Bitcoin and Ether Market Update July 7, 2022

The total crypto market cap decreased by $23 billion for the period since Monday and now stands at $865 billion. The top ten coins are all in green for the last 24 hours with ether (ETH) and Solana (SOL) being the biggest gainers with 4.1 and 2.8 percent of gains respectively. At the time of writing bitcoin (BTC) is trading at $20,450. Ether is at $1,181.

BTC/USD

Bitcoin closed the trading day on Sunday, July 3 at $19,300 on its first green day since June 25 when it last touched the zone above $21,000. The biggest cryptocurrency ended the previous seven-day period with an 8.2 percent loss but somehow managed to defend the solid horizontal support around the $19,500 mark.

Still, the 200-day MA on the weekly timeframe chart (currently sitting at $22,500) remains the next big resistance in front of bulls if they are to initiate at least a short to mid-term reversal to the upside.

On Monday, the BTC/USDT pair climbed 4.5 percent up to hit $20,200 in its best bullish session since June 23. The 24-hour trading volumes started to pick up the pace and were now regularly meeting the average values for the last 14 days.

The trading day on Tuesday, July 5 was slightly different as BTC traded in the wide range between $19,300 – $20,700 during intraday before closing at $20,160 with a negligible loss.

The mid-week session on Wednesday came with a strong continuation of the uptrend. Bulls pushed the price up to $20,600 to hit the lower boundary of the recently broken long-term uptrend corridor (on the higher timeframe charts, mainly 1M).

The risk assets were trying to catch up with the US dollar while commodities were struggling to continue their strong rallies.

What we are seeing midday on Thursday is a pullback to the zone around $20,400.

ETH/USD

The Ethereum project token ETH hit a two-week low on June 30 by re-visiting the sub-$1,000 area. However, it started to show a sign of exhaustion from the downtrend which was visible from the way it bounced up from the $1,000 support in the next few days. Buying volumes started to increase while the Relative Strength Index (RSI) was now out of the oversold area.

The ether ended the week with a 9.9 percent loss but above the major support line.

On Monday, buyers were in control of the price action. The ETH/USDT pair rallied 7 percent to $1,150, engulfing the last five candles on the daily chart.

Then on the second day of the workweek, it corrected its price down to $1,130 but not before briefly touching the $1,080 mark in the early part of the session.

The uptrend was resumed on Wednesday, July 6 when with a fresh 5 percent jump no matter the even more hawkish news from the United States Federal Reserve which was now hinting at a 50 to 75 bps rate hike increase in the next meeting.

As of the time of writing this market update, the leading altcoin is trading flat, close to the 21-day EMA.