BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.
Bitcoin update
BTC increased considerably during the week of July 23 – Aug. 1.
It initially managed to reach a high of $42,599 before creating a long upper wick and closing just below $40,000.
The high was made very close to the 0.382 Fib retracement level (white) when measuring the entire downward movement.
The main support level is found at $30,000. BTC has not reached a close below this price since the beginning of the year. Rather, it has bounced each time it has fallen to that level.
Despite the bounce, technical indicators are still bearish. The MACD has created one higher momentum bar but the signal line is still decreasing. Furthermore, the RSI is at the 50-line and the Stochastic oscillator has made a bearish cross.
Below $30,000, the main support is found at $16,778. This is the 0.786 Fib retracement support level (black).
Altcoin movers
The total cryptocurrency market cap has fallen 3.5% today to the $1.65 trillion level after reaching a local high of $1.69 trillion over the past weekend. Bitcoin has retraced by just over 5% to start the week while Ethereum is still holding steady at $2,583.
Bitcoin Cash ABC (BCHA) is the day’s biggest altcoin gainer by far. BCHA is up by 40% on the day to reach the $64.90 price level. BCHA has also been the biggest gainer in the past week, adding 133% to its market capitalization.
Siacoin (SIA) is the day’s biggest loser thus far, falling 15% in value to a price of $0.016. SIA has nearly fallen out of the top-100 by market cap but is still up by over 37% in the past week.
In other crypto news
- Jack Dorsey’s popular payments platform Square has announced that it will be acquiring Australian fintech firm Afterpay.
- A report from the Bank of America lists some potential benefits for El Salvador as it works to implement bitcoin into its economy.
- Tether’s Chief Technical Officer (CTO) Paolo Ardoino made a statement on Aug 1 to correct reports that said that USDT has not been issued for two consecutive months.
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