Bitcoin, Ether, Major Altcoins – Weekly Market Update July 12, 2021
The total crypto market cap erased $42 billion from its value for the last seven days and now stands at $1,401 billion. The top 10 coins were all in red for the same time period with the only exception being Binance Coin (BNB) which added 5.6 percent to its value. At the same time, Dogecoin (DOGE) lost 13.4 percent. Bitcoin (BTC) is at $33,700 at the time of writing. Ether (ETH) is currently trading at $2,100.
Bitcoin closed the trading day on Sunday, July 4 at $35,200 after three consecutive sessions in green. The short-term price rally helped the coin move above the multi-timeframe resistance at $34,700 and also to surpass the 21-day EMA. It registered a 1.5 percent growth on a weekly basis as the market volatility was slowly starting to decrease thus allowing more and more traders to re-enter.
On Monday, the BTC/USDT pair, however, fell sharply to $33,700, which resulted in 5 percent being erased from its market capitalization. It touched the $33,160 level during intraday and successfully found support at the uptrend trendline built around the lowest points of the daily candle wicks starting June 22.
The Tuesday session was a volatile one. Bitcoin jumped up to $35,170 in the early hours of trading, but was once again rejected at the mentioned horizontal resistance and partially retraced down to $34,200.
The mid-week session on Wednesday came with another attempt from bulls to climb above that solid barrier, which resulted in a failure and a candle close near the diagonal support.
On Thursday, July 8, the BTC/USDT pair fell below the weekly timeframe support by touching $32,100 but partially recovered in the latter part of the session by closing at $32,800.
The trading day on Friday was the complete opposite as the coin erased all losses from the previous 24 hours and closed at $33,800 as bulls were starting to show some strength.
The first day of the weekend came with high volatility. Bitcoin was moving in the $34,200 – $32,900 area and made a step down at the daily candle close hitting $33,400.
On Sunday, July 11, bulls made an attempt to fully save the weekly candle by pushing the most popular cryptocurrency up to $34,200 (34,600 during intraday). Still, it lost the important $34,700 support.
What we are seeing on Monday morning is another rejection at the 21-day EMA.
The Ethereum Project token ended the previous seven-day period with a solid 16 percent increase after touching the horizontal support on the weekly timeframe right below $2,000. The trading session on Sunday, July 4 was a good one for bulls and the ether closed above the $2,300 line for the first time since June 18,
On Monday, the ETH/USDT pair erased all gains and fell below the 21-day EMA and the mentioned resistance. Still, it found stability near the diagonal uptrend line.
The second day of the workweek came with another jump in price and a daily candle close at $2,320. The leading altcoin was without a doubt in an uptrend but it was lacking the necessary bullish momentum to support a solid breakout up to $2,500.
On Wednesday, July 7, buyers pushed the price to $2,415, but the move was fully retraced later in the evening.
The overall sentiment in the market was bullish given the upcoming Ethereum network upgrade expected in early August. However, crypto once again surprised both traders and analysts dropping heavily on Thursday. ETH was not an exception correcting its price with 8.8 percent in the downward direction.
On Friday, the ETH/USDT pair made a negligible change by forming a small green candle to $2,145. These minimal gains were erased on the first day of the weekend in a reciprocal move.
Then on Sunday, the ether once again regained positions near $2,140 but failed to close the weekly candle above the 21-period EMA (which was then situated around $2,180).
The ETH token is trading at $2,110.
- Binance Coin (BNB)
The native token of the Binance ecosystem – BNB has been quite stable recently and unlike some of the other major alts in the Top 10 list, it managed to respect most of its technical levels.
On the weekly timeframe, it found clear support in the $290-$300 zone, jumping up from an intra-weekly low of $220. This level is considered a major demand zone and already proofed its stability back in February and March 2021 then again it was where the BNB/USDT pair found its bottom during the last two major drops in May and June.
It is possible to see a run towards $400 (BNB loves round numbers), or right below the last visited high, in the coming days/weeks
The upcoming quarterly BNB token burn that is expected to happen in the period between July 15 and July 18 will surely add up to the upward momentum, although a correction based on the “buy the rumor, sell the news” mantra is expected as always.
Altcoin of the Week
Our Altcoin of the week is the Synthetix Network Token (SNX). The leading decentralized derivatives platform and DeFi blue-chip added 43 percent to its value for the last seven days, now standing at #52 on CoinGecko’s Top 100 list. The coin is currently 134 percent up from its June low and with a total market capitalization of approximately $2 billion.
Almost all coins from the DeFi subsector of the cryptocurrency market registered double-digit gains, but the SNX/USDT pair was leading the pack mainly due to the serious jump in the APY offered on the native token, which surpassed 39 percent sometime last week. This led to a significant increase in the Total Value Locked on the protocol to $1.22 billion as of the time of writing or 70 percent up from the beginning of July.
The SNX/USDT pair is currently trading at $12.8.