Price Analysis 8/2: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

The sell-off in global stock markets is casting a bearish shadow on cryptocurrency markets, indicating weakness in the near term.

Bitcoin ( BTC ) fell towards the midpoint of the $55,724 to $73,777 range after bulls failed to keep the price above psychological resistance at $70,000. For bulls waiting for a range breakout, August's historical performance does not provide confidence. Coinglass data shows that August has been up a meager 2.24% on average since 2013.

The weakness in global stock markets is casting a shadow of uncertainty on risk assets. Japan's Nikkei stock index fell 6% on August 1, its worst drop since the "Black Monday" crash in 1987. Bitcoin's $60,000 support could be seriously threatened if the sell-off extends to currency markets. encrypted.

A daily look at cryptocurrency market data. Source: Coin360

Regardless of the near-term weakness, analysts remain optimistic about Bitcoin's long-term prospects. Popular analyst Willy Wu said in a post on X that a 3% portfolio allocation by financial institutions could push Bitcoin to $700,000.