Home Crypto Crypto Market Analysis Daily Crypto Review, July 24 – US Banks Can Provide Crypto Custody...

Daily Crypto Review, July 24 – US Banks Can Provide Crypto Custody Services; Bitcoin Approaches $10,000

544
1

The cryptocurrency market spent yet another day shooting for the upside as Bitcoin tries to push itself closer towards $10,000. Bitcoin is currently trading for $9,358, which represents an increase of 0.42% on the day. Meanwhile, Ethereum gained 2.68% on the day, while XRP gained 1.2%.

 Daily Crypto Sector Heat Map

When talking about top100 cryptocurrencies, Flexacoin gained 36.8% on the day, making it the most prominent daily gainer. DigiByte (12.57%) and Maker (8.03%) also did great. On the other hand, Ampleforth has lost 11.12%, making it the most prominent daily loser. It is followed by Aave’s loss of 8.86% and Reserve Rights’ loss of 7.63%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level decreased slightly since we last reported, with its value currently at 62.29%. This value represents a 0.12% difference to the downside when compared to yesterday’s value.

Daily Crypto Market Cap Chart

The cryptocurrency market capitalization increased when compared to when we last reported, with the market’s current value being $287.23 billion. This value represents an increase of $3.17 billion when compared to the value it had yesterday.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

The largest cryptocurrency by market capitalization had another great day after the Office of the Comptroller of the Currency made an announcement stating that US banks can now provide crypto custody services. Bitcoin’s price instantly skyrocketed and reached a high of $9,690, therefore passing the $9,580 resistance level. However, the fight to stay above $9,580 is still in play, and it is uncertain where Bitcoin will end up.

BTC traders should look for a trade opportunity after bitcoin establishes itself above or below $9,580.

BTC/USD 4-hour Chart

Technical factors:

  • Price is currently above its 50-period EMA and its 21-period EMA
  • Price is right below its top B.B.
  • RSI is in the overbought territory (72.10)
  • Volume Increased

Key levels to the upside          Key levels to the downside

1: $9,580                                 1: $9,251

2: $9,735                                 2: $9,120

3: $9,870                                  3: $8,980

Ethereum

Ethereum made a move towards the upside as it followed the influx of crypto bulls entering the market. The second-largest cryptocurrency by market cap established its position above $260 and hurled towards $278. However, the bullish move could not quite reach above it, and Ethereum stayed below. However, there is a high possibility that Ethereum will make another move as the range between $278 and the ascending line is closing in.

Ethereum traders should look for a trade opportunity in searching for pullbacks or after range confirmations.

ETH/USD 4-hour Chart

Technical Factors:

  • Price is above the 50-period EMA and the 21-period EMA
  • Price is slightly below the top B.B.
  • RSI severely overbought (82.89)
  • Two-candle volume spike (the rest is average)

Key levels to the upside          Key levels to the downside

1: $278                                    1: $260

2: $289                                    2: $251.4

3: $302                                     3: $240

Ripple

The third-largest cryptocurrency by market cap went past the $0.205 resistance (now support) level as bulls managed to win the fight for the level. However, XRP did not make a great leap towards the next resistance level, as Bitcoin and Ethereum did. Due to a low bullish presence, XRP failed to go past $0.21 and started moving towards the downside.

XRP traders can look for an opportunity after XRP confirms its position above $0.205, or as it falls below $0.205.

XRP/USD 4-hour Chart

Technical factors:

  • XRP in a mid-term descending trend (though it broke the trend in the short-term)
  • XRP lacks strong support levels below $0.178
  • Price above 21-period and the 50-period EMA
  • Price above the top B.B.
  • RSI is elevated (64.43)
  • Average/slightly higher than average Volume

Key levels to the upside          Key levels to the downside

1: $0.214                                  1: $0.205

2: $0.227                                  2: $0.2

3: $0.19

 

1 COMMENT

LEAVE A REPLY

Please enter your comment!
Please enter your name here