- Bitcoin's price reaching the 200-week moving average points to a long winter.

Market Overview
The cryptocurrency market cap stabilized at a low of $2.14 trillion, having lost its recovery momentum in the second half of June after touching the 61.8% line. As a result, there is a risk of forming a bearish expansion pattern, with the market cap potentially declining to $1.6 trillion, a quarter below the current level. Breaking the early June lows would confirm this scenario, although buyer activity near current levels is clearly increasing. In any case, the stock market and the US dollar remain the main drivers, while cryptocurrencies react to changes in the fundamental environment.

Bitcoin is currently trading below $63,000, hovering again near its seven-day lows. At these levels, the leading cryptocurrency remains close to its 200-week moving average. A drop toward this level in 2022 marked the beginning of nearly six quarters of weak performance, with prices oscillating near this curve; in 2018, this period lasted six months, and in 2015, nine months. In other words, history suggests we should prepare for a downturn in the cryptocurrency market rather than a swift recovery.

News Background
Strategy bought an additional 520 Bitcoins last week for $34.9 million. Thus, the company's balance now stands at 847,363 Bitcoins, acquired for $64.1 billion at an average price of $75,700 per Bitcoin.

Investment firm Strive acquired 759 Bitcoins last week for $50 million, at an average price of $65,900 per coin. Thus, Strive's total Bitcoin balance on its balance sheet stands at 19,864 Bitcoins. Since January, the company has increased its holdings by approximately 3,700 Bitcoins.

BitMine increased its Ethereum reserves to 5.67 million ETH, after purchasing an additional 52,203 ETH over the past week. BitMine's reserves now represent 4.7% of the total Ethereum supply.

Tom Lee, Chairman of BitMine, remains optimistic about Ethereum (ETH) despite incurring billions in losses on his investments. He believes the cryptocurrency market is currently in the early stages of a "crypto renaissance."

Mexican billionaire Ricardo Salinas Pliego compared investing in Bitcoin to investing in real estate. He urged investors not to focus on short-term price volatility, but to view Bitcoin as a means of preserving wealth for decades.

Summary: The cryptocurrency market is experiencing a decline in momentum, with a market cap of $2.14 trillion, while Bitcoin's price has fallen below $63,000 at its 200-week moving average. The risk of a downturn in the cryptocurrency market is increasing.
$BTC