Despite the drop of the first cryptocurrency to $117,000, traders continue to build positions. This was indicated by Coinbase and a number of other indicators. The index reflects the price difference of the BTC/USD pair on the American exchange and on Binance. A positive value indicates high demand from investors in the USA. The Korean "kimchi premium," similar in mechanics, has also risen to a positive level, indicating increased demand. The movement of stablecoins also indicates a bullish sentiment. At the same time, Ethereum reserves on exchanges have reached a record low. There are about 18.5 million ETH left at their disposal. However, the continuation of the correction may be supported by historical seasonality. August has often turned out to be a weak month for digital assets. Since 2017, the average peak decline of BTC during this period has been about 21.7%. The new level at $121,000 is crucial for the resumption of growth of the first cryptocurrency.
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#July PPI Beats Expectations
Despite the drop of the first cryptocurrency to $117,000, traders continue to build positions. This was indicated by Coinbase and a number of other indicators.
The index reflects the price difference of the BTC/USD pair on the American exchange and on Binance. A positive value indicates high demand from investors in the USA.
The Korean "kimchi premium," similar in mechanics, has also risen to a positive level, indicating increased demand.
The movement of stablecoins also indicates a bullish sentiment.
At the same time, Ethereum reserves on exchanges have reached a record low. There are about 18.5 million ETH left at their disposal.
However, the continuation of the correction may be supported by historical seasonality. August has often turned out to be a weak month for digital assets. Since 2017, the average peak decline of BTC during this period has been about 21.7%.
The new level at $121,000 is crucial for the resumption of growth of the first cryptocurrency.