Bitcoin On The Way To Highest Weekly Gain In Months! | Daily News 8/7/22

The crypto markets have had a turnaround this week with Bitcoin leading the way to having its highest gains in months. Only just a few hours ago, in the morning GMT+3 time, 🌐 the world's largest and most popular cryptocurrency, Bitcoin soared ⤴️ to around $22,400, a whopping 10% at its highest in the last 24 hours.

The rest of the general crypto market of course followed suit, continuing to rally upwards ⏫ as most altcoins showed up in the green zone 🟢 yesterday.

This is partly due to the traditional markets and crypto markets both responding positively 👍 to the reassurance given by the US Fed Reserve that the concern regarding recession is not as bad as it seems.

Let's take a deeper look at it all in more detail! 👇

🟢 The world's leading crypto, Bitcoin (BTC) soared almost 10% ⤴️ in the past 24 hours when it hit its highs of $22,400 just hours ago and positioned itself for a 3rd day in the green! BTC is now $21,814 as of writing, and is up over 23% since this year's lows of $17,500.

If the bulls 🐂 can hold it together here and the buying pressure continues, then we could see more upside momentum. However, eyes 🕵 are on macroeconomic data today also which will affect markets globally, but we’ll get to that later!

Right now, Bitcoin is sitting just over its newly formed support level of $21,700. If BTC is to break this level lower 🔽, then keep your eyes on the psychological round number of $21K as that is also just over the previous price channel Bitcoin has been in since the 🗽 4th July. For upside potential 🔼, BTC needs to keep pace to get past its immediate resistance level of $22,200 to then get to its next major resistance level of $22,850 - both scenarios drawn on our chart below.

Our BTC/USDT chart on the hourly time-frame, showing key support and resistance lines with the two scenarios that could play out later today.

☝️ Although we have been seeing a nice bullish market over the last two days or so up till now, we do need to still be cautious ⚠️ due to the fact that Bitcoin generally rallies together with stocks.

Investors and traders today will be keeping a close eye 👁️‍🗨️ on the jobs reports 📋 including the average hourly earnings m/m, unemployment rate data, and most importantly, the NFP release which we will discuss in a bit more detail in the Global Markets section below. The highly awaited data will give investors a detailed view of the labour market amongst all these growing recession fears 😨. So investors globally are on ‘market watch’ 👀 today!

🙋‍♂️🙋‍♀️ *How do you expect Bitcoin and the rest of the crypto markets will react to today's news? Do you think it will affect the markets drastically? Or do you think it has no effect whatsoever? *

🟢 Most major altcoins surged ⤴️ alongside Bitcoin yesterday with some very bullish results! Starting with the market's second 🥈 biggest crypto by market cap, Ethereum rose up with Bitcoin all the way to $1275, and currently changing hands at $1240; 5.5% up in 24 hours. Investors are quite excited with the prospects of an upcoming price rally this year due to the ETH merger and upgrades, moving its consensus to Proof of Stake!

🟢 Polygon (MATIC) and Aave (AAVE) are both the top performers in this latest rally over the last 24 hours, currently up over 10% in price action.

📈 The total crypto market cap is almost back at that $1 Trillion mark. Can we tip the ⚖️ scales?

➿ As we said earlier in this blog, the crypto markets are following the stock markets very closely, and it's certainly something we should all be aware of. Especially as we have 📋 big data being released today which certainly affects the global markets.

📊 We saw the stocks in Asia giving up their gains 📉 as the Japanese Yen 💹 strengthened after the assassination of former Japanese Prime Minister Shinzo Abe injected uncertainty into the Asian market session, which was earlier lifted by easing recession fears. Japan, where gun violence is rare, is left stunned 😱! The stock market does not like uncertainty and there is a psychological reaction occurring.

💂 We also saw Boris Johnson stand down, resigning as Prime Minister of the UK, setting in motion a race for a new PM. The UK currency and the FTSE 100 gained 📈 on the onset of this news and remained well in the green throughout most of the day.

📈 The Nasdaq and the S&P 500 closed yesterday in the green with 1.5% and 2.2% respectively 🙌. But futures have taken a dip falling 0.4% - naturally taking a breather awaiting the upcoming news of today's reports.

📖 And to that, we have major job reports being released that all global market investors will have their sharp 👀 eyes on, including unemployment data and the NFP report. Read our article on the NFP report here to learn more about it and how it affects the traditional markets as well as the crypto markets.

Summary:

• Bitcoin hits $22K after a nice rally up. Will it hold after today's macroeconomic news?
• ETH and the rest of the alts are all in the green following Bitcoin’s rally.
• Crypto’s total market cap is nearing the $1 trillion mark once again!
• Equities markets closed in the green but now taking a breather, awaiting US job reports later today.
• UK’s PM Boris Johnson resigns, and Japan’s former Prime Minister’s assassination - both affecting the global markets.

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