Crypto Markets Extend Declines, Bitcoin Reaches $7,500

Bitcoin prices continue to fall on the first day of August as yesterday’s mood still dominates the market. Altcoins are also down, with HitBTC’s problem fix failing to improve the general sentiment.

Most cryptocurrencies continued trading lower during the US session on July 31, following the bearish tone set earlier. At the time of writing, Bitcoin is fluctuating around the 100-day SMA, hovering slightly above $7,500.

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The current declines should be seen as significant by short-term traders. The weekly range (July 24-31) is now broken, and a move lower seems very possible. Still, a lot of moving averages have converged below the current price, so trading is likely to be choppy.

It is worth pointing out the recent moves are not backed by a substantial increase in volumes. They have picked up slightly to the tune of $16 billion in the last 24 hours (from a consistent $12-15 billion in the previous days), but much higher levels would be required for this to be classified as “panic selling.”

Speaking of volumes, one of the leading exchanges, HitBTC, is open despite taking slightly more time than the original estimate of two hours to fix its technical issue. This failed to bring much relief to market participants, but at least those who had doubt about the security of its coins feel safer now.

Most altcoins are also trading lower. Here are a few picks worth looking at:

Neo fell below $30 for the first time since late June after experiencing a spam attack recently.

The announcement that Bill Clinton will be attending Ripple’s Swell Conference did little for the price of XRP, which is down by 1.31% for the day.

Bargain hunters are likely to be looking at Litecoin (LTC) soon if selling continues. The major altcoin may be seen as an attractive alternative since it’s trading above a significant support level, currently around $77.40. We have not seen the price go below $70 since late 2017, and while it is still higher, sliding to $72-$73 does not seem that unlikely given the recent sentiment.

Nothing in this article is to be construed as investment advice. Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information.