Cryptocurrency News



Bitcoin’s (BTC) bounce fizzled out near $24,500 on Aug. 17, indicating that the recovery still faces stiff resistance from the bears. On-chain monitoring resource Material Indicators said the ask liquidity on the Fire Charts was similar to prior local tops.

Another reason for caution among crypto investors was that the recovery in the S&P 500 was reaching extreme overbought levels in the near term. Jurrien Timmer, director of global macro at asset manager Fidelity Investments, said that 88% of stocks in the S&P 500 were trading above their 50-day moving average, which was “stunning.”

Some were also cautious as Michael Burry, the investor who famously shorted the 2008 housing bubble, almost emptied his equity portfolio in the second quarter of this year in expectation of a sharp fall in the stock markets.

Daily cryptocurrency market performance. Source: Coin360

While the short-term looks uncertain, corporate investors who usually are in the game for the long term have increased their investments in the blockchain industry, including the crypto space. The top 40 publicly traded companies invested approximately $6 billion into blockchain startups between September 2021 to June 2022, according to a blog by Blockdata on Aug. 17. That is more than three times the $1.9 billion invested by corporations between January 2021 to September 2021.

What are the critical levels on the downside that will suggest that the recovery could be faltering? Let’s study the charts of the top-10 cryptocurrencies to find out.