p>\n

Cryptocurrency investors need to keep an eye on the S&P 500, where the area below 4,200 will be \u201ccritical,\u201d according to the trader Justin Bennett.<\/strong><\/p>\n

Bennett pointed to the correlation between Bitcoin and S&P500 and said if there was a selloff on the index, the apex coin was \u201clikely to follow\u201d even if it takes a day or two to do so.<\/p>\n

<\/p>\n

Why #crypto<\/a> bulls need to be careful next week.<\/p>\n

Watch today’s video at the link below and don’t forget to subscribe. $BTC<\/a> #Bitcoin<\/a> $ETH<\/a> https:\/\/t.co\/a5x06hmYo9<\/a><\/p>\n


\n\u2014 Justin Bennett (@JustinBennettFX) July 29, 2022<\/a><\/p><\/blockquote>\n

The U.S. Federal Reserve<\/strong> has room for more aggressive hikes as personal income and spending data remain strong, noted Edward Moya<\/strong>, a senior market analyst at OANDA.<\/p>\n

\u201c\u200b\u200bA couple more inflation and employment reports will dictate how the data-dependant Fed will behave after the summer,\u201d said Moya, in a note seen by Benzinga.<\/p>\n

Even so, there are indications that cryptocurrencies\u00a0may be shedding the \u201cwinter\u201d mindset and gearing up for a continued summer relief rally, he added.<\/p>\n

\u201cThe \u2018crypto winter\u2019 might be over and that is what is needed to allow flows back into the space,\u201d said Moya.<\/p>\n

Micha\u00ebl van de Poppe<\/strong> noted the movement of the so-called altcoins which he said were \u201cbreaking out left and right.\u201d\u00a0\u00a0\u00a0<\/p>\n

The cryptocurrency trader said short positions were getting \u201cstopped out or liquidated.\u201d He said, \u201cIt’s the Summer relief!\u201d<\/p>\n

<\/p>\n

#Altcoins<\/a> breaking out left and right.<\/p>\n

The moment they crack their range, they start to accelerate quite fast;

\n– Short positions getting stopped out or liquidated.

\n– Break-out buyers.<\/p>\n

Position yourself well, more #altcoins<\/a> will follow.<\/p>\n

It’s the Summer relief!<\/p>\n


\n\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) July 30, 2022<\/a><\/p><\/blockquote>\n

Investor sentiment indicator Alternative.Me\u2019s \u201cCrypto Fear & Greed Index\u201d showed \u201cFear\u201d heading into the fresh trading week. The index was at 33 at press time, while last week it was at 30 \u2014 a value of 0 means \u201cExtreme Fear\u201d and 100 \u201cExtreme Greed.”<\/p>\n

Decentralized finance pioneer Yearn.Finance\u2019s <\/strong>(YRN) token\u00a0crossed the $10,000 barrier for the first time since May 16 as the DeFi asset decoupled from other altcoins, said Santiment.<\/p>\n

<\/p>\n

#YearnFinance<\/a>‘s price has rebounded back above $10,000 for the first time since May 16th as the #DeFi<\/a> asset has decoupled from the #altcoin<\/a> pack. Keep an eye on the addresses holding $1m or more in $YFI<\/a>, as there have been declines in their holdings. https:\/\/t.co\/YJsG2GI4oL<\/a> pic.twitter.com\/djmoIgnJB3<\/a><\/p>\n


\n\u2014 Santiment (@santimentfeed) July 29, 2022<\/a><\/p><\/blockquote>\n

The market intelligence platform tweeted, \u201cKeep an eye on the addresses holding $1m or more in $YFI, as there have been declines in their holdings.<\/p>\n

Read Next: <\/em>Here’s Why Bitcoin Could Blast Higher If This Trend Confirms<\/em><\/a><\/p>\n

Photo by\u00a0<\/em>leksiv<\/em><\/a>\u00a0on Shutterstock<\/em><\/p>\n<\/div>\n


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The two largest coins traded in the red Sunday evening as the global cryptocurrency market cap declined 1.05% to $1.08 trillion at press time. Price Performance Of Major Coins Coin 24-hour 7-day Price Bitcoin BTC\/USD -1.6% 3.3% $23,314.77 […]<\/p>\n","protected":false},"author":1,"featured_media":24578,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[646,50,194,10143,247,213,635,974],"class_list":["post-24577","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-btc","tag-cools","tag-moves","tag-rally","tag-watch","tag-weekend"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/08\/shutterstock_772287100.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/24577","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24577"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/24577\/revisions"}],"predecessor-version":[{"id":24579,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/24577\/revisions\/24579"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/24578"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24577"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}