Bitcoin Retreats but Ethereum Poised for a Bullish Breakout

By early Wednesday afternoon, the Cryptocurrency Fear and Greed Index had dropped from 64 to 61, still in "greed" territory.

Price corrections are experienced by Bitcoin and Ethereum

Bitcoin is currently trading back close to $30.8K after retreating from the peak of its most recent trading range over $31.3K. Since an upside breakout has not been confirmed, a return to the range's bottom level at $29.8K is the most likely scenario. The consolidation will stop and the breakout will advance only if there is a persistent escape outside the $29.8-31.3K corridor.

Even while Ethereum is going through a local slump as well, its stronger momentum is good for Bitcoin. On Monday, ETHUSD overcame local barrier and finished the corrective drop. The local retreat returned the price to its previous resistance level, which had been in place since late April.

Bitcoin News

On its first day of trading on the NASDAQ, shares of Bitcoin Depot, the largest cryptocurrency operator in the world, increased by almost 12%. Significant gains were also made by cryptocurrency businesses. MicroStrategy gained 10%, while Coinbase stock rose 12%.

Kaiko claims that in the second quarter of 2023, spot trade volumes for cryptocurrencies dipped to levels last seen in late 2020. The biggest loss was seen on Binance, where trading volumes dropped by about 70%.

The coalition of bitcoin exchanges in South Korea unveiled a system to monitor market volatility. By reducing asymmetries and irregularities in incoming exchange information, the warning system was created to protect users.

The BRC-69 standard, which was introduced by the Luminex team behind the Ordinaries platform, makes it simpler and less expensive to issue NFT collections of recursive inscriptions in the Bitcoin blockchain. The creators claim that BRC-69 lowers the cost of providing collections by more than 90%.