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Markets Update: Bitcoin Bulls Charge Forward
Cryptocurrencies are seeing some good gains over the past two days after market capitalizations lost billions last weekend. Over the last six days, the entire digital asset economy has seen an increase of around $15Bn and now averages around $268Bn on Monday, July 16. Digital currency proponents are hopeful the past six months of bearish market sentiment is over and brighter days may be ahead.
**Also read: Bitcoin ABC Developers Publish Bitcoin Cash Upgrade Timeline **
Bullish Optimism Creeps Into the Cryptocurrency Market Sentiment, With a Possibility of Brighter Days Ahead
Digital asset traders and enthusiasts are optimistic cryptocurrency markets may reverse their downward trend over the next few weeks leading up to the Cboe ETF decision. Last weekend markets were seeing losses across the board as the top cryptocurrency values had dropped 5-25 percent fairly quickly. But since then over the course of the week, digital currency prices have gathered steam and regained at least 2/3rds of last week’s losses. Overall trade volume is about $12.8Bn and has been relatively weak over the past few months but has seen a slight increase today.
Bitcoin Core (BTC) Market Action
The current bitcoin core (BTC) spot price right now is around $6,687 per BTC at the time of publication. BTC 24-hour trade volume is about $4.4Bn over the last day and the cryptocurrency has a $114.5Bn market valuation. The top exchanges swapping the most bitcoin core today include Bitflyer (1.8Bn), Fcoin ($325Mn), Coinbene ($281Mn), Binance ($196Mn), and Bigone ($187Mn). On July 16, the most traded currency exchanged for BTC is the Japanese yen capturing 49 percent of the intraday’s trades. This is followed by tether (USDT 33%), USD (10.2%), EUR (2.4%), and the KRW (1.8%). Out of the 1600+ digital bitcoin core’s market dominance is about 42 percent.
BTC/USD Technical Indicators
Looking at the 4-hour BTC/USD charts on Bitstamp and Coinbase shows bulls are pushing markets forward attempting to challenge the $6,800-7,000 resistance. Around 1 pm EDT relative strength index (RSI) levels show overbought conditions at 76. The two Simple Moving Averages (SMA) have crossed hairs recently and the 100 SMA is above the 200 SMA. This indicates the path of least resistance is towards the upside. MACd is heading northbound and shows more upswing could be in the cards today. Looking at order books shows BTC bulls need to crack the $6,800-7,000 territory and after that is smoother seas up until $7,200. On the backside, if bears took the reigns again there is plenty of support down to $5600 for quite some time.
Bitcoin Cash (BCH) Market Action
Bitcoin cash (BCH) market action shows the price is around $800 per coin this Monday. The decentralized cryptocurrency’s overall market capitalization is about $13.77Bn and daily trade volume has increased to about $494Mn. BCH holds the fifth highest trade volumes today out of the top cryptocurrencies and is the fourth largest market cap. The top trading platforms exchanging the most BCH today include Bigone ($58Mn), Okex ($56Mn), Binance ($48Mn), Coinex ($48Mn), and Hitbtc ($41Mn). The top currency pairs traded with bitcoin cash today include tether (USDT 47%), BTC (28%), USD (12%), KRW (3.5%), ETH (2.7%).
BCH/USD Technical Indicators.
BCH/USD 4-hour and 30-minute charts look very similar to BTC/USD charts today and are performing similarly. However, the two SMAs are different with the 200 SMA above the 100 SMA indicating the path towards least resistance is the downside. Similarly to BTC/USD, RSI levels are about 79 right now showing overbought conditions. MACd looks like it could bump up more but might head southbound over the next hour. Looking at order books shows some very large walls between the current vantage point and $840. If BCH bulls can move past the $860 area then things may improve even more. On the backside charts show from now up until $650 there is strong support.
The Verdict: Traders Seem Positive and Hope for More Green Candles
The verdict this time around is far more positive as markets have improved a great deal this week. Most of the top cryptocurrencies have seen around 5 percent in gains over the past 24-hours but coins such as LTC, IOTA, and NEO have made notable increases. As mentioned above, a lot of traders think markets might continue to climb as the ETF decision approaches. The possible outcome of this upcoming decision may have blown a breath of fresh air into the cryptocurrency economy.
Where do you see the price of BCH, BTC, and other coins headed from here? Let us know in the comments below.
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
Images via Shutterstock, Trading View_, and_ Satoshi Pulse.
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