August began on a weak note for cryptos as Bitcoin (BTC) and Ether (ETH) failed to break above their key resistance levels. The broader crypto market fell by over 4.2% in the last 24 hours.
Lack of cues from the crypto market, weak economic indicators from the US, and recession fears kept investors on their toes.
The Crypto Fear & Greed Index, a measure of market sentiment and volatility, also went down by two points in yesterday’s session.
In the absence of any specific crypto-related triggers, the crypto market is expected to follow the price action of NASDAQ.
Outlook for BTC, ETH
In yesterday’s session, Bitcoin failed to break above the psychologically important $24K level, which would have cleared the path towards the $30K level.
On the 4-hour chart, BTC is experiencing strong support at the $22,890 level, but is also witnessing strong selling pressure. A break below its immediate support level could lead the BTC price to drop to $22,180 and $20,740, the next two key support levels.
Likewise, ETH is experiencing intense selling pressure and has dropped over 6% in the last 24 hours. On the 4-hour chart, it has broken below the key support level at $1,620. There is soft support at the $1,570 level, but if ETH fails to bounce back, it could drop down to the $1,500 level.
Chiliz, Numeraire gain amid the gloom
Despite the difficult market, there were some bright spots. Top-3 gainers in the last 24 hours were Chiliz (CHZ), which gained 18.6%, Numeraire (NMR), which registered a 12% increase, and Theta Network (THETA), which added 6.6%.