$BTC 24 Hour High $47,520
$BTC 24 Hour Low $44,320
$BTC -1.3% past 24 hours; -4.8% past 7 days
$BTC looks similar to April, do we go up or down?
Good morning. $BTC tested 44K support and it’s also where the 200d MA is located (46K). Price action resembles what we saw in April (see the chart). This time round, though, there is much less leverage in $BTC at play. Does it explain these less exaggerated moves?
Nevertheless, the resistance level at 50K serves as a critical breaker for $BTC’s bull run to continue. The key is that $BTC needs to reclaim 46.5-47K reasonably quickly to validate the bull run the market hopes for.
To identify the support and resistance levels of $ETH, the trading corridor in place since the start of the year continues to act as a good guide for our technical analysis. At the bottom of the channel, where the 50d MA is also found, $ETH held support during the pull back earlier this week. RSI found support at 51, which generally serves as a good support level when the markets are in a bull run.
El Salvador is still experiencing teething pains in its crypto adoption journey. Meanwhile, the Ukrainian Parliament voted last night to legalize crypto and allow exchanges to operate officially. Once the law takes effect this fall, this will open the floodgates for banks to accept crypto transactions, and natives who own crypto via local companies will have legal recourse in the case of theft. Ukraine has been an early adopter of crypto and it once topped the Global Crypto adoption chart in September 2020.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $2.2T, +0.9% from yesterday
- $BTC is up 0.6% at time of writing, support / resistance – 45,500 / 56,400
- $BTC liquidations and funding: $173M, 0.0071% average
- $ETH is up 0.2% at time of writing, support / resistance – 3,035 / 4,370
- $ETH liquidations and funding: $103M, 0.0201% average
Alts and DeFi watch:
- DeFi TVL: $90.07B
- $DOGE down 0.4% in the last 24 hours, down ~12.0% in the past week
- $UNI down 4.0% in the last 24 hours, down ~24.7% in the past week
- $MIOTA up 0.1% in the last 24 hours, down ~36.9% in the past week
- $BTT up 1.3% in the last 24 hours, down ~6.2% in the past week
More news that caught our eye:
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