BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.
Bitcoin has been moving upwards since June 22 after reaching a local low of $28,805. The bounce that followed was preceded by bullish divergences in both the RSI and the MACD signal line (blue lines). The next day, BTC reached a high of $34,881.
However, it has been moving downwards since. While the bullish divergences have already played out, technical indicators are bearish. The MACD and RSI are both decreasing. The former is negative while the latter has fallen below 50. In addition to this, the Stochastic oscillator is very close to making a bearish cross (red circle).
The closest support and resistance levels are at $31,300 and $41,500.
The total cryptocurrency market cap has remained mostly flat over the past two days. It’s currently sitting at $1.38 trillion after reaching a five-month low of $1.37 trillion on June 22. Bitcoin (BTC) rallied to nearly $35,000 yesterday but was rejected and fell back to $33,250 at the time of press.
Livepeer (LPT) is today’s biggest loser. LPT is down by over 12% in the past day and has dropped by 7% so far this week. A handful of other DeFi-related cryptocurrencies like Aave, Maker, and Compound are also nearing 10% losses on the day.
In other crypto news
- Ameer and Raees Cajee, two brothers behind the Africrypt platform, have disappeared along with $3.6 billion in BTC bought with investors’ funds.
- The long-awaited Ethereum London upgrade is nearing with the hard fork launching on testnet before its full deployment next month. The upgrade will herald the implementation of the highly anticipated EIP-1559 modification that will alter the Ethereum transaction fee calculation mechanism.
- The U.S. Department of Justice (DOJ) is recruiting an attorney for cases involving cryptocurrencies, as a part of its larger effort to monitor the crypto market for criminal activity.