Bitcoin, Ethereum, Dogecoin Rangebound — But Analyst Says This Upcoming Event Could End The 'Vacation'

Major coins remained under pressure in the aftermath of the release of minutes from the U.S. Federal Reserve’s July policy meeting as the global cryptocurrency market cap fell 1.3% to $1.1 trillion.

Price Performance Of Major Coins
Coin	24-hour	7-day	Price
Bitcoin BTC/USD	-0.8%	-3.2%	$23,175.28
Ethereum ETH/USD	0.3%	-2%	$1,841.04
Dogecoin DOGE/USD	-6.4%	6%	$0.075

Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency	24-Hour % Change (+/-)	Price
Gnosis (GNO)	+13.5%	$197.82
Celsius (CEL)	+1.9%	$197.82
Ethereum (ETH)	+0.3%	$1,841.04

See Also: How To Get Free Crypto

Why It Matters: The apex coin was in the red at press time, while other risk assets such as stocks traded flat.

“Bitcoin is officially on vacation. Despite decent moves with the dollar and Treasury yields, Bitcoin remains anchored between $20,000 and $25,000,” said Edward Moya, senior market analyst for OANDA in a note seen by Benzinga.

“it seems a major move might have to wait until we have a firm handle with market expectations for the September FOMC meeting. If stocks continue to trade rangebound, it seems Bitcoin could do the same for the lead up to the Jackson Hole Symposium,” said Moya.

The Jackson Hole event is hosted by the Federal Reserve and is slated for Aug. 25 this year.

The dollar exhibited strength on Thursday. The dollar index, a measure of the greenback’s strength against six other currencies, rose to 107.57, the highest in a month, reported Reuters.

The dollar surged after the Federal Reserve officials touched on the need for further rate hikes to combat inflation, according to the recently released policy minutes for July.

Justin Bennett said on Twitter that the dollar index could likely rise to 120 over the next few months. “USD up means risk assets down,” the cryptocurrency trader said.

Start Your Crypto Journey Today and Get $500 in Rewards

Exclusively for new Crypto.com App users, unlock up to $500 worth of rewards in the most popular tokens when you start trading.

Michaël van de Poppe tweeted Thursday that Bitcoin is “climbing upwards.” The trader said he expected the apex coin to advance to $28,000 to $30,000 levels in the next weeks.

Bitcoin’s relative transfer volume, which is the entity-adjusted on-chain volume breakdown by dollar value of transactions, indicates that 63% of all on-chain volume is more than $10 million in size. On-chain analytics firm Glassnode tweeted that this “dynamic has continued to develop since mid-2020.”

There is a rise in Bitcoin profit taking, while Ethereum’s profit vs. loss ratio is down after showing heavy profit taking earlier in the month, tweeted market intelligence platform Santiment.