Bitcoin Online Payments Face Sudden Barrier from Regulators
Bitcoin and most of the altcoins keep falling in correlation to the US Dollar, however, the situation is looking more positive against Bitcoin. All coins out of the top 10 list are going up, except for Litecoin and Bitcoin SV. The biggest gainer is Ripple whose rate has increased by 2.50% over the last day. In this regard, the dominance index of Bitcoin has fallen below 69% and now is 68.8%.
Dominance index of Bitcoin by CoinMarketCap
Although altcoins are showing slight price rise against BTC, the total market capitalization has lost $5 Bln over the last 24 hours and now constitutes $264 Bln.
As expected, the news about the launching of bitcoin futures by Bakkt affected the growth of the leading cryptocurrency only in a short-term.
On the 4H chart, Bitcoin is dominated by buyers, confirmed by the bullish line started since the end of July. At the same time, BTC is located under the bearish wave since July 10. However, in short-term scenario buyers are likely to prevail over sellers, as the MACD indicator is moving upward. In this case, the leading crypto might reach the vital $10,500 mark by the end of August.
The price of BTC is trading at $10,126 at the time of writing.
Litecoin is the only coin out of the top 5 cryptocurrencies, whose rate has gone down over the last 24 hours. At the moment, LTC is losing 0.18% compared to its yesterday price.
The ’digital silver’ might have touched the bottom line on the 6H chart. The quotes are located in a sideways trend from July 17 until August 1, followed by a further price drop to 0.007 BTC. Litecoin is about to test the support level again before the price increases to 0.008 BTC until the end of August. In this regard, LTC will finish the Triangle pattern formation.
The price of LTC is trading at 0.007177 BTC at the time of writing.
Bitcoin SV is another loser today, as its rate has gone down by 0.68% over the day. However, the total losses per week have made up more than 7%.
On the 6H chart, Bitcoin SV has been moving in the descending channel since July 23. At the moment, BSV is located sideways according to the lines of the MACD indicator. However, the nearest scenario is bearish as the trading volume keeps going down. Respectively, Bitcoin SV is going to achieve 0.012 BTC until the first days of September.
The price of BSV is trading at 0.013024 BTC at the time of writing.
Even though TRX continues its ongoing decline in a long-term scenario, the coin is giving profit to its holders in a short-term. The rate of Tron has increased by 1.56% over the day.
TRX is located in the oversold zone according to the RSI indicator. In this case, sellers are losing their positions, and the price is unlikely to go below the area of 160 satoshi. Taking into account that TRX is showing signs of revival, as well as other top coins, the rate is about to locate between the levels of 160 satoshi and 200 satoshi in the first part of autumn.
The price of TRX is trading at 0.00000166 BTC at the time of writing.