Bitcoin Falls Despite Strong Industry Fundamentals

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Bitcoin (BTC) and the rest of the cryptocurrency market traded lower in early Thursday, as the bearish sentiment that started at the beginning of the week grows. Bears took a cue from the failed attempt by the industry to change a tax reporting requirement in the US Infrastructure Bill.

Despite the renewed bearish pressure, CEO of Quantum Economics Mati Greenspan asserted that “the crypto industry’s fundamentals remain quite strong.”

Greenspan cited some positive developments in the sector as the reason for his optimism. Some of the reasons included the recent announcement by European cryptocurrency trading platform Bitpanda about a $263 billion seed investment round, led by Valar Ventures, bringing the fintech startup’s valuation to $4.1 billion.

Another reason was the “significant headway” into the cryptocurrency space from US financial services company PNC, which recently announced a partnership with Coinbase, aiming to get more involved in the crypto sector.

Greenspan further explained that “the cherry on the top” came from online trading platform Robinhood, which announced that it realized $565 million in its Q2 earnings, more than doubling the first quarter. The trading platform revealed that it generated $233 million, more than 50% of all transaction-based revenue, from trading crypto.

Key Bitcoin Levels to Watch — August 19

At press time, Bitcoin holds steadily above the critical $44,000 support as bulls struggle to regain traction. BTC market condition is now out of overbought/greed territory, as selling pressure piles below $45,000.

That said, bulls need to hold the $44k line to contain the bearish pressure. As such, we expect a mild consolidation between $45,000 and $44,000 over the coming hours as bulls reposition for a leg up. However, trading volume remains low, exerting more bearish pressure on the cryptocurrency.

Meanwhile, our resistance levels are at $45,000, $46,000, and $47,000, and our key support levels are at $44,000, $43,000, and $42,000.

Total Market Capitalization: $1.97 trillion

Bitcoin Market Capitalization: $835.6 billion

Bitcoin Dominance: 42.3%

Market Rank: #1

 

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