Major cryptocurrencies experienced a mixed trading session on Sunday evening, as market attention turned towards the turmoil surrounding Curve Finance and its CRV token.
The U.S. July jobs report was released at the end of this week, falling slightly below economist forecasts. However, it had little impact on Bitcoin’s price. Looking ahead, next week will bring inflation data for July, which may influence market direction.
Currently, the global crypto market capitalization stands at $1.16 trillion, a 0.31% increase in the last day.
Stock futures show modest gains as investors prepare for a week of corporate earnings and key inflation data. S&P 500 futures and Nasdaq 100 futures both rose approximately 0.2% and 0.3%, respectively.
Bitcoin continues to consolidate below $29,000 as volatility struggles to return. Bitcoin was little changed after both the Treasury quarterly refunding announcement and NFP report,” said OANDA Senior Market Analyst Edward Moya.
He added, “Regulatory decisions and ETF rulings still remain the likely catalysts to trigger a meaningful crypto move.”
Michael Van De Poppe highlighted that the total market capitalization of the crypto market appears to be forming a higher low.
This higher low is expected to coincide with the 200-Week Moving Average (MA) / Exponential Moving Average (EMA). Consequently, with the potential approval of an Exchange-Traded Fund (ETF), we could witness a pre-halving rally toward a $40,000 price level. As a result, the total market capitalization is anticipated to experience a significant surge.
Total market capitalization #Crypto looks like we’re printing a higher low.
That higher low should surround at the 200-Week MA / EMA.
Then, most likely through the approval of an ETF, we’ll get a pre-halving run to $40K and Total market capitalization to surge. pic.twitter.com/vn0ORrhj3H
— Michaël van de Poppe (@CryptoMichNL) August 6, 2023
Pseudonymous crypto analyst Pentoshi said that capital appears to be leaving the crypto markets.
The analyst predicts that the market conditions will transition in the upcoming months, coinciding with Bitcoin’s next halving event.
“When new money? SOON! Think by or around Q1 2024 BTC is screaming up… Hate to think where we’d be if it wasn’t for Saylor, Tether + ETF (exchange-traded fund). Maybe sub $20,000.”
Notably, the next Bitcoin halving is scheduled for April 2024.
Produced in association with Benzinga