Let's talk about some of the reasons that caused the price action of cryptocurrencies to retreat

At the beginning of the week, the situation with the price action of the main cryptocurrencies by market capitalization unexpectedly fell back, dragging the rest of the cryptocurrencies, generating an estimated depreciation of close to 5%, however, the market reacted and in less than 24 hours it recovered.

In this sense and according to information disclosed in the portal "Ambito", "Cryptocurrencies start the second week of July on the wrong foot. This Monday, Bitcoin trades at u$s30,000 and cryptocurrencies fall up to 5% with the leadership of Solana (4.5%), Litecoin (2.2%) and Cardano (2.15). What factors are pressuring the market to avoid its rebound?"

The main input provided is Lack of momentum, according to Naeem Aslam, chief investment officer at Zaye Capital Markets in Bolsamania believes that the leading cryptocurrency "lacks some momentum" after seeing "no significant movement" over the weekend. For his part, Craig Erlam, senior market analyst at OANDA, highlights that bitcoin continues to trade "with ups and downs" and remains in the range in which it has been moving in recent weeks.

Another of the socialized data is that "Nevertheless, most experts agree that optimism remains the predominant sentiment in the market thanks to BlackRock. According to analysts, investors are confident that the world's largest asset manager will get the Securities and Exchange Commission (SEC) to give the go-ahead for its bitcoin spot exchange-traded fund (ETF)."

Similarly Other factors working against it, "Last week saw the release of mixed unemployment figures in the US, which seems to have swayed previous enthusiasm for major cryptoassets, such as bitcoin."

Ambito. Cryptocurrencies fall at the start of the week: what factors are pressuring the market?. Link

The cover image was designed by the author: @lupafilotaxia, incorporating image: Ambito