What Changed in Crypto Markets While You Were Sleeping — July 30

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In Brief
  • Bitcoin appears to have failed its third breakout attempt over $40,000.

  • BCHA is up by 30% on the day.

  • Iran is struggling with rolling blackout that are being blamed on bitcoin mining.

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BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.

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Bitcoin update

BTC has been moving upwards since July 20. After creating eight successive bullish candlesticks, it finally created a doji candlestick with a slightly bearish close on July 29. 

This was the third failed breakout attempt above the $40,500 horizontal resistance area, which is also the 0.382 Fib retracement resistance level.

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Despite the rejection, technical indicators in the daily time frame are still bullish. The Stochastic oscillator made a bullish cross, the RSI moved above 70, and the MACD is nearly positive. 

The next resistance area is found at $47,800. This is the 0.618 Fib retracement resistance level.

BTC Chart By TradingView

Altcoin movers

The total cryptocurrency market cap has fallen 1% back to the $1.59 trillion level. While bitcoin is down 4.2% on the day, Ethereum has actually added 1.2% in the past 24 hours. The cryptocurrency top-100 list is a mixed bag today, though most altcoins are experiencing losses.

Bitcoin Cash ABC (BCHA) is the biggest gainer of the day thus far. BCHA is up 30% on the day and is trading for $36.32. In the past week, BCHA has added over 42% in value and has now moved back into the top-100 by market cap.

SafeMoon (SAFEMOON) is the day’s biggest loser, down 19.4% in the past 24 hours. SAFEMOON has fallen to the $0.0000021 level, a three-month low price for the token.

In other crypto news

  • U.S. Congressman Don Beyer has introduced a new bill that seeks to regulate the crypto market, with the goal to protect investors and encourage innovation.
  • Iran has experienced recent issues with rolling blackouts and power shortages that have been blamed on new bitcoin mining farms in the region. 

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Kyle migrated from the East Coast USA to South-East Asia after graduating from East Stroudsburg University. He began trading and writing about cryptocurrencies in 2016, and has been an avid investor in stocks and precious metals since his teens.

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