Category: Cryptocurrency News

Bitcoin and most major altcoins have dipped to their immediate support levels, indicating that bears remain active at higher levels.

Ethereum has lost bullish momentum over the weekend and hints at a pullback in the short term. The cryptocurrency is still leading the current crypto market recovery with a 14% profit over the past week but might be negatively impacted by macroeconomic factors. Related Reading | Bitcoin Bulls Try To Recoup As BTC Dislodged From $22,000 Level At the time of writing, Ethereum (ETH) trades at $1,530 with a 5% loss in the last 24 hours. According to a senior analyst at research firm Messari, the second cryptocurrency by market capitalization will face several challenges this week. As NewsBTC reported, Ethereum was at the heart of the current market relief rally. ETH core developers set a date for “The Merge”, the event that will complete its transition to a Proof-of-Stake (PoS) consensus. The highly anticipated event will take place in September this year, but the announcement might be insufficient to mitigate current macro conditions. The Messari analyst believes this week will be key in shedding light on ETH’s price future price action. Since last week, major corporations in the United States have been publishing their earnings reports. So far, big tech companies have been showing relatively good results. In the next few days, Apple, Meta, Google, Exxon, Ford, Amazon, Intel, and other behemoths will release their earnings. If the results are favorable, Ethereum and the crypto market might continue rallying beyond critical resistance. The opposite will be true if these companies failed to meet market expectations. The analyst said the following while sharing the image below showing ETH and BTC’s correlation with the S&P 500: Eth correlation with stocks is rolling over. If we have big misses on earnings, a bad reaction to the fed and stocks rolling out this week will be THE test is the merge > macro. As the chart shows, ETH’s price has been decoupling from the traditional market, specifically the S&P 500 since the start of July 2022. Most likely as a reaction to “The Merge” announcement, this trend could reverse on the back of a bad earnings season. What Lies Ahead For Ethereum On the other hand, if companies record losses, the S&P 500 and other Indexes could trend lower and finally hint at a potential macro bottom for the multi-month bearish trend across global financial markets. The analyst noted that only 21% of the companies in the S&P 500 have reported their earnings. This leaves a majority of this Index to determine the upcoming trend in legacy markets and the crypto markets. The analyst added: If big tech misses and guides lower we finally could see the mark down in stocks to reflect the forward p/e folks have been waiting for. Earnings est are still historically high for any period, forget one with a war, record high infl, a pandemic etc. Related Reading | More Than 57,000 Traders Liquidated As Bitcoin Declines Below $22,000 If Ethereum can go through the next week unscathed by the turbulence in equities, the bullish momentum could extend. $1,700 is still a major resistance point to measure bull conviction, if these investors can push ETH beyond this point, the cryptocurrency could be set to reclaim much higher levels.

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A KPMG/HSBC survey finds NFTs and DeFi are more popular with Asian Pacific big startups than EV charging, quantum computing and a host of other new technologies.

As I'm sure everyone is aware, Safemoon has a 10% tax to buy AND to sell. Safemoon has also been nosediving, sliding and flatlining for a year now. So anxious holders are looking for a new shitcoin. Enter GroveToken. It's not really distinguishable from Safemoon. Let's see… Amateur development team ✅ 10% buy and sell…
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It was a good run until it lasted. The crypto market was having a blast last week, until it sharply nosedived by 3.06% to $1.01 trillion on July 25, Monday. Bitcoin together with Solana, Ether, and Polkadot were all knocked over at the start of the week. Bitcoin was off-course and shaved off the gains it made over the past few days which allowed it to get to its glorious one-month high of $23,000 until it plunged below $22,000 levels on Monday. As of this writing, Bitcoin is trading at $21,850, down nearly 5 percent in the last 24 hours, data from Coingecko show.  Suggested Reading | Cardano (ADA) Spikes 8%, Overtakes XRP In Last 24 Hours BTC Price Can Retest $25K In Coming Days Bitcoin has been steady and holding it at the $23,000 level with very minimal drop in prices seen in the past few days especially with the sellers dominating the crypto market. The crypto was able to successfully breach the ascending pattern and now retests the pattern’s resistance levels. BTC is now eyeing the next key resistance level at $31,300. The price could still hit the $24,000 level in the next couple of days, if not weeks. BTC recently slid into a downside correction. A break under the key bullish trend was spotted closely at the $22,700 level for the BTC/USD pair. The pair is predicted to suffer a massive drop once it moves below $21,450. If BTC cannot stay afloat or above $21,800, it may continue to drop. Support is seen to sit close to the $21,500 level. A close that happens below that may send the price way down or near $20,000. BTC total market cap at $418 billion on the daily chart | Source: TradingView.com Bitcoin Downtrend Due To Elon Musk BTC Announcement? The downward trend of Bitcoin happened last week when Tesla CEO Elon Musk announced that he sold roughly 75% of his total BTC holdings. Bitcoin was pushing above $24,000 but the bears caught up at the $23,800 zone. The last high was at $23,744 before it retreated. Following a quick rally, Bitcoin sharply dropped to the $22,000 level right after it has outstretched above $23,000 as seen in the past week. In spite of the decline in the selling pressure, BTC was able to maintain its 6% gains from the earlier week. Well, BTC may potentially rise targeting the $24,000 level anytime soon following the surge in seller power. However, there is also a slim chance that BTC could plunge to the $20,000 zone especially if it dips below its current level. Suggested Reading | TRON Bulls Are Back To Pump Some Energy Into TRX Coin    

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Elon Musk’s electric vehicle company sold 75% of its BTC in the second quarter. The company’s overall profitability was impacted by inflation and competition for battery cells.

  The price of bitcoin has once again fallen below $22,000 once more. As expected, it has come with its own consequences for those in the crypto market. Most prominent have been in the liquidations, which have ballooned in the last 24 hours. With the most recent crash, more than 57,000 traders have seen their positions liquidated. Bitcoin Dip Triggers $151 Million Liquidations Over the last 24 hours, more than 57,000 traders have been liquidated in the crypto market. This has led to a total of $151 million in assets liquidated over the last day. The most prominent of these has been the Ethereum liquidations.  Ethereum, which had taken the lead during the market recovery and rallied higher than $1,600, had led the short liquidations and now, continues to lead in terms of long liquidations. Ethereum liquidations alone have crossed $70 million in the last 24 hours and $20 million in the last 12 hours.  Related Reading | TA: Bitcoin Price At Clear Risk of Sharp Drop, Indicators Turn Red Others include bitcoin, which has only seen half the volume of liquidations compared to Ethereum. In total, there have been more than $30 million in bitcoin liquidations in the past day, accounting for 1.38K BTC. This makes it the second-largest liquidation for a digital asset in the last day. The majority of liquidations have been from long traders at 63.96%.  BTC price falls below $22,000 | Source: BTCUSD on TradingView.com FOMC Looms Over Market The recovery that had been rocking bitcoin and other cryptocurrencies has been stopped dead in its tracks as the week opened. There are various factors behind this decline such as large corporations announcing earnings and showing that they had dumped a lot of bitcoin. Related Reading | TA: Ethereum Stuck In Key Range, Why $1,480 Is The Key Additionally, the FOMC is starting on Tuesday, and the announcement is expected to be made on Wednesday. So basically, while this is turning out to be a big week for the financial market, it doesn’t necessarily mean that the market would see any good price action. Bitcoin had also not been able to beat its 200-week moving average, and the resistance faced at this point has brought the price to a lower support point. This has marked a bearish trend for bitcoin, meaning that the digital asset will likely test $20,000 in the coming days. Featured image from Finance Magnates, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Long time trader here, not exactly a good one. I started with FX, that is how I first learnt how to draw those pretty lines. So ok, yeah, I now got it, all my supports and resistances, RSIs, EMAs, MACDs and all the other shit on my chart looking pretty, and then the US President…
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