Bitcoin prices drew a striking red candle on the daily chart on Friday, plunging nearly 6%, marking a bleak end to the cryptocurrency market this week. BTC has fallen nearly 10% before the weekend, trading as low as $60,433, and has since recovered but is still hovering around $61,592.
The decline was not limited to Bitcoin, but the entire cryptocurrency market was affected. Ethereum fell below the $3,000 mark, and meme coins collapsed, triggering a wave of liquidations in the market. According to statistics, nearly $500 million in long positions were forced to close in the past 48 hours, and the market atmosphere was extremely pessimistic.

This week, the cryptocurrency market was once again in turmoil, with Bitcoin prices suffering a heavy blow, plummeting from a high of $70,000 to below $62,000. This sudden sell-off has caused widespread concern in the market, with investors speculating whether this is a sign of a larger wave of corrections to come.
In the price action of Bitcoin, we can see a clear bearish trend. As the strength of the shorts increases, the pressure above the key support level continues to increase, making it difficult for the price of Bitcoin to maintain stability. This week's decline not only broke the previous recovery trend, but also caused a series of technical indicators to show bearish signals.

A storm seems to be brewing in the market after Ripple Labs-backed XRP ended the past three weeks on a bullish note. Entering the first week of August, the large-cap altcoin may face an onslaught of bearish sentiment. XRP has a fully diluted valuation of around $57.6 billion and a stable daily trading volume of around $2 billion, however, its price has struggled to break through the 64 cents resistance level over the past year.

This resistance level is not only a technical challenge for the global XRP community, but also carries a historical memory. In the fourth quarter of 2020, after the SEC filed securities law charges against Ripple, the price of XRP fell to this level. Therefore, successfully and continuously standing above 64 cents is not only a technical breakthrough for XRP, but also a powerful response to the legal haze.

Bitcoin fell 6% today after Wall Street opened on August 2, hitting a low of $60,536 before recovering slightly to current levels.

The recent sell-off caused the Bitcoin price to lose key support levels: the 50-day exponential moving average (EMA) at $64,300 and the 100-day EMA at $63,670.
Bitcoin analyst AlphaBTC reviewed Bitcoin’s price performance since July 30, when the price fell from a high of $66,996 to a low of just under $63,000 on August 2, emphasizing that Bitcoin’s loss of $63,000 was extremely bad.

The entire cryptocurrency market seems to remain in a state of turmoil as the price of Bitcoin continues to fluctuate around $64,000. However, amidst this turmoil, mid-cap altcoins are showing unusual vitality, especially Aave (AAVE) and Mantra (OM), which are leading a bullish resurgence.

GHOST
Despite the overall selling pressure in the market, AAVE has achieved a gain of about 10% in the past day, with a trading volume of $350.47 million. This strong performance is not only reflected in the short term, but also in the past week and 30 days, AAVE has risen by 16.93% and 30.61% respectively.

Not only do these projects have huge trading volumes and high market capitalizations, they also display strong bullish sentiment, suggesting a potential tenfold growth over the next 15 days.

First, let’s look at Dogwifhat (WIF)
Although the token has fallen slightly in the past 24 hours, its overall sentiment remains bullish. The Fear and Greed Index score is 60, reflecting that the market is in a greedy state. From a historical perspective, WIF once peaked at $4.80 on March 31, 2024. Although the current price has fallen back, its price trend over the past month shows a balanced sentiment.

Bitcoin
Traders betting on a Bitcoin recovery suffered huge losses on August 1, when a downturn led to liquidations of a total of $279.44 million in long positions in 24 hours, including $218.57 million in liquidations.

The largest liquidation on OKX involved an ETH-USDT swap worth $4 million.

For market analyst DW, despite the significant downward move, the collapse of positions is not "extreme". DW said that the market has returned to low liquidity, warning of the possibility of strong selling in the future.
Meanwhile, independent analyst Mags took a more positive view on Bitcoin, saying that as Bitcoin trades near the upper boundary of a descending wedge, the price remains above key moving average support.

The cryptocurrency market has recently entered a consolidation phase again, and bearish forces are trying to regain market dominance. The reversal of this trend began after Bitcoin's price attempted to break through $70,000 and failed, and market participants' optimism about future price trends began to waver. Despite this, altcoins across the entire cryptocurrency ecosystem still show strong upside potential, and many of the top 10 tokens continue to thrive.

However, amidst this boom, memecoins, especially PEPE token, have faced tremendous upward pressure. The token has been trading in a tight range over the past two weeks since bulls failed to sustain PEPE price above $0.000012. Although bulls tried to prevent the price from falling further, PEPE price eventually failed to hold this key support level and started to slide below $0.00001.

Amid the volatility of the cryptocurrency market, savvy enthusiasts can always find opportunities during downturns. The recent market pullback has provided a good opportunity for some promising altcoins to enter at lower prices. This article will focus on five cryptocurrencies that are expected to achieve significant growth in the future: Toncoin (TON), TRON (TRX), Avalanche (AVAX), Solana (SOL).
Toncoin (TON): A potential stock waiting to take off
Toncoin has performed well in the past six months, gaining 229.18%. Although the price has slightly corrected recently, this correction may provide an ideal entry point for enthusiasts. TON token is currently in a short consolidation phase, approaching its resistance level of $7.43, and once it breaks through, it is expected to climb further to $8.36. Its solid support levels are located at $6.11 and $5.25, providing a safety cushion for enthusiasts.

Bitcoin
Bitcoin fell for the third consecutive day.
After hitting a local peak of $70,079 during the recovery on July 29, BTC reversed, erasing nearly all of its previous upward momentum.
The value has continued to drop by 3.5% over the past 24 hours and is currently trading around the $64,000 mark.
However, on a monthly basis, Bitcoin closed July with a gain of 2.96%.

The break of the intraday support level of 65,000 has intensified the panic of retail investors in the market in the short term, and it has been looking for support at the lower and middle track of 635,000. If this position falls below the fulcrum at one point, it will directly look for support near 61,000.

As buying and selling pressures increased in the cryptocurrency market, top coins have shown mixed sentiments in their respective portfolios over the past few days. In addition, the price of BTC continues to hover around $66,000, indicating uncertainty about future price movements.
However, mid-cap altcoins have gained momentum by adding massive valuations during this period, highlighting a shift in interest among enthusiasts.
In this article, we cover 3 altcoins that have the potential to record huge upside potential in their respective portfolios in the upcoming crypto bull rally.

Bitcoin
Bitcoin continued its decline yesterday after the market was unable to overcome the strong resistance level of $70,000.
It closed lower for the second day in a row, with a small loss of nearly 1% over the past 24 hours, and is now back just above the $66,000 mark.

This week, the U.S. government transferred $2 billion in Bitcoin from the confiscated Silk Road Fund. In addition, FalconX sold 1,000 BTC worth $69.52 million on Binance.
On-chain data shows that the Coinbase Premium Index has fallen below its 14-day simple moving average, indicating increasing selling pressure.
BTC will focus on the support level of 65500 during the day. It will fluctuate in the range and is expected to go up and down in the evening. It is expected that the fluctuation will end after the Fed meeting.

Today, the destruction rate of Shiba Inu Coin increased by more than 7,300%, triggering optimistic speculation in the market that the price of Shiba Inu Coin may rise.

SHIB’s price retreated to the $0.000016 mark today, in sync with the broader market’s downward trend. However, a 7,300% increase in SHIB’s burn rate seems to have ignited optimism about the token’s future performance. Interestingly, millions of tokens were destroyed in the past 24 hours. Meanwhile, continued destruction has sparked speculation that SHIB’s price could reach its highest target of $0.0000377 in August.

Shiba Inu records burning of millions of dogs

Will Solana outperform Bitcoin and Ethereum?

Well-known analyst Inmortal expressed his optimism about Sol’s performance in this cycle. He believes that Sol could outperform Bitcoin and Ethereum (ETH). Similar to Sol’s price rise in late 2020, if Solana breaks through the $200 resistance level, the price is expected to rise parabolicly.
Attention has also been turned to the popular Floki. He predicts that Floki’s price could climb to $0.00028 by the end of August, a significant increase from its current price of $0.000177.

What is the future of Bitcoin?

The cryptocurrency market has been volatile recently, and the price trends of mainstream tokens such as Bitcoin have been a concern for every enthusiast. However, in this storm, the Solana-based memecoin BOME has shown extraordinary resilience. After six weeks of consolidation, the price of BOME has finally launched a healthy rebound from the key support area below, bringing a glimmer of hope to the market.

Although BOME prices are still trading in a bearish range, the increase in market volatility provides the possibility for a positive uptick. The efforts of the bulls in the past few days have successfully triggered a rebound, and the market sentiment has also slightly improved.