Market News
Bitcoin’s price had a massive +10% increase in the past 24 hours, according to CoinGecko. Additionally, it’s over 21% compared to the past seven days.
Currently, bitcoin’s price is trading close to $38,600, according to Nomics. Buying volume has massively increased, and bitcoin’s market cap moved above $700 billion, an excellent sign.
Not only that, but altcoins such as ETH, HEX, and FEVR keep overperforming most of the market, meaning we think this is an exciting time to be betting on these coins.
In terms of news, most media outlets are focusing on the recent bitcoin price appreciation. According to Cointelegraph:
“Spot price action is, naturally, the topic on everyone’s radar at present — in 24 hours, Bitcoin has sealed gains of nearly 15%.
While not yet flipping $40,000 to resistance, current levels have not been around since mid-June, and appetite for bullishness is palpable.
It began slowly following last week’s ‘The ₿ Word’ conference, which featured praise of Bitcoin from the likes of Jack Dorsey and Elon Musk.”
Adding to that, Ethereum is also making big waves. The London hard fork is about to take off, and the below EIPs will be added
According to Coindesk: “In T-minus 10 days, the Ethereum blockchain will undergo its 11th backwards-incompatible upgrade, also called a “hard fork.” This hard fork, dubbed “London,” contains five Ethereum Improvement Proposals (EIPs), each featuring code changes to optimize and improve the world’s second-largest cryptocurrency by market capitalization.
Of these five EIPs, EIP 1559 has been the most controversial among Ethereum stakeholders due to its radical redesign of the network’s free market.”
We think the London hard fork will be critical to understanding if a new marketplace for fees can be the long-term solution to fees stability. We are doubtful but hopeful.
Traders Tweets
This week's first tweet comes from Willy Woo, a trader and cryptocurrency on-chain analyst.
He shared the bitcoin liquidation chart across exchanges, which shows over $1 billion shorts got liquidated. According to Woo, money flow moved from dumb money (retail investors) to smart money (whales). He wrote: "$1b of BTC futures liquidations in the last 12 hours. Here's where the carnage happened."
Never forget if you're playing on the wrong side of the fence and move against the market, and you're using leverage, the chances you are liquidated are enormous. Trade with care.
The next tweet comes from Maren Altman, an astrologist who uses planets and stars movements to predict the price of bitcoin and other prominent cryptocurrencies.
In January 2021 she wrote that traders should pay attention to July 25. How da fuck did she know? Let’s dig deeper.
We did a quick analysis of her prediction accuracy and just look at that: Altman confirmed the trend reversion with +- 5 days accuracy, in both ways. What kind of sorcery is this?
Anyhow, in her atypical analysis, she points to Jupiter being the main reason. Watch her video to learn why. We’re still in awe.
The last tweet of the day comes from Michale van de Poppe, a crypto trader and analyst.
He’s pretty excited about this most recent run that took bitcoin’s price close to $40,000. He wrote that “The great part is that #altcoins are following suit with #Bitcoin and will most likely run towards their other side of the range too. This means 80-150% run from the lows. I think most of them are bottomed.”
Hence, once the next dip comes, it may be your last chance to make new entries before the cryptocurrency market explodes into new highs.
Of course, summertime is also known to break hearts at some point. Just summer love things.
Market Watch
Bitcoin’s price had a massive rally from around $29,700 to $40,000. That’s a 35% increase in less than two days.
Currently, BTC/USD is trading just above $38,700 and compared to last week, it grew over 21%, according to Nomics. Other excellent news is that BTC/USD is not only above the 21-day EMA (blue) but currently above all moving averages: the 20-day MMA (red), the 50-day MMA (green) and the 200-day MMA (dark blue).
Volume has grown massively as well and is currently above $40 billion.
The VPVR, on the left of the chart, shows BTC/USD is already above the most traded ranges, between $30,000 and $37,000. This means that if buyers continue to show up, we expect bitcoin’s price to continue moving towards new highs.
If there is a sudden drop, we expect the 50-day MMA to hold the price as support. Hence, $50,000 soon?
Let’s see how things are going in the altcoin world.
Weekly Altcoin
FEVR/USD is currently trading way above the predicted range, and its price is trading around $0.011; the total market cap is above $200 million, according to CoinMarketCap, another magnificent milestone.
FEVR/USD grew over 60% during the weekend and almost reached $0.014 at the peak.
Another important metric is the number of hodlers. BSCscan shows there’s over 4,700 holders.
Additionally, FEVR is already above the 9-day EMA, an excellent sign. Support should be found around this price region if things go south.
If you need some fuel to keep you engaged with the project, check out RealFevr’s new website. It’s awesome. Also, a brand new video of the new ambassador is being released TODAY!
Who could it be?
A quick update on HEX: currently, it’s consolidating above $0.13, according to Uniswap.
We think that, in due time and with the launch of PulseChain, HEX will continue to appreciate as new buyers reach the market.
HEX is still above the 21-day EMA, even though volume is declining. The VPVR shows a chance to continue the consolidation period until new buyers come to space.
Hence, this may be an excellent opportunity to buy HEX/USD below $1. Seize the opportunity!
Conclusion
BTC/USD has had significant gains in the past few days. While:
Remains above the 21-day EMA, 20-day, 50-day and 200-day MMA,
But continues to trade below its prior high around $64,000,
We think it’s a great time to accumulate more BTC. If BTC/USD holds above $35,000 during the rest of the week, our bullishness will significantly increase. Despite that, we don’t think bitcoin’s price is out of the woods just yet; be wary of pull-backs.
To conclude, altcoins continue to show strong buying support, which leads us to think the bull run is far from over. Some of our top picks are $FEVR, $HEX, $ETH and $BNB.
Safe trades.
CryptoNerds DAO Proposal 6: Vote Now
Vote on the altcoin we’ll look at every week! This week, the winner was $FEVR.
For all the upcoming votes, you can use $FEVR to vote, as well as $CND.
It’s up to you what altcoin we pick next week. For more details, check this thread.
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