Home Daily Analysis Crypto Market sentiment Daily Crypto Brief, Sept. 02 – Buyers Appear after Holidays

Daily Crypto Brief, Sept. 02 – Buyers Appear after Holidays


Bitcoin is timidly finding buyers in September, up 1.57% in the last 24H, followed by Litecoin (+1.97%) and Bitcoin Cash (+0.72), although Ripple (-0.98%) and Ethereum (-0.64%) or EOS (-1-92%) are still descending, Currently approaching resistance levels. Market cap is currently $252.431 billion, and Bitcoin dominance is 69.4%.

Source: coinmarketcap.com

Below we can see the 24H heat map of the cryptocurrencies, where we can appreciate that the uncertainty is still present in the buyers.

What is Happening?

Bitcoin Has rate hits all-time high. The last report shows it is exceeding the 80 quintillion hashes per second.

Bitcoin miners are said to expend $4.1 billion in energy per year. According to Charlie Shrem, miners spend 54 terawatt-hours of energy at approx 7.5 cents per hour would amount to $4.125 billion. Source: beincrypto.com.

Argentina is imposing capital controls on its citizens as a financial crisis is hitting the country. Argentina’s national currency, the Peso, has dropped over 25% in the last month as its government is trying to pay off their short-term debt obligations. Source bitcoinist.com.

Chinese Digital Currency (CBDC) will operate using two layers. Layer one: PBoC will issue and redeem CBDC through commercial banks. Tier two: commercial Banks will be responsible for redistributing CBDC to consumers. PBoC plan for the digital currency to be backed 1:1 with fiat currency. Official documents show that PBoC researchers had been working on the creation of the digital currency for more than five years. Source: bitcoinist.com.

Lighting network leaks payment information says Emin Gün Sirer, a notorious developer in the crypto community and Cornell University professor.

More information: beincrypto.com.

Ex-Goldman Sachs executive Raoul Pal warns that Bitcoin is one of the hedges against an economic recession or maybe a depression. According to him, most of the world assets are entering an hazardous territory. He envisions a possible yield collapse of -4% for the two-year bond.  Source: newsbtc.com

Technical Analysis



 Bitcoin is close to Resistance following three days of timid advancements from its last drop.  After bouncing off from its supply area, Bitcoin is touching the downward trendline. Stochastics is near the overbought zone, while MACD still makes us think more upside movements are possible.

Supports: 9,750, 9627 and 9550 (blue labels)

Resistances: 9,848, 10,000 (red labels)


Ripple’s bounce is not holding, with no buying power to move the digital token up. The MACD is turning down and warns for more drops.  The labels on the chart show the closest support and resistance levels. (click the arrowed square on the top right of the chart to enlarge)


 Ethereum’s price is moving sideways after its large bounce made on August 31. MACD is still bullish, but the price action lacks buying interest. Please see the chart for key support and resistance levels.


 Litecoin is still recovering part of the losses from last week. MACD is still pointing up. But the price is meeting resistance at $66.8. LTCUSD price still follows an ascending trendline but is near to the descending one which acts as a resistance. The outlook remains bearish.



Please enter your comment!
Please enter your name here