Top 5 cryptocurrencies to watch this week: BTC, UNI, ICP, AAVE, QNT
Bitcoin is heading for a retest of its lower support and if that happens, UNI, ICP, AAVE and QNT could soar.< /p>
Price analysis
Bitcoin (BTC) lost ground over the weekend as investors remained cautious about U.S. consumer inflation data to be released on July 13. Analysts expect June's consumer price index to be higher than May's 8.6% level.
Due to macroeconomic uncertainty, investors are not convinced that Bitcoin's correction is over. However, Fidelity Investments' global macro director, Jurrien Timmer, said Bitcoin is back to 2013 bull market levels "if the price per million non-zero addresses" is taken into account to value it. This implies that "Bitcoin is cheap."
Daily View Crypto Market Data . Source: Coin360Readings for the Reserve Risk Indicator, which shows long-term holder sentiment, have dipped to a new all-time low in July. Commentator Murad said this means "we are in the high time low zone" or the indicator could be broken.
Could Bitcoin turn around and start a new rally or will it continue to decline? Are altcoins showing signs of bottoming out? Let's study the charts of the top 5 cryptocurrencies to find out?
Bitcoin is heading for a retest of its lower support and if that happens, UNI, ICP, AAVE and QNT could soar.< /p>
Price analysis
Bitcoin (BTC) lost ground over the weekend as investors remained cautious about U.S. consumer inflation data to be released on July 13. Analysts expect June's consumer price index to be higher than May's 8.6% level.
Due to macroeconomic uncertainty, investors are not convinced that Bitcoin's correction is over. However, Fidelity Investments' global macro director, Jurrien Timmer, said Bitcoin is back to 2013 bull market levels "if the price per million non-zero addresses" is taken into account to value it. This implies that "Bitcoin is cheap."
Daily View Crypto Market Data . Source: Coin360Readings for the Reserve Risk Indicator, which shows long-term holder sentiment, have dipped to a new all-time low in July. Commentator Murad said this means "we are in the high time low zone" or the indicator could be broken.
Could Bitcoin turn around and start a new rally or will it continue to decline? Are altcoins showing signs of bottoming out? Let's study the charts of the top 5 cryptocurrencies to find out?
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