Bitcoin and the broader crypto market entered August 2026 with a cautiously bullish tone following a consolidation period in late July. Here is the complete weekly update covering BTC, ETH, key altcoin movements, on-chain data, and what the week ahead looks like for Indian crypto traders.

Bitcoin (BTC): Consolidation With Bullish Structure

BTC opened the week at approximately $67,400 and traded in a range between $65,800 and $69,200 through the week. The price structure remains bullish on higher timeframes — the 200-day moving average is still sloping upward, and the weekly candle closed above the key $66,000 support level that has held twice in the past month. Volume during the week’s consolidation was below the 30-day average, which is consistent with accumulation behaviour rather than distribution.

The primary resistance level to watch is $70,000 — a psychological and technical level that BTC has tested three times in the past 45 days without a clean close above it. A decisive weekly close above $70,000 would likely trigger momentum buying from retail and systematic traders. On the downside, $63,500 is the level where the bullish thesis requires re-evaluation; a close below it would suggest a deeper retracement is underway.

Institutional flows remain positive: spot Bitcoin ETFs in the US reported net inflows of approximately $280 million for the week, continuing a trend that has been broadly positive since early July. This institutional demand provides a structural support that the 2022 bear market lacked.

Ethereum (ETH): Lagging Bitcoin, But Technically Sound

ETH traded between $3,180 and $3,450 during the week, slightly underperforming BTC on a percentage basis. The ETH/BTC ratio declined marginally, continuing the pattern of Bitcoin outperforming Ethereum in the current macro cycle. However, ETH’s on-chain fundamentals remain strong: gas fees are at moderate levels (indicating healthy network utilisation without congestion), ETH supply continues to be deflationary post-merge, and the staking rate (approximately 28% of total supply staked) provides a structural demand floor.

For Indian traders on Delta Exchange India, ETH perpetuals saw elevated open interest this week, suggesting some positioning ahead of anticipated DeFi protocol announcements expected next week. The ETH options market shows a slight put/call skew — more downside protection being purchased than upside calls — indicating that options traders are cautious rather than bullish at current levels.

Altcoin Highlights

Solana (SOL) was the week’s standout performer among large caps, gaining approximately 8% on the back of strong on-chain metrics: daily active addresses hit a new monthly high, DEX volume on Solana-based platforms exceeded Ethereum mainnet for the third week in a row (though Ethereum L2s remain ahead on combined volume). SOL faces resistance at $178 — the level it failed at twice in June.

Polygon (MATIC/POL) declined approximately 5% following a technical report questioning certain aspects of the recently launched Agglayer’s performance benchmarks. The team issued a response within 24 hours, but sentiment damage in the short term is visible in price action.

In the Indian regulatory environment: no new SEBI or RBI communications were issued during the week that affect crypto trading or taxation for Indian residents. The 30% flat tax on crypto gains and 1% TDS on transactions above the threshold remains the operative framework. Indian crypto exchanges (WazirX, CoinDCX, Mudrex) continue to operate under the existing framework.

On-Chain Data: What the Network Says

Bitcoin’s on-chain metrics for the week: the number of addresses holding more than 0.1 BTC reached a new all-time high, suggesting continued accumulation at the retail-to-mid-tier level. Exchange reserves fell slightly — more BTC moved off exchanges into cold storage, a historically bullish signal as it reduces immediate sell pressure. The MVRV ratio (Market Value to Realised Value) remains in the 1.8–2.0 range, which historically corresponds to the mid-cycle accumulation phase rather than euphoric overextension (which typically occurs above 3.5).

The Week Ahead: Key Events and Levels to Watch

Monday: US ISM Manufacturing PMI data — beats typically positive for risk assets including crypto. Wednesday: US Federal Reserve meeting minutes release — will be analysed for any hints about the trajectory of rate policy. Thursday: Ethereum developer call, with potential updates on upcoming protocol improvements. Key levels: BTC $70,000 resistance and $63,500 support; ETH $3,500 resistance and $3,100 support.

Trading volumes typically increase heading into weekends in the crypto market — position accordingly if you are managing risk around the weekend session.

Published August 3, 2026 · Digital Idea Crypto Markets Weekly · Not investment advice. Cryptocurrency trading involves significant risk.