Bitcoin
Bitcoin (BTC) is nearing the $30,000 mark after Microstrategy added a significant amount of BTC to its books in Q2. BTC/USD reached a high of $29,988.00, the highest point since July 24.
Key points:
1. Microstrategy added 12,333 BTC to its holdings in Q2, the largest increase in a single quarter since Q2 2021.
2. BTC’s 10-day moving average is starting to shift direction after a downtrend.
3. The relative strength index (RSI) has found support at the 46.00 level, with price strength tracking at 47.11.
Ethereum
Ethereum (ETH) has rebounded from its losses and is back above the $1,850 level. ETH/USD reached a high of $1,877.51 after hitting a low of $1,817.92.
Key points:
1. Ethereum’s RSI has stabilized at 45.00.
2. The RSI is currently tracking at 45.67, with the next resistance level at 50.00.
3. Breaking the 50.00 resistance level could lead to ethereum trading above $1,900.
Hot Take:
Bitcoin and Ethereum have shown signs of recovery, with BTC nearing $30,000 and ETH climbing back above $1,850. These positive developments in the crypto market indicate a potential upward trend in the near future. Investors should closely monitor the movements of both cryptocurrencies as they could provide profitable opportunities.
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