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Now the crypto markets are threatened with new pain

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Bitcoin and the crypto market moved sideways last week after experiencing significant losses over the weekend. Despite the short-term decline in the share price, the risk appetite in this sector seems to be increasing. Because: market participants invest more capital in altcoins.

Bitcoin: just before the correction?

Currently (at the time of writing this article) tradet Bitcoin (BTC) at $21,500. It has risen 2% in the last 24 hours, but has fallen 12% in the last 7 days. The Bitcoin dominance (BTC.D), an indicator that measures the percentage of BTC in the total market capitalization of the crypto market, is trending downward as altcoins reach their yearly lows.

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As can be seen below, this indicator has suffered a significant loss since July 2022. It moved sideways in August, then showed a downward trend again last week. The key figure often tends down when the altcoin sector is just before or in an uptrend.

BTC: Dominance is trending downward on the 4-hour chart. Source: BTC.D Tradingview

Data from market research firm Santiment shows an increase in Bitcoin transactions with losses, as traders turn to altcoins. As seen below: The BTC ratio of on-chain transactions, a metric that measures the number of transactions with profit versus those with losses, has followed the Bitcoin dominance indicator and could be on the verge of further downward pressure. Santiment comments:

“Bitcoin has slumped after briefly rising back above $25k on August 14th. Since traders have turned their attention to Ethereum and altcoins, $BTC transactions usually take place with losses. This is the lowest ratio of profit taking that we have ever seen.“

Santiment also notes that Bitcoin lagging behind in other areas. Ethereum, on the other hand, performs above average. The second largest cryptocurrency by market capitalization is still trading in a critical area and has recorded a profit of 4% in the last 24 hours.

Ethereum is likely to respond positively to the expectations surrounding “The Merge” – the update that will make the transition from a proof-of-work consensus (PoW) to a proof-of-stake consensus (PoS).

Ethereum Shows Bearish Signs Ahead of “The Merge”

Santiment claims that Ethereum has shown a high correlation with the largest financial indices in the world, the S&P 500 and the Nasdaq 100. This only underlines the hype around “The Merge”, because many see it as an important moment in the history of Ethereum and the first milestone on a path full of improvements.

The closer this important event gets, the more likely it is that the courses will run according to the motto “Buy the rumor, sell the news” (Buy the rumor, sell the news). In other words: Bitcoin could continue to lag the Ethereum price until “The Merge” if the price experiences increased selling pressure.

This often happens during highly anticipated crypto events. Analyst Justin Bennett showed the “head and shoulders” pattern below, which could be a potential trajectory for the ETH price in the short term.

“You should keep an eye on this potential head and shoulders pattern for $ETH.

The measured goal (if confirmed) is to support $1k.

Confirmation below $1,500. #Ethereum“

Traders should exercise patience and caution, Bennett says:

“Most are caught off guard at least once in the hunt for the supposed low point. When the markets have actually reached their bottom, these investors can consider themselves lucky if they still have 50% of their capital. It’s never as easy as it looks.“

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