Birthday of Efirium and Shiba Inu: Why the crypto market fell down

The first reason for this BTC movement is American political. Despite the performance of Republican candidate Donald Trump in Nashville, the popularity of Democratic Party representative Kamala Harris began to grow. She came out ahead in swing states, 48% to 47%. Trump has made many statements in favor of cryptocurrency, promising to include it in the strategic reserves of the United States. Harris is considered an opposition to the crypto industry.

The second reason is the expiration of options on August 2 for the amount of about $2.2 billion. In any case, this is how analysts of the crypto exchange Bitfinex see the situation. They assume that the decline will be short-term. In the long term, the forecast is moderately positive.

The third reason could be that the bankrupt MtGox exchange transferred about 47,000 BTC to its customers on July 30 to Kraken and Bitstamp exchanges. Obviously, the coins might have been sold out, and as a consequence, the price of bitcoin fell.

From a technical analysis perspective, BTC investors should be cautiously positive. Despite the correction, the price is still above the 50-day moving average (indicated in blue). Yes, and the RSI indicator exceeds the value of 50. Support and resistance levels: $62,233 and $70,016.

Translated with DeepL.com (free version)