Saturday, July 20 — crypto markets have seen another upward move, with all top 20 coins by market cap seeing major gains, while Bitcoin (BTC) has approached $11,000 mark again.
After dipping below the $11,000 threshold on July 14, Bitcoin has approached the price point today, with its intraday high of $10,944, according to data from CoinMarketCap. The biggest cryptocurrency added 3.7% to its price to trade at $10,922 at press time. As Bitcoin has seen significant volatility this week, with its price having dipped below $9,500, the cryptocurrency is down around 3% over the past 7 days at press time.
Ether (ETH), the second cryptocurrency by market cap, is up over 5% and trading at $232 at press time. The
Ripple (XRP), the third top cryptocurrency by market cap, added 6.4% to trade at $0.339, also seeing a notable growth over the past 7 days, adding up to about 2.6%.
Bitcoin SV (BSV), the ninth top cryptocurrency by market cap, has added over 25% to its value today, seeing the biggest growth among the top 20 coins by market cap.
As of press time, total market capitalization amounts to $298 billion after that number dropped below $250 billion earlier this week. Daily trade volume amounts to around $63 billion.
The new wave of green on crypto markets follows a recent bullish prediction by managing director and quant strategist at Fundstrat Global Advisors Sam Doctor, who suggested that much-anticipated Bakkt’s Bitcoin futures contracts will launch in Q3 2019.
Additionally, India’s Minister of State for Finance Anurag Thakur said yesterday that there is no legislation in India that expressly bans citizens from using cryptocurrencies.
Bitcoin Weekly Forecast: BTC Trend Overwhelmingly Bearish
- After struggling to recover above $7,300, bitcoin price started a fresh decline against the US Dollar.
- The price is currently trading in a bearish zone just above the $7,000 support area.
- There is a key bearish trend line forming with resistance near $7,260 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The price is likely to accelerate its decline if there is a downside break below the $7,000 support.
Bitcoin price is back in a downtrend below $7,200 against the US Dollar. BTC could continue to move down below $7,000 and $6,880 in the near term.
Bitcoin Price Weekly Analysis (BTC)
This past week, bitcoin struggled to recover above the $7,280 and $7,300 resistance levels against the US Dollar. Moreover, BTC price remained well below the $7,400 level and the 100 simple moving average (4-hours).
The recent decline was such that the price declined below the $7,100 support area. A new monthly low is formed near $7,008 and the price is currently consolidating losses.
An initial resistance is near the $7,100 level. Additionally, the first hurdle is near the $7,165 level or the 23.6% Fib retracement level of the downward move from the $7,668 high to $7,008 low.
More importantly, the 50% Fib retracement level of the downward move from the $7,668 high to $7,008 low is near the $7,338 level. Therefore, the $7,280 and $7,340 levels are important hurdles for a decent recovery in the near term.
A clear break above the $7,340 level is likely to open the doors for more upsides above the $7,400 level. On the downside, an immediate support is near the $7,000 level.
If there is a downside break below the $7,000 support, there is a risk of a sharp decline below the $6,880 support. The next major support is near the $6,600 and $6,500 levels, where buyers are likely to appear.
Looking at the chart, bitcoin price is clearly trading below a couple of important resistances near the $7,280 level. The next move could be either a sharp decline below $7,000 or a decent recovery above the $7,280 resistance area.
4 hours MACD – The MACD for BTC/USD is slowly gaining bearish momentum.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is still declining and it is approaching the oversold area.
Major Support Level – $7,000
Major Resistance Level – $7,280
Billionaire Mark Cuban Says Bitcoin May Have One Valuable Use Case – But It’s Not As a Currency
Billionaire Mark Cuban, a prolific investor and owner of the NBA’s Dallas Mavericks, says Bitcoin will never function as a reliable currency or medium of exchange.
“[There’s] no chance [Bitcoin becomes a widely-used currency]. Not because it can’t work technically, although there are challenges. It could. But rather because it’s too difficult to use, too easy to hack, way too easy to lose, too hard to understand, too hard to assess a value.”
While hackers have stolen millions in Bitcoin from centralized exchanges, Bitcoin itself, which is based on blockchain technology, has proven itself to be resilient and secure.
Cuban says there are also too many competing crypto assets, and he thinks it’s “too much work for people to know why BTC over everything else.”
Despite the critique, Cuban thinks BTC could be considered a valuable collectible similar to gold.
The Shark Tank star also says that Bitcoin was a bubble during the historic crypto market bull run of 2017.
He compares the flagship cryptocurrency to speculative items such as baseball collectibles and says he prefers bananas over Bitcoin because he can eat them – which gives them more utility.
Bitcoin bull Anthony Pompliano, the co-founder of Morgan Creek Digital, thinks Cuban could use some more information about the world’s leading cryptocurrency, and extended an invitation to the entrepreneur via Twitter.
“Hey @mcuban, I read your recent comments on Bitcoin and think you may be missing some key information. I’ll fly to Dallas and we can record a podcast episode to discuss why Bitcoin is likely to be the next global reserve currency. You in??”
GBTC Bitcoin Premium is at 24%, Shows Gradual Increase in Institutional Demand
Cover image via www.tradingview.com
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
The cryptocurrency market is finishing the week with uncertainty. While the local bullish trend is coming down, the bears have not seized on the initiative.
Below is key information for Bitcoin (BTC), TRON (TRX), and EOS (EOS).
|Name||Ticker||Market Cap||Price||Volume (24H)||Change (24H)|
The 1H time frame shows a breakdown of the ascending channel’s lower boundary, after which the price is likely to visit a three-week low of $7,072 and then the psychological level of $7,000.
The likelihood of such a scenario will increase if the relative strength index (RSI) supports line crashes.
The overall picture will remain bearish until the $ 7,870 mark (reached on November 29th) is passed.
At press time, BTC is
The bulls could not hold the rate of EOS at its resistance level, pushing the price down to $2.59.
Looking at the 4H chart, the short-term bullish mood is coming down as the bears are soon about to seize on the initiative. This is confirmed by the lines of the Moving Average Convergence/Divergence (MACD), which will switch to a bearish trend soon. In this case, the nearest support mark will be the at $2.55.
At press time, EOS is trading at $2.5987.
Our recent TRON price forecast came true as the rate rolled back and touched the expected $0.135.
According to the chart, the RSI indicator bounced off the oversold area and is currently moving upward. What is more, there is a high trading volume index located around the $0.015 resistance mark. If the volume remains at its previous levels or potentially increases, then that mark might be achieved through the end of the current year.
At press time, TRX is trading at $0.01420.