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Bitcoin’s Price Stagnates Ahead of Independence Day Weekend — Crypto Market Daily

2020.07.03 Robbie Liu

The price of Bitcoin (BTC) bounced from the June 27 low after yesterday’s downside move. The hourly chart shows a candlestick with a long wick, indicating that the short-selling is not sustainable. The minor pullback brought the price briefly down to the $8,900 level but returned to $9,100 quickly, as per OKEx’s BTC Index Price — losing 0.87% over the last 24 hours. 

The S&P 500 rose for the fourth straight trading day to close out a 4% weekly gain. However, Bitcoin lost its bullish momentum this week — though the price continued hovering above $9,000. We simply have not seen much active buying volume. 

Due to the Independence Day holiday on July 4, the U.S. stock market will be closed today. We will be watching to see if Bitcoin takes its own path during this holiday weekend.

OKEx Token Index Board as of 10:00 am UTC. Source: OKEx

Large-cap altcoins outperformed Bitcoin over the past 24 hours. EOS jumped by 1.85% amid the launch of its VOICE beta — an EOS-based decentralized social network. 

Ether (ETH), the native currency of the Ethereum network, lost 0.22% and has been ranging between $217 and $233 throughout the week. 

Cardano (ADA) remained at the $0.095 level after its much-anticipated Shelley upgrade. $0.10 remains a critical threshold for this rallying coin. 

DeFi coins and tokens keep pushing higher. Most of the big names in this field — such as Kyber Network (KNC), Bancor (BNT), 0x (ZRX), Synthetic (SNX) and Augur (REP) — have seen price jumps over the last 24 hours, despite Bitcoin’s poor performance. 

The total cryptocurrency market capitalization dropped 0.7% over the last 24 hours and now stands at $264 billion, as per data from CoinGecko.  

Top gainers and losers

  • FTM/USDT +75.81%
  • MOF/USDT +46.59%
  • KNC/USDT +14.81%
  • YEE/USDT -22.43%
  • ORS/USDT -12.96%
  • YEE/USDT -22.43%

The biggest winner today is Fantom (FTM), which gained a huge 75.81%. Molecular Future (MOF) rebounded 46.59% after two consecutive sessions with big pullbacks. Meanwhile, Kyber Network (KNC) received another good trading day, gaining 14.81%. 

The biggest loser is YEE, losing 22.43% over the last 24 hours. 

BTC technical analysis

We saw an evening star pattern on the hourly chart before yesterday’s pullback. The evening star pattern is a typical top-trend reversal pattern that warns of a potential end to an uptrend. 

The downward pattern that has been in place since June 22 is still valid, as BTC’s price recovery has not been strong. We may keep seeing price consolidation in the $8,950 to $9,150 range, due to the lack of sustainability regarding active short-selling volume. If the BTC price shows stagnation around $9,150, it could be an opportunity to reenter short positions. 

 OKEx BTC Perpetual Swap 1h chart. Source: OKEx, TradingView

ETH technical analysis

The midterm strong resistance for the price of ether (ETH) is still sitting around $233. Intraday, traders should pay attention to the $228 level, as it was yesterday’s support level that has now converted into resistance.

OKEx ETH Perpetual Swap 1h chart. Source: OKEx, TradingView

Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary

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