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Bitcoin Reclaims $42,000 for the First Time in 10 Weeks

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The crypto market consolidated further by 2.5 per cent to close at $1.62 trillion as of 10am IST fuelled by Bitcoin’s (BTC) upward trajectory in the last 24 hours. Investors were brewing with confidence as trade volumes across exchanges rose by a significant 17 per cent.

BTC finally broke above the $41,000 mark yesterday after being range bound for more than 2 months. BTC gained 4.8 per cent in the last 24 hours to close at $41,700. Bears managed to hold BTC to between $38,000-$40,000 in the past few days. However, the bulls stepped in as trade volumes saw a dramatic increase of over 32 per cent reversing the trend from the previous day. BTC flipped the major resistance level of $41,000 to support.

Ethereum (ETH) continued its upward momentum to break through major resistance at $2,410 and now stands at $2,450 gaining a moderate 1.5 per cent. ETH’s support levels are forming at $2,280 and $2,350. ETH has rallied 35 per cent over the past two weeks ahead of its London Hard fork event which is slated to go live on August 4.

Among top 20 cryptocurrencies, Polkadot (DOT), Uniswap (UNI), and Litecoin (LTC) gained by over 5 per cent. Chainlink (LINK) was the top gainer by 10 per cent while Polygon (MATIC), Ripple (XRP) and Cardano (ADA) dipped marginally.

BTC broke the 100-day moving average yesterday indicating bullish sentiment as it looks to test the next resistance levels at $44,700 and $47,000 in the upcoming days.

Top Gainers today:

  1. Flow (FLOW): 44.3%
  2. Neo (NEO): 22.5%
  3. Helium (HNT): 18.6%

Top Loser today:

  1. Synthetix (SNX): – 4.7%
  2. Quant (QNT): -2.8%
  3. Theta (THETA): -2.3%

The analysis includes the top 100 coins only as of 9 am IST

Source: CoinMarketCap

Crypto News at a Glance:

  1. The President of Ukraine signed the bill titled “On Payment Services” into law that allows the National Bank of Ukraine (NBU) to issue a Central Bank Digital Currency (CBDC). NBU had partnered with the stellar blockchain protocol earlier this year to experiment with CBDC.
  2. Wealthfront, an US investment giant, has announced to provide its nearly 400,000 clients with the option to get Bitcoin exposure upto 10 per cent of their portfolio through Grayscale Bitcoin Trust (GBTC).
  3. Global exchange Binance has been served a public reprimand by Malaysian Securities Commission to cease all operations within 14 days in the country for illegally operating a Digital Asset Exchange (DAX). Binance CEO has promised to work with the regulators as the exchange giant continues to face regulatory challenges in some countries.
  4. US state Virginia has presented a new Bitcoin and cryptocurrency bill named ‘The Digital Asset Market Structure and Investor Protection Act’ in the U.S. Congress. The legislation seeks to integrate digital assets into the financial structure of the state.

DISCLAIMER: Views expressed are the author’s own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.



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Bitcoin price seeks higher low as trader forecasts $45K breakout within weeks

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Bitcoin (BTC) traded steadily on Tuesday after a surge above $40,000 resulted in higher levels broadly holding.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

All eyes on Bitcoin higher lows

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering near $37,000, around 8.8% below the peak of Monday’s gains.

Its first trip above $40,000 in six weeks, Bitcoin price action is now attempting to consolidate and form support at a higher low, Cointelegraph contributor Michaël van de Poppe said.

“Bitcoin rejects at the range high, which isn’t strange,” he explained in a Twitter update Tuesday.

“The market has made a new higher high and is in search of a higher low. The levels that I’m watching are $34,500–35,800 and the area around $32,500.”

A look at buy and sell levels on major exchange Binance confirmed the significance of those price points, with buyer support significantly in evidence only below $36,000. Sellers, on the other hand, remained clustered at $40,000 and above.

BTC/USD buy and sell levels (Binance) as of July 27. Source: Material Indicators/Twitter

The area immediately after $40,000 remains a decisive hurdle to overcome for Bitcoin bulls, with analysts arguing that doing so would unleash the bull market continuation that so many continue to wait for.

“Did people really expect 45-48k in one day?” popular trader Pentoshi reasoned.

“You broke the downtrend on high volume, you broke back into the range and made a HH on the daily. You teleported to resistance, it could take 2 or 3x to break it but that’s coming in the next weeks imo. Dips are for buying.” 

That scenario would place BTC/USD on track to reach $47,000 in August, the minimum — if controversial — monthly close predicted by stock-to-flow model creator PlanB.

Trader: “Most” altcoins have bottomed

Bitcoin’s comedown from local highs, meanwhile, spelled problems for altcoins.

Related: Price analysis 7/26: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LTC

Ether (ETH), the largest altcoin by market capitalization, dipped 11% following a copycat move to highs of its own at $2,432 on Bitstamp.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView

Many major altcoins fared likewise, with 24-hour losses of 10% or more not uncommon at the time of writing.

“The great part is that altcoins are following suit with Bitcoin and will most likely run towards their other side of the range too,” van de Poppe nonetheless added in a hopeful forecast, repeating previous conviction about the altcoin market.

“This means 80–150% run from the lows. I think most of them are bottomed.”