Bitcoin and Ether Market Update July 22, 2022
The total crypto market cap increased by $58 billion for the period since Monday and now stands at $1,026 billion. The top ten coins closed mostly in red for the last 24 hours with Solana (SOL) and Cardano (ADA) being the worst performers with 8.6 and 8 percent losses respectively. At the time of writing bitcoin (BTC) is trading at $22,700. Ether (ETH) is at $1,490.
Bitcoin closed the trading day on Sunday, July 17 at $20,800 on its first day in red since July 12 when it hit the $19,000-$19,500 support zone for the third time. As previously mentioned, the biggest and most popular cryptocurrency was trading in a range while also slowly building a Triple Bottom pattern on the daily timeframe chart. Such a trading figure usually signals the beginning of a bullish reversal.
BTC ended the previous trading week with a less than a percent loss after moving up and down the wide range between $18,900 – $20,600. It successfully found it’s mid-term low and started an aggressive movement in the upward direction.
On Monday, July 18 bulls continued to push the price of bitcoin higher. It added 7.7 percent to its market cap and climbed all the way up to $22,460, surpassing both the 21-day Exponential Moving Average (EMA) and the previous range high – $21,500.
Things did not change on Tuesday and the price rally remained uninterrupted. We could clearly see the Relative Strength Index (RSI) entering the overbought territory, but at the same time, there was a visible liquidity gap on the daily chart up to $28,000-$29,000.
The mid-week session on Wednesday came with a push to $24,300 in the morning, but bulls could not keep up with the momentum and the BTC/USDT pair ended the day in red, at $23,300.
What we are seeing midday on Thursday is a price pullback to the zone around $22,800.
$22,000 will be the line to defend for buyers.
The Ethereum project token ETH ended the last seven-day period in green again despite falling down to $1,337 on Sunday. It rallied 36 percent in the upward direction to erase almost all losses since mid-June. The upcoming Proof of Stake (PoS) merge and the renewed bullish activity made the ether one of the best performing digital assets in the Top 10 list.
On Monday, the ETH/USDT pair formed a huge green candle to $1,584, which corresponded to an 18 percent jump. Both the short-term 21-day EMA and the range high were successfully broken to the upside.
ETH ran into a resistance zone on Tuesday and was rejected near the $1,620 mark, which resulted in a price pullback down to $1,543.
On the third day of the workweek, we saw a second consecutive day in red as bears pushed the price to $1,520.
Just like in the case of Bitcoin, there is a gap to be filled up to $1,800 for the Ethereum token, so the most probable scenario here is to see an uptrend continuation at least until the Dollar Index continues to underperform.
ETH is currently trading at $1,490.