Bitcoin Little-Changed This Week as Broader Crypto Gauges Sheds 1.6%

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Bitcoin Little-Changed This Week as Broader Crypto Gauges Sheds 1.6%
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Crypto Markets Analysis: Digital assets moved only slightly this week, continuing a theme of relatively flat trading activity. GWilliamsJr_CMT reports

fell 1.6% over the past five days, with more than 90% of its 183 constituents showing losses. That high percentage indicates weakening breadth within cryptos, even if the declines are relatively small.

Within the CMI, individual top performers came via the Culture and Entertainment Sector , despite the group as a whole declining 5% on the week. Yield Guild Games rose 57%, while Origin Protocol , added a less pronounced, but still impressive 18%. For the year, XDC – a hybrid blockchain with a focus on global trade and finance – has risen 200%, taking the top spot amongst the $1 billion-plus market cap group.Going into the next week, the obvious question is whether either of the two largest crypto will make moves out of their current trading ranges. From a technical vantage point, current indications are that prices are likely to stay flattish for the foreseeable future.

There don’t appear to be many bearish indications either, which may give a measure of comfort to current holders. On-chain data has given no indication that either BTC or ETH are being moved onto exchanges, which can often precede a bearish move.The end of this week brought the July jobs report from the government. Though softer than economist forecasts, the news had little effect on bitcoin prices. Next week brings inflation data for July which could have an impact on market direction.

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