With the BTC price falling below US$39,000, Ethereum is expected to win for 3 consecutive weeks.

Bitcoin (Bitcoin) After trying to recover USD 40,000 but failed to gain support from buyers, it went lower on August 5.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Cumulative recall October 2020

Data from Cointelegraph Markets Pro and Transaction view It shows that BTC/USD fell to a local low of 38,700 US dollars on Bitstamp, and fell by about 1.5% within a few hours.

On Tuesday, the speech of Gary Gensler, the new chairman of the U.S. regulator, the Securities and Exchange Commission (SEC), benefited the largest cryptocurrency, but the momentum stalled at the important psychological threshold of $40,000.

Thursday’s decline eliminated the prospect of reversing the 21-week exponential moving average (EMA), which is one of them Some This week is regarded by analysts as a firm new support.

At the same time, the on-chain indicators are again in contrast with the moderate BTC price trend. In particular, Thursday revealed the extent to which long-term holders (LTH) Bitcoin has accumulated, reaching a record high: now there is more BTC supply in the hands of LTH than ever before.

“Previous bull markets were triggered when LTH supply reached between 63.6% and 71.5%, although usually after months of these levels,” Glassnode, which generated the data, added in a comment.

“LTH currently holds 66% of the BTC supply.”

Proportion of long-term and short-term holder supply chart.Source: Glassnode/Twitter

After the hard fork, traders are optimistic about Ethereum

On altcoins, ether (Ethereum) Dominates the bullish forecast of new price increases.

related: As the price of Bitcoin fell to $40,000, altcoins and DeFi tokens pushed up

According to analysts, after the most recent successful hard fork, Ethereum’s tokens may reach new local highs in the coming months forecast As the strength against Bitcoin continues.

On August 4, the day of hard fork deployment, ETH/BTC touched 0.0693, which was the highest point in the past two months.

As a local resistance point, the 0.07 BTC level has not reappeared since the Bitcoin-inspired market decline started in May.

Nevertheless, among altcoins, ETH has shown a significant advantage over Bitcoin, and its hard fork London (known as EIP-1559) should further promote performance.

However, traders said that in the short term, the opportunity to consolidate recent gains is now.

Cointelegraph writer Michael van de Poppe “I expect ETH to have a short-term top tomorrow” Tell Twitter fans on Wednesday.

“The health correction before the worst bull market after EIP-1559.”

ETH/BTC 1-day candlestick chart (Bitstamp). Source: TradingView