Bitcoin and Ether Market Update July 29, 2021
Total crypto market cap added $27 billion to its value for the period since Monday and now stands at $1.55 trillion. The top ten coins are all in red for the last 24 hours with Ripple (XRP) and Cardano (ADA) losing 2.6 and 1.7 percent from their respective values. At the time of writing bitcoin (BTC) is trading at $40,200. Ether (ETH) is at $2,314.
Bitcoin closed the trading session on Sunday, July 25 at $35,400 and after five consecutive days in green managed to closed the seven-day period with an 11.4 percent increase and 21 percent up from the $29,300 low registered on July 20.
The coin moved above all short-term EMAs on the daily chart in the aftermath of what was, according to many veteran traders, the final capitulation before the bull run re-start.
On Monday, the BTC/USDT pair went parabolic on the news that the largest e-commerce company in the world Amazon was getting ready to accept bitcoin and other cryptocurrencies as a payment method in the coming months as well as to start working on its own digital asset project. Bitcoin jumped 14 percent to $40,500 but retraced 8 percent of the move almost immediately once Amazon denied the rumors. Still, it touched the $40k mark for the first time since June 16.
Buyers, however, were not that quick to capitulate and on Tuesday pushed the price further up to $39,350 or another 5.8 percent. The RSI and Stoch RSI indicators were both on overbought territory while 24-hour trading volumes were declining.
The mid-week session on Wednesday came with another attempt to break above $41,000, but again sellers were there to react. BTC closed at $40,000.
What we are seeing midday on Thursday is a highly volatile trading session with bitcoin trading at $40,200.
The Ethereum Project token ETH closed flat at $2,185 on Sunday, July 15, but that did not stop it from adding 15.3 to its value on a weekly basis. The move helped it surpass the 21-EMA on the weekly timeframe and also break above the falling wedge formation, usually a bullish reversal signal.
On Monday, the ether continued to rise. It climbed up to $2,228 at the daily candle close after hitting $2,430 during intraday on the already-mentioned false Amazon rumor.
The Tuesday session was a good one for bulls as well. The ETH/USDT pair first dropped to $2,150 in the early hours of trading, then recovered in the evening pushing its price further up to $2,300.
The third day of the workweek was when the coin reached the important daily/weekly timeframe resistance right below $2,400. That key zone was one of the most actively traded in the last few months providing support and resistance on multiple occasions, including the last registered peak from early July.
The leading altcoin closed the day flat after trading in the wide $2,240-$2,345 range.
As of the time of writing, the price of ETH is situated at $2,314, slightly higher compared to the previous session.