The Bitcoin market saw little volatility over the weekend.
Coinbase's weekly report shows that as summer ends, U.S. investors reduce risk exposure, and the stock market and crypto market fall simultaneously. Some people choose to sell for risk aversion, while others wait and see. Coinbase expects the market to remain cautious before the Fed's September meeting, and more funds may enter the market in October and November.
The US election is approaching, and the Bitcoin halving is in the same year as the election, which may provide impetus for it. Coupled with the expectation of interest rate cuts and improved liquidity, the outlook for the fourth quarter of 2024 is optimistic. However, the Fed's policy is still key, investor sentiment is low, and there is a lack of clear market catalysts. The August non-farm data was lower than expected, showing a weak labor market and exacerbating recession concerns, although this strengthened expectations of interest rate cuts.
The Bitcoin Fear and Greed Index is close to the level when FTX crashed at the end of 2022, and market sentiment is fragile. Long-term holders take advantage of market panic to buy in batches, while short-term investors frequently sell at a loss. This provides experienced investors with an opportunity to increase their holdings.
We expect Bitcoin to complete the second accumulation phase in September and enter the second half of the bull market driven by global liquidity and Bitcoin halving in October. Ethereum fell below the $2,300 support level, and $1,900-2,300 is a good range for batch buying.
Bitcoin spot ETFs have seen an increase in outflows, and market uncertainty has risen. Although there may be a short-term rebound, the chances of a rise to $70,000 in September are slim, especially with a weak stock market. The August CPI data to be released next week may further affect the market. The current key support level is $50,000-52,000, and prices may continue to test this range in September.
Looking ahead to October, Bitcoin is expected to rebound, but there are fewer retail investors and a lack of new funds entering the market. UTXO data shows that short-term investors are decreasing and more Bitcoin is flowing to long-term holders, similar to the market performance after the halving in 2019-2020.
The current market sentiment is low, and retail investors are gradually withdrawing, but long-term holders are seizing the opportunity to build positions in batches. September is volatile, so investment needs to be cautious.
TON
Toncoin (TON) has seen a sharp rise in price recently, up more than 7%, mainly due to comments by Telegram CEO Pavel Durov criticizing France's investigation into its illegal activities. As of 2:45 a.m. EST, TON was trading at $4.87. Durov's comments appear to have provided a boost to TON's price.
According to data from IntoTheBlock, although the price of Toncoin has risen, only about 9% of holders are currently in profit, and most holders are still in a loss. In addition, many wallets holding TON have held it for less than a year, indicating that a large number of investors have entered the market recently. Although market sentiment is bearish, this may just be a short-term adjustment before the next round of sharp rise.
1INCH
1INCH has been performing well recently, with a 2.50% price increase in the past 24 hours. Although this increase is small, 1INCH's high liquidity and trading efficiency highlight its advantages. Its volume-to-market ratio is 0.3875, indicating high liquidity.
1inch Network connects decentralized protocols and provides efficient and secure DeFi operations. Compared with other DEX aggregators, its gas consumption is as low as 16%, effectively reducing users' exchange fees. The platform also focuses on security. The smart contracts have been audited by companies such as OpenZeppelin and ConsenSys, and support more than 400 liquidity sources on 12 chains to ensure competitive interest rates.
In the short term, 1INCH is trending neutral with a 14-day RSI of 53.10 and an unclear market direction. The coin has risen 15 of the past 30 days and a low volatility of 5% indicates stable trading. However, in the long term, 1INCH is trading 29.42% below its 200-day moving average, despite this, the price has increased by 6.23% in the past year, outperforming 27% of the top 100 crypto assets.
DOGS
The DOGS emoji coin has recently attracted a lot of attention with its integration with Telegram, especially on major cryptocurrency exchanges such as Bitunix. The coin, inspired by the mascot "Spotty" designed by Telegram founder Pavel Durov, continues to grow in popularity. One of the highlights of DOGS is its "click to earn" feature, which allows users to earn tokens by interacting on Telegram, which has greatly promoted user growth. Currently, more than 8 million people have participated in the airdrop and the Telegram community has exceeded 16 million members.
At the same time, Binance announced the launch of DOGSUSD perpetual contracts, supporting trading operations with up to 20x leverage. Currently, DOGS is trading at $0.001052, up 0.23% during the session.
BNX
BinaryX’s native token BNX is showing potential for a bullish breakout. The price is currently moving inside a broadening rising wedge and is gaining momentum on a bounce off the lower trendline.
BNX needs to break out of the $1.66 resistance and turn it into support to confirm this bullish pattern. If successful, the price could move up to $2.00 and potentially gain 39% with an ultimate target of $2.81.
BinaryX is at the core of the GameFi ecosystem, committed to transforming the gaming industry through sustainable economic models and premium experiences. BNX runs on Binance Smart Chain (BSC) as a BEP-20 token and has a Certik audit score of 83, ensuring strong security.
Despite its current lower price, BNX is up 586% over the past year, outperforming 93% of the top 100 cryptocurrencies, making it a strong choice for investors in the GameFi space.
That’s all for today’s article. We are currently in a bull market, and things are turbulent. We share passwords every day.
