The crypto market took a sharp turn lower this week as a cocktail of weak economic data and heavy profit-taking sparked a wave of selling.

Bitcoin and the crypto market are in the red today, here’s why

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XRP Set to Anchor Treasury Strategy as Hyperscale Data Evaluates Long-Term Hold Plan

Providing an update on Litecoin’s daily technical setup, Cryptowzrd noted in a 
recent X post that LTC closed the session indecisively as LTCBTC responded to 
a spike in Bitcoin Dominance (BTC.D). With Bitcoin continuing to dictate 
overall market direction, the analyst mentioned plans to monitor LTC’s 
intraday chart for a potential quick scalp opportunity. LTCBTC Shows Early 
Bullish Signs Despite Caution In his analysis, Cryptowzrd observed that both 
Litecoin (LTC) and LTCBTC closed the day with indecisive daily candles, 
reflecting market hesitation. Despite this uncertainty, LTCBTC managed to 
close slightly in the green, which could be an early sign of shifting 
momentum. However, the analyst stressed the need for stronger and more 
consistent daily candles from this level to confirm a sustainable move. 
Related Reading: Litecoin Sharp Pullback: Scalping Opportunities Emerge While 
LTCBTC Seeks Stability A critical resistance level to watch is 0.0010 BTC for 
LTCBTC. Cryptowzrd highlighted that a clean breakout above this barrier could 
trigger an impulsive rally, given the pair’s extremely oversold condition. 
Such a breakout would likely push Litecoin sharply higher, with $140 
identified as the major upside target. On the support side, Litecoin’s key 
daily level sits at $96. Cryptowzrd cautioned that this support could be 
tested only if Bitcoin experiences a sharp drop towards the $110,000 region, 
driven by panic selling. In such a case, LTC would likely follow BTC’s lead 
and retrace to test lower support levels. Cryptowzrd highlighted that his 
attention will be on lower time frames in the near term, looking for short- 
term chart patterns to exploit quick trading opportunities. However, broader 
market sentiment, especially Bitcoin’s price action, will remain the dominant 
factor influencing Litecoin’s direction. Litecoin Intraday Volatility Limits 
Clear Setup Formation In his final remarks, Cryptowzrd noted that Litecoin’s 
intraday chart showed increased volatility throughout the day, making short- 
term trading conditions less favorable. He emphasized the need for a clearer 
and more structured chart formation before considering any immediate entries. 
Related Reading: Litecoin Is On Fire: $120–$125 Range In Bullish Crosshairs A 
key level to watch is the $114.50 intraday resistance. According to 
Cryptowzrd, a move above this level would be a bullish signal and could invite 
further buying pressure. Additionally, a breakout above the intraday lower 
high trendline would likely accelerate upward momentum, potentially setting 
the stage for a stronger rally. Despite these technical signals, the analyst 
emphasized that Bitcoin’s price action remains the primary driving force in 
the market. As such, any decision to enter a trade will depend on the 
development of a mature and well-defined setup, ideally supported by Bitcoin’s 
broader trend. For now, patience is key while waiting for the right conditions 
to align. Featured image from Adobe Stock, chart from Tradingview.com

Litecoin Drifts Sideways—Intraday Action Tied To BTC Pulse

Bitcoin miners struck gold in July, hitting their highest earnings since the 
April 2024 halving. In fact, July&#8217;s mining income jumped approximately 19.42% 
higher compared to June. Bitcoin Miners Rejoice With July Windfall Bitcoin’s 
price action gave miners a much-needed boost last month, with July clocking in 
as their best payday since the April 20, […]

Bitcoin Miners Raked in $1.66B in July—Best Haul Since April 2024 Halving

The Bitcoin price kicked off the weekend in the worst way possible, falling 
beneath the $115,000 level for the first time since early July. Considering 
the supposed significance of this price mark, there have been questions about 
how much headroom the price of Bitcoin still has. The latest on-chain data 
suggests that the Bitcoin bull run might not be over just yet. BTC Long-Term 
Holders Start Distributing In an August 1st post on X, crypto analyst Joao 
Wedson reported that the Bitcoin cycle for the long-term holders seems to be 
coming to an end. Related Reading: Coinbase Bitcoin Premium Just Turned Red 
For The First Time Since May — What This Means Wedson emphasized that, 
regardless of the ongoing excitement around ETFs, on-chain data shows a clear 
market shift. This shift signals that the cryptocurrency&#8217;s long-term holders 
are beginning to sell their coins, and, in large volumes, too. According to 
the analyst, about 50% of the amount of Bitcoin held in exchange-traded funds 
has been sold by the LTHs. Regardless of this situation, however, Wedson 
expects the BTC bull market to go on for “at least 2 more months” and the 
altcoins’ bull cycle for three months. Key Metrics Flash Warnings &#8211; But ‘Final 
Top’ Not Yet Seen Wedson backed his claim with four on-chain indicators, 
starting with the Coin Days Destroyed Terminal Adjusted Metric, which shows 
aged coins moving after being dormant for a long period of time. The analyst 
explained that there has been a significant movement of old BTC over the past 
two years. This, Wedson emphasized, triggered three major warning signs that 
coincide with a local top. Wedson also referenced the Reserve Risk Indicators 
to gauge current LTH conviction. This metric, from analysis, has entered a 
warning zone, as there is increased selling activity and hand exchanges. Next, 
the online pundit quoted results from the Spent Output Profit Ratio (SOPR) 
Trend Signal. The SOPR measures whether coins (in this case, Bitcoin) are 
moved at a profit or loss. Wedson pointed out that this indicator recently 
flashed a bearish signal, which implies increased profit-taking in the market. 
Referring to it as ‘the most accurate metric in the world’ used to identify 
Bitcoin&#8217;s macro tops, the Bitcoin Cycle Market Top Prediction: Max Intersect 
SMA Model was put out last. Wedson highlighted that this metric is yet to 
flash any bearish signal. Using the chart below, the analyst explained that 
until the blue line reaches the $69,000 level, the final top is yet to arrive. 
Ultimately, the analyst preached caution against panicking, as historical 
cycle patterns suggest that the final market top has yet to arrive. As of this 
writing, Bitcoin is valued at about $113,052, reflecting a 1.2% price decline 
in the past 24 hours. Related Reading: Record Bitcoin Prices Propel Strategy 
To First Profit In Six Quarters Featured image from iStock, chart from 
TradingView

Bitcoin Long-Term Holders May Be Selling, But Is The Bull Run Really Over?

After the White House published its latest digital asset report—and U.S. 
crypto czar David Sacks chimed in—speculation lit up X. A wave of users 
wholeheartedly believe the digital dollar might end up running on Ripple’s XRP 
Ledger, pointing to the firm’s stablecoin progress and key alliances as their 
proof. Speculation Ignites: Will the U.S. Dollar […]