Bitcoin Follows Suit as Global Assets Pull Back — Crypto Market Daily
Bitcoin Bulls Keep Control as Fed Stays Dovish — Crypto Market Daily
The Federal Reserve is keeping interest rates unchanged and has reiterated its dovish stance as Chairman Jerome Powell continued to emphasize the negative economic impact of the coronavirus pandemic — noting the need for fiscal policy to support the recovery.
Traditional markets closed higher on Wednesday. The Nasdaq Composite Index rose 1.35% and the S&P 500 gained 1.24%. Gold futures prices continued to rise following the Fed’s decision, hitting another all-time closing high on Wednesday.
In the cryptocurrency market, the price of Bitcoin (btc-usd" target="_blank" rel="noreferrer noopener">BTC) has started a retracement after hitting a higher low of $11,350 last night. It dropped 0.77% and is currently trading at $10,942, as per the OKEx BTC Index price.
Though the price of Ether (ETH), the native currency of the Ethereum blockchain, experienced a correction of under 1%, altcoins with large market capitalizations experienced stronger pullbacks. EOS fell 4.14%, while Litecoin (LTC) and Bitcoin Cash (BCH) closed with a loss of 2.66% and 2.87%, respectively. Many mid-cap altcoins have also seen pullbacks in the 3%–4% range.
The Shelley hard fork of the Cardano blockchain has finally arrived. The latest upgrade brings stake pools and delegations. Prices for Cardano’s Ada (ADA) coin, on the other hand, continued to slide after the upgrade — falling 3% in the last 24 hours.
The price of ChainLink (LINK) has not strengthened and has been down four of the last five trading days. LINK is trading around $7.20, having lost 20% from its mid-July’s high of $8.90 after a controversial blog alleging price manipulation began circulating on Twitter.
In general, the total cryptocurrency market capitalization lost 1.2% and is currently at $328 billion. Meanwhile, Bitcoin’s dominance did not change much, according to data from CoinGecko.
Crypto analytics firm Glassnode updated its data to show that 93% of Bitcoins in circulation are profitable when the price of the leading cryptocurrency exceeds $11,000. Currently, 40% of all circulating Bitcoins cost under $4,000, while 43% cost $4,000–$9,600 and 10% cost $9,600–$11,000. If the data is accurate, we may not see much selling pressure above $11,000.
Top gainers and losers
- APIX/USDT +29.23%
- ROAD/USDT +20.50%
- BEC/USDT +11.72%
- MITH/USDT -8.67%
- HYC/USDT -8.30%
- PST/USDT -9.57%
Hycon (HYC) dropped 8.3% today after being listed as a top gainer yesterday. Primas (PST) is the biggest loser today, down 9.57%.
BTC technical analysis
Technically, moving averages (MA30/MA60) on the four-hour chart are still running upward, and the BTC price is holding above the short-term threshold of $10,670.
We have seen some selling pressure near the $11,300 area, but trading volume is shrinking. The trend appears to still be under the bulls’ control.
Due to profit-taking, it may be difficult to see a large and rapid rise in the short term. However, if the price retraces to the area around $10,670 and shows signs of seller exhaustion, buyers may look to step in.
ETH technical analysis
ETH keeps consolidating and has not changed much since yesterday. Intraday support is located at $311, with resistance near $328. As is the case with BTC, ETH’s upward momentum remains intact.
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