On a day of ups and downs, with a slight prevalence of negative signs, Bitcoin maintains the $11,200 support.
The cryptocurrency sector shows an underlying weakness that for the second week in a row accompanies a closure in red. An event that has not occurred since mid-June.
After the strong rises started in the first days of July, the operators are looking for the formation of valid supports to attract new purchases and return to rise again.
This Friday it’s Synthetix Network with more than 15% to take the podium among the best rises, followed by ThorChain (RUNE) and Decentraland (MANA) +10% for both. In the top 10 only Bitcoin Storm above parity with +4.5%.
Trading volumes remain tonic and above average since the beginning of the month.
A surprising August, many expected a slowdown after the July sprint. A signal that bodes well for September.
DeFiPulse 20200828August record for DeFi
The month of August will be archived with new records also for DeFi which continues to raise liquidity. Today new TVL record (total blocked value) with over $7.4 billion.
The tokens immobilized on the main dApps continue to rise. Both the Ethereum and Bitcoin tokens are setting new highs.
The total capitalization is maintained above $355 billion. Bitcoin dominance above 59%. The market share of Ethereum drops to 12% and Ripple to 3.3%, the lowest levels since the end of July.
Bitcoin (BTC) maintains support
It holds the $11,200 support, with prices again trying to stretch above $11,500. This is the resistance that needs to be broken down to try to stretch to see the mid-August highs again.
On the contrary, it is necessary to continue to monitor the tightness of the indicated support. A break would attract bearish speculation to test the $10,500-10,200.
In the last few hours prices have been trying to rise above $395, before attacking the highs of the last few days, just over $405.
Otherwise it is important not to go below $380 again in order not to risk going down to test the $355, a technical level defended by the operators in options with the highest peak of Put position currently open.