Crypto Analysis

Marginal Bounce in Market; Bitcoin Resistant at $33K

Broader market sentiment reflected BTC’s resilient phase with total global market cap of $1.39T ending at 9 am IST

Marginal Bounce in Market; Bitcoin Resistant at $33K
Marginal Bounce in Market; Bitcoin Resistant at $33K

After persevering at $33,000 levels through the day, Bitcoin(BTC) registered a minor increase of 1 per cent to close at $33,500. Early morning saw Bitcoin almost touching the $34,000 levels falling short of the first major resistance level at $34,842. However, it steered clear of the first and second support levels of $32,450 and $30,270 respectively. The BTC daily trading volume dipped by more than a quarter from the previous day, a decrease of 29 per cent, in line with the near weekend drops we’ve come to expect, and showing a lack of buyer interest.

The broader market sentiment reflected BTC’s resilient phase with a total global market cap of $1.39T ending at 9 am IST, a modest 2 per cent rise in value when compared with the previous day. On the downside, the total crypto market volume saw a major 23 per cent decline.

Ethereum (ETH) gained 4 per cent to close at $2,140 after losing its value throughout the day. Buyers stepped in to steer clear of the second support level of $2,019 and almost brushed past the first support level of $2,148. The resistance levels were left untested. Ethereum, amidst its rising use cases, is nearing its EIP-1559 blockchain update and is expected to show a deflationary trend during the weekend.

The other major cryptocurrencies such as DogeCoin(DOGE), XRP(XRP), Polkadot (DOT), Chainlink(LINK) among others more or less stayed the same. On the other hand, Cardano(ADA), Solana(SOL) showed a minor growth in prices by up to 4 per cent. BTC continues to dominate the market with a dominance of 45.3 per cent. To gain momentum, BTC needs to break through the $34,000 region to deliver support to the overall market.

Top Gainers Today -

  1. XinFin Network (XDC): 32.0%

  2. Quant (QNT): 17.3%

  3. Compound (COMP): 15.0%

Top Losers Today –

  1. THORChain (RUNE): -5.1%

  2. Hedera Hashgraph (HBAR): -3.8%

  3. Stacks (STX): -3.2%

Analysis includes top 100 coins only as of 9 am IST

Source: CoinMarketCap.

Crypto News at Glance:

  1. As per a recent podcast, SkyBridgeCapital, led by Anthony Scaramucci, is planning to file for an Ethereum ETF with the U.S. SEC (Securities and Exchange Commission). This move comes in after SkyBridge’s initiative to launch a separate private Ethereum fund on July 1.

  2. Grayscale Digital Large Cap Fund announced on Twitter that Cardano’s native currency ADA will be available for investment to its accredited investors from now on. The fund has adjusted its portfolio while seeking 70 per cent exposure in digital assets to include ADA.

  3. Iran is to propose a ban on the use of cryptocurrencies, including Bitcoin, in payments for goods and services via a formal bill. This development needs to be seen in the wake of Iran issuing its own sovereign cryptocurrency, probably, a crypto rial.

  4. Strike, a global payments app has announced the launch of a Bitcoin service allowing users to buy BTC at no extra fees.

    DISCLAIMER: Views expressed are the writer'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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