Price analysis 8/21: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, DOT
Bitcoin and select altcoins are starting to recover, but selling at the top of each price breakout suggests that bears remain in control. After the sharp fall on Aug. 17, Bitcoin (BTC) remained stuck inside a tight range over the weekend. This suggests indecision between the bulls and the bears about the next directional move. After the latest fall, about 88% of Bitcoin held by Short-term Holders (STHs), owning Bitcoin for 155 days or less, has plunged into loss, according to Glassnode’s weekly newsletter, “The Week On-Chain.” Glassnode warns that the STH cohort is “increasingly price sensitive.” In comparison, the long-term holders have neither panicked nor gone on a shopping spree during the current fall. Daily cryptocurrency market performance. Source: Coin360 Traders are likely to keep a close watch on the United States Federal Reserve Chairman Jerome Powell’s speech at the annual Jackson Hole Economic Symposium on Aug. 25. If Powell does not spring a negative surprise, then the ...