The Crypto Market Sees Positive Momentum Ahead of Powell’s Speech
– The global cryptocurrency market cap is trading higher at approximately $1.07 trillion, up 1.55% in the last 24 hours.
– Bitcoin (BTC) rose 1.62% to $26,475, while Ethereum surged nearly 2% and regained the $1,650 level.
– BTC volume in the last 24 hours stood at approximately $16.09 billion, rising 1.76%.
– A breach of $28,400 resistance by Bitcoin is necessary for the market to turn bullish again.
– The market awaits US Fed Chair Powell’s speech for clarity on macro-economic trends.
Bitcoin Dominance and Altcoin Growth
– Bitcoin’s dominance is currently 48.36%, an increase of 0.07% over the day.
– Bitcoin has been trading above the $26,000 level, potentially due to anticipation of a decision on the Bitcoin-ETF in the US.
– Ethereum continues to trade above the $1,600 mark.
– Altcoins like Stellar and Hedera saw more than 5% growth in the last 24 hours.
– The renewed interest in altcoins could be influenced by Nvidia’s strong Q2 revenue.
Technical Analysis and Trading Outlook
– Bitcoin’s recent sideways movement indicates uncertainty among market participants.
– Bulls have shown strong efforts to defend the $24,800 support level.
– Bullish momentum will increase with a breakout above the resistance levels at $26,833 and the 20-day EMA at $27,777.
– Institutional traders are currently adopting a cautious stance.
Crypto Cart: Quick Glance
– Bitcoin: $26,475 (1.62%)
– Ethereum: $1,673 (1.6%)
– Tether: $0.9995 (-0.02%)
– BNB: $219.7 (1.60%)
– XRP: $0.5285 (2%)
– Cardano: $0.269 (3.30%)
– Dogecoin: $0.06375 (0.37%)
– Solana: $21.73 (4.23%)
– Polygon: $0.557 (0.31%)
– Litecoin: $65.29 (-1.28%)
– Polkadot: $4.50 (1.87%)
– Tron: $0.07753 (1.49%)
– Shiba Inu: $0.000008213 (0.93%)
Hot Take
The crypto market is showing positive momentum as it awaits Federal Reserve Chair Powell’s speech. Bitcoin and Ethereum are on the rise, with altcoins also experiencing growth. Technical analysis suggests cautious trading decisions should be made until a breakout occurs. Overall, the market is dynamic and influenced by various factors. Stay informed for the latest updates and trends in the crypto world.
By
By
By
By
By