$BTC 24 Hour High $50,210
$BTC 24 Hour Low $48,700
$BTC +0.6% past 24 hours; +4.0% past 7 days
$BTC running out of steam as it tests the local top
Good morning and happy Friday. $BTC followed $ETH’s upwards trajectory, testing local tops before receding. $BTC appears to encounter a lot of resistance at current levels, probably due to the last macro Fib retracement level for the entire bull run since March 20.
Beyond this point, we think it’s pretty clear sailing to new ATHs. Support levels for $BTC to look out for are around 48K and 49.3K. However, if it trades below these levels; chances are we’ll go back to the major support area between 46.8K and 47K in the next few days.
According to the log chart, ETH’s is still trading within a relatively narrow corridor. $ETH encountered resistance at exactly the middle and is now consolidating at that level (see the chart). We are currently within touching distance of $ETH’s ATH. Do note that the bottom of the channel is roughly 30% away from the current levels. If a major pull back occurs, this area can well continue acting as support. Conversely, any aggressive runs going higher would likely encounter resistance at the top of this corridor; one might see it as an excellent opportunity to sell.
Cardano (ADA) has become a rising star this week as it rallied to a new all-time high of $3.10 last night — dethroning BNB as the third-largest crypto in terms of market cap, now at $97B. The eagerly anticipated network hard fork, code-named Alonzo, will bring smart contract functionality to ADA, and this went live on the network’s testnet yesterday, with the mainnet rollout set on September 12.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $2.31T, +1.0% from yesterday
- $BTC is down 0.3% at time of writing, support / resistance – 46,530 / 51,600
- $BTC liquidations and funding: $153M, 0.0257% average
- $ETH is down 0.3% at time of writing, support / resistance – 3,290 / 3,850
- $ETH liquidations and funding: $41M, 0.0364% average
Alts and DeFi watch:
- DeFi TVL: $96.96B
- $AXS down 1.8% in the last 24 hours, up ~2.2% in the past week
- $KSM up 4.8% in the last 24 hours, up ~42.3% in the past week
- $HT down 2.4% in the last 24 hours, up ~12.4% in the past week
- $NEAR up 0.3% in the last 24 hours, up ~10.8% in the past week
More news that caught our eye:
- Twitter is reportedly testing tipping in BTC feature
- Decentralized search engine becomes default option on European Android devices
- Vast becomes first Chartered US Bank to offer BTC buying and custody
- MAS orders Binance.com to stop services in Singapore
- Relist XRP: Japan’s Rakuten to restart XRP margin trading services
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