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BTC: Bullish momentum fades

Bitcoin traded lower on Sunday, August 1, with the BTCUSD pair slipping 3.9% to $39,845. Price action dipped to $39,422 by the close. Bitcoin sentiment was largely upbeat over the weekend, although the bulls were unable to gain a foothold above the trendline (H64854 and H59500). In addition, the market saw increased demand for altcoins in BTC pairs. In the upshot, Bitcoin dominance of the cryptocurrency market dropped to 46.96% from 49.17%.

By the time of writing, BTC was trading at $39,662. The bulls need to hold above $38,300, otherwise the odds are high of a pullback towards $36,400 as part of the correction. This is the low target, as profit taking would in that case trigger a new wave of Bitcoin selling and a plunge in the market. Conversely, closure of the daily candle above $41,500 on Monday would send a bullish signal pointing to an impending breakout of the trendline.

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