$BTC 24 Hour High $49,046
$BTC 24 Hour Low $46,451
$BTC -3.7% past 24 hours; +1.5% past 7 days
Good morning and happy Friday.
The trading volume has been on the decline, are investors sitting on the sidelines to see what will happen?
$BTC is trading below the 47K mark, right on the halfway point between the ATH from May 14 and the local low on Jun 23. $BTC broke through the upward trending support line. The RSI is now at the lowest point in a month. That being said, do keep half an eye on 50K, which appears to be a strong area of support during a bull run. In our opinion, this may result in two scenarios, both of which would end up pushing $BTC to trade lower. There is a possibility that $BTC may climb higher to test 48K before receding to 44K. However, if $BTC moves towards the 200d MA (at 46K) quickly, it may test at 44K.
Like BTC, $ETH is also currently moving downwards. With an initial resistance at 3,125, we expect $ETC to hold. If it gets tested, it will force prices lower and towards the psychologically important $3,000 mark. Will $ETH be able to bounce back after this first real test? Nevertheless, there is some support coming through at $2,900-$2,950 too. It’s worth noting that its RSI has moved lower, suggesting a continued pull back if the trend persists (see the chart).
Following the recent ETH’s London hard fork upgrade which came along with the EIP-1559 fee burning protocol, the network has seen roughly 100,000 ETH (worth around $300M at current prices) destroyed in 20 days. This deflationary mechanism has made it easier to gauge the transaction fees required to get one’s transaction processed in the upcoming blocks ahead. Activity on the ETH network remains high due to the current “NFT summer”, with at least 1.2M daily transactions and the blockchain continues to move around $8.7B in daily volume, totaling roughly $200B per month.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $2.06T, -4.9% from yesterday
- $BTC is up 1% at time of writing, support / resistance – 46,470 / 49,000
- $BTC liquidations and funding: $214.69M, 0.0090% average
- $ETH is up 0.6% at time of writing, support / resistance – 3,043 / 3,216
- $ETH liquidations and funding: $76.99M, 0.0242% average
Alts and DeFi watch:
- DeFi TVL: $82.07B
- $AAVE down 6.67% in the last 24 hours, down ~12.95% in the past week
- $LEO up 0.68% in the last 24 hours, down ~0.65% in the past week
- $CRO down 4.73% in the last 24 hours, up ~1.07% in the past week
- $REV down 0.54% in the last 24 hours, down ~19.47% in the past week
More news that caught our eye:
- Powerbridge Technologies agrees to buy 5,600 BTC, ETH mining machines
- Rich Dad Poor Dad’s Robert Kiyosaki warns of ‘biggest crash in world history’ — expects $24K BTC price
- ‘It’s a new frontier’: Lake County treasurer among the first Illinois political candidates to accept campaign donations of BTC, DOGE and other cryptos
- Hollywood producer of ‘Entourage’ set to make crypto series ‘HODL’
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