No Progress for BTC/USD as Fork Fears Reemerge

FXOpen

Since our last update a few days ago BTC/USD prices remained mostly range-bound. Initially, it looked like we may break the important $3,000 handle but after fork fears reappeared prices took a nosedive today.

Bitcoin Ranges as Fork Fears Reemerge

Bitcoin is quoted at $2,546 dollars per coin right now, slightly down from the $2,558 handle noted in our last update. Volatility has been high though and during this time we hit a high of $2,750 and a low of $2,523.

btcusdh4-july25-copy

Technically the trend on the daily charts is still up. To end it the bears will need to take us below this month’s low at $1,812. A break of this important level would also start a new downtrend. On the weekly and monthly charts, the trend remains up.

Fundamentally, fork fears took center stage again during the past few days. A UAHF (User Activated Hard Fork) called bitcoin cash will launch on August 1st. The code is mostly the same as the current bitcoin, with an added blocksize increase to 8 MB. Exchange VIABTC listed a futures contract of Bitcoin Cash (BCC). It is currently trading at 3,030 Yuan for one coin or about $449 at current exchange rates.

It is rumored that BCC is a ‘backup bitcoin’ for some Chinese miners who fear that the 2 MB hard fork part of the Segwit2x code won’t be honored 3 months down the line. More on the technical details about Segwit2x HERE. More on bitcoin cash and the future implications for BTC holders HERE.

Litecoin Still Range-bound

Litecoin is staying inside its large range and continues to be mostly dragged up/down by the moves in BTC/USD. Today, for example, we’re seeing a large 5% drop in LTC/USD as bitcoin lost 8 percent.

ltcusdh4-july25-copy

To end the current stalemate LTC/USD will need to break out, either up or down. The bulls need a move above the $51.27 swing high to potentially re-start the rally. The bears are looking at the $35.30 swing low. A decisive break below the July lows could start a new downtrend.

Weak support below here can be found at $35, followed by $30 round figure. We have a stronger support area around $26 per coin. A clearing of this area could lead to more losses. For now, we are in ‘wait and see’ mode here. On the long-term weekly and monthly charts however Litecoin is still looking bullish.

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*Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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