Bulls vs. Bears! Who Will Prevail? | Daily News 26/7/22
The crypto market is continuing its down-trend 📉 that it has engaged from just 6 days ago from its recent highs. Bitcoin is currently trading at just over $21K and Ether is valued at $1415 as of writing. It seems that these last two weeks have been a bit of a battle 🥊 between the bulls 😈 and bears 🐻, with last week seeing dominance from the bulls and now this week, bears retaliating.
Investors from all markets are awaiting the 75 basis point interest rate hike 🔺 that the Fed is expected to announce tomorrow, Wednesday the 27th of July. Cryptocurrencies in general, are somewhat weaker as investors wait on the sidelines for the data release. We also saw stocks decline somewhat in the last day or so 📉 as well as gold.
Let’s see what's been going on in more detail! 👇
👑 King of the cryptocurrencies, Bitcoin (BTC) has gone down in value ⤵️ by over 4% in the last 24 hours, hitting lows of under $21,000 just moments ago. BTC is now trading back in the range it has held since the middle of June!
The BTC/USDT hourly chart shows its current retrace back to its recent gains. Can this downtrend continue?
☝️ As you can see in our hourly chart above, Bitcoin is now retracing its gains from last week and sitting back in its ↕️ previous range. You can see that the price is below the bearish trend line and continues down, and it is also under the 100-MA.
At the current moment, Bitcoin is sitting at just over the psychological support of $21K and if this support is to break, we could see further downwards price action 📉 towards $20,500. But to see the bulls fight back with confidence, we would need to see not only the bearish trend line broken, but a break of the next resistance of $21,500 and a move above the moving average to really be sure of the trend reversal.
With the technical analysis 📊 out of the way, really what we are seeing here is the market taking a breather 🥱 and de-risk as investors and traders are all awaiting the announcement from the Fed on the latest interest rate hikes. The effect of the DXY (the strength of the US Dollar Index) will show and start its domino chain reaction.
❓ Do you want to hear and learn more about Bitcoin and the current market and analysis? Come and watch our video 🎬 here where I talk about today's price action and what is going on this week in a bit more detail!
Of course, the altcoins have shown their own knock-on effect from Bitcoin’s decline 📉 in the last week, however, Ethereum (ETH) hasn't retracted its gains entirely from last week as much as BTC has done, showing more strength 🏋 in ETH. If Bitcoin can start to reverse its downwards trend, then we could very well see Ethereum rising to newer highs! It is now valued at over $1400 but has retraced down 8% in the last 24 hours.
🔻 As for the rest of the altcoin market, it's pretty much buried in red at the moment in time.
🟢 However, once again our very own NAGA Coin (NGC) is holding its own, relative to its declining counterparts, proving once again the strength and bullish sentiment behind it. It is currently 0.16% in the green in the last 24 hours, valued at almost $0.18 cents per coin.
🔴 ApeCoin (APE) is currently the worst performing altcoin in this period, having dropped down over 10% in losses, valuing it at just over $5.80.
💸 The US Dollar has held relatively firm below its twenty-year high as traders 🕵 get through a whole list of data and earnings reports for clues about which direction the economy is heading into before the Fed’s interest rate decision this week. Although as of writing, we are starting to see the daily candle on the DXY chart show a push-up, which for anything trading against the dollar will find it harder to break up to the upside.
💹 Equity markets were mostly up (bar the Nasdaq) but barely on yesterday's close, and futures today fell 📉 after news of Walmart cutting its profit forecast, igniting a tumble down for other retail stocks. This is just another market that is awaiting the news of the FOMC tomorrow. However, although many are saying that the event is already priced in, volatility in the markets will still be evident as many many people are awaiting this news!
📰 On other economic data and news investors are looking for, they are expecting the latest reading of the S&P/CS Composite-20 HPI y/y, the consumer confidence report (from The Conference Board), and the new home sales data from Census that are due out from 4pm GMT+3 today.
📺 Just to remind you, keep your eyes peeled 👀 for our latest crypto market analysis later today on our YouTube channel here. If you haven't subscribed, do it today! We are always aiming to bring you the latest, greatest, and highest quality educational content and market analysis as soon as it drops.
- Bitcoin continues its descent to circa $21,000. Are the bulls or bears in control?
- ETH and the rest of the altcoins, are all in the red, carrying on to secure a red weekly candle.
- Quite a bit of news this week, but the main buzz and attention is on the FOMC interest rate hike tomorrow.
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