$BTC 24 Hour High $48,980
$BTC 24 Hour Low $46,660
$BTC +3.8% past 24 hours; -0.4% past 7 days
$ETH explodes higher
Good morning. $BTC is finally tracking somewhat higher in the wake of the huge price runs in major Altcoins, with RSI held support at the level identified yesterday.
$BTC held at 47K once again as Asia trading got underway. $50,444 is the local high from August 3, which we should keep an eye on. Could it provide some potential buying opportunities before moving higher? Given the current market sentiment, we expect local tops to get tested before the end of the week.
Similarly, we saw an explosive boost in $ETH — it hardly spent any time at $3,600 before shooting up. $ETH is currently testing the Fib retracement level at $3,800, with a minor pull back at time of writing. Now we are within the touching distance of the all-time high at $4,380. The only real remaining resistance is at $4,200 (above the current one at $3,800); will it soon shoot up even higher? To determine the entry price for ETH, study how some previous resistance levels are being tested as support. $3,600 is our initial target level, followed by $3,355.
In a recent FT interview, the current SEC Chair Gary Gensler reiterated that crypto platforms require regulation to survive, especially for a vast market with a $2T market cap. Gensler added it’s a misnomer to think that the market is just “software… put out on the web”. To him, the crypto market is now growing to a size that it ultimately has to be within a public policy framework where trust is key for a growing and maturing market.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $2.28T, +4.9% from yesterday
- $BTC is up 0.4% at time of writing, support / resistance – 46,530 / 49,000
- $BTC liquidations and funding: $104M, 0.0210% average
- $ETH is up 0.4% at time of writing, support / resistance – 3,290 / 4,380
- $ETH liquidations and funding: $275M, 0.0299% average
Alts and DeFi watch:
- DeFi TVL: $95.47B
- $ADA up 3.1% in the last 24 hours, up ~3.8% in the past week
- $DOGE up 8.6% in the last 24 hours, up ~2.4% in the past week
- $SOL up 1.1% in the last 24 hours, up ~56.6% in the past week
- $LINK up 10.8% in the last 24 hours, up ~11.0% in the past week
More news that caught our eye:
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