By Jimmy He

BTC declined for the fourth consecutive day, erasing Friday’s push above $22,000.

Bitcoin (BTC) continued to retrace last week’s gains, declining for the fourth straight day toward the psychologically critical price of $20,000.

The largest cryptocurrency by market capitalization was down 1.8% over the past 24 hours, around $20,500.

Although bitcoin surged above $22,000 last week, the cryptocurrency has consistently failed to break out. Still, some analysts are getting more optimistic about a market recovery.

“BTC has never previously fallen below such marks, so it is now getting support from buyers confident in the first cryptocurrency’s long-term growth,” FxPro senior market analyst Alex Kuptsikevich said. “Another supportive factor was the rebound in financial markets, where the new half-year was met with increased buying.”

Wednesday’s expected release of June’s Consumer Price Index (CPI), the most widely regarded measure of U.S. inflation, may show whether the Federal Reserve’s hawkish monetary policy has succeeded in slowing the pace of rising prices. If the increase exceeds investor expectations, traditional and crypto markets may both see another wave of selling that could push bitcoin lower.

EToro market analyst Simon Peters said that eyes are also “firmly on ether” as the second-largest cryptocurrency by market capitalization moves towards its Merge and transitions from proof-of-work to proof-of-stake.

“While it’s impossible to know what effect the move to a proof-of-stake network will have on the crypto-asset price, theoretically it is deflationary as it encourages holders to stake rather than sell their tokens,” Peters said.

Ether (ETH) was down 2.7% over the past 24 hours. Most altcoins were trading in the red today with UNI as the biggest loser, down 8.4%.

Latest prices

●Bitcoin (BTC): $20,495 −1.8%


●Ether (ETH): $1,141 −2.7%


●S&P 500 daily close: 3,854.47 −1.2%


●Gold: $1,730 per troy ounce −0.6%


●Ten-year Treasury yield daily close: 2.99% −0.1

Original Article – Coindesk

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