Bitcoin starts the month slightly in the red

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BTC is experiencing a slight decline after last week’s rally was weakened, particularly by falling volumes.

Market situation at the beginning of the week

Bitcoin started the week with youonly 3% decrease and with Volume below average. The queen’s cryptocurrency has fallen 51% from the beginning of the year. Coin dominance, an indicator that measures BTC’s market capitalization relative to the rest of the cryptocurrency market, is 42%, up from 40% on January 1 and 41.8% on April 1.

In traditional markets, the S&P 500 fell 0.5% and the Dow Jones Industrial Average fell 0.3%. The Nasdaq Composite Technology Index fell 0.4% on the day.

MicroStrategy, an enterprise software maker and major BTC holder, is about to be released Tuesday, its results for the fiscal second quarter. Analysts expect a loss of $ 7.27 per share on average, following a loss of $ 11.58 per share in the company’s first fiscal quarter ended June 30.

30 days of correlation between BTC and MicroStrategy shares – 0.85, which implies it The share price is heavily pegged to BTC. The correlation coefficient ranges from -1.0 to 1.0, with higher values ​​indicating a stronger relationship between assets.

PriceEther (ETH) fell 4.5% on Monday, after rising 9% last week. Various altcoins also fell on Monday, with Polkadot (DOT) down 8.5% and Cosmos (ATOM) down 7%.

Bitcoin dropped slightly earlier in the week

It is interesting to watch the price trend over the past week. open interest in the options market with respect to bitcoins, with respect to the strike price or the strike price. Strike Open Interest shows the volume of orders to buy (call) or sell (put) options or both at different strike prices and can provide an indication of traders’ opinion on the fair value of BTC.

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The most noticeable change in this indicator from last week is Increased the number of put options purchased to $ 23,000.. Since put options represent an option, not an obligation to sell (in this case at $ 23,000), they can be interpreted as Traders buy fall protection when prices are over $ 23,000.

The open interest for call options (ie the right but not the obligation to buy) remains up to $ 25,000which can be interpreted as a place for optimistic investors ready to buy BTC.

BTC options open interest at strike price shows option orders to buy or sell BTC at different price levels. (Source: Coinglass)

The chart above can be viewed in the context of the on-chain data indicating the “realized price” of Bitcoin. Selling price or selling price realized market capitalization of bitcoin divided by the current bitcoin supply ; The realized market capitalization is based on the price of the coin in the last trade.

BTC’s current strike price is $ 21,000.. Lthe cryptocurrency has exceeded the realized price, after falling below that level in June. Exceeding the price reached means that more BTC investors have become profitable. The more investors are in the green zone, the more the price level falls. serve as additional support.

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The price reached shows what the average cost of a bitcoin was for all market participants. (Source: CryptoQuant)

Bitcoin prices continue to rise due to the supply of “she issleep well”. The number of bitcoins that haven’t changed hands in more than 10 years continues to grow. Some of these assets may have been completely lost, but some investors there seems to be no desire to sell them.

To set the context, 2.5 million tokens sleep in cold wallets exceeds the 2.4 million BTC currently held on all exchanges.

On the macroeconomic front it will be relatively calm earlier in the week, although the Institute for Supply Management released a survey on Monday showing it US production slows in June. Construction spending in June fell 1.1% from May, below estimates. However, the PMI beat the estimates at 52.8. An index greater than 50 indicates this The manufacturing sector is expandingand an index below 50 indicates that production is decreasing.

The rest of the week could show us the future direction Bitcoin will take, and with it the market.

To find out more about the Bitcoin Valley project in Honduras, check out our latest article here.

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