Investors Lose Nearly $5B Over Bitcoin
The market leaders that invested in Bitcoin, such as Tesla, MicroStrategy, and Block, experienced a loss of roughly $5 billion due to the fall in the crypto winter and BTC’s considerable decline over the last few months. Bitcoin greatly impacts the financial sector and is watched by many whales and industry leaders.
According to the 1-hour chart for BTC/USDT, BTC has been trading sideways inside a bearish flag pattern since June 20, 2022. It cannot break out of the resistance zone at $24,000 and falls quickly from its resistance level of $24,196.82 to $22,363.
Despite the bearish retracement to $22,363, Bitcoin is still above the 200 EMA in both the 1-hour and 4-hour charts, indicating that after a few pullbacks, it could return to the bullish territory. However, Bitcoin will struggle to move straight to bullish since it cannot overcome the current selling pressure, with a selling order block of roughly $24,000.
Furthermore, on July 3, Bitcoin reversed course and started an uptrend, with a consistent series of higher highs and higher lows. In this event, Bitcoin is likely to break over its current resistance level and set a new higher high in the next days after a series of consolidations.
Notably, BTC continues to top the crypto market in terms of market value, with a total market cap of roughly $442,322,418,219.96. Since the market crash, the crypto community has expected a market rebound from the slump.
The Crypto Market Is Making a Slight Comeback
The crypto returned to the $1 trillion threshold. Bitcoin (BTC) and Ethereum (ETH) also benefited from the recovery and saw their respective prices rise.
Although both cryptocurrencies experienced a strong bounce in July, ETH showed more symptoms of profit taking than Bitcoin. The ratio of transactions in profit vs. losses for the two cryptos is considerably different, with ETH outperforming its opponent.
The Merge, Ethereum’s much-anticipated upgrade, is also on the horizon. Although there is no definite date for the event, devs have hinted at a Merge in mid-September.
