Bitcoin Follows Suit as Global Assets Pull Back — Crypto Market Daily
US GDP Shock Fails to Damper Markets — Crypto Market Daily
The United States GDP shrank 32.9% in the second quarter — the biggest drop since the Great Depression. However, the market had already been expecting such a result. Stocks in the U.S. ended Thursday’s session in a narrow consolidation pattern. The Nasdaq Composite Index rose a slight 0.30% and the S&P 500 Index fell 0.48%. Gold futures closed down on Thursday after rising for nine consecutive trading days.
Meanwhile, the crypto market is in the midst of a rebound. The total market capitalization rose 2.1% to $335.7 billion. Meanwhile, Bitcoin’s dominance remains at 61.2%, according to data from CoinGecko.
Bitcoin (btc-usd" target="_blank">BTC) bounced back quickly after testing support at $10,800 and is currently trading around $11,150, as per the OKEx BTC Index price. At the same time, large-capitalization coins generally outperformed BTC. Ether (ETH) surged 5.62% in the last 24 hours and hit another recent high of $343 yesterday at around 8:00 pm UTC.
Litecoin (LTC) has maintained a good pace and is up 3.79%. LTC is one of the best performers among large-capitalization coins over the last 30 days, having surged more than 25%.
The price of Chainlink (LINK) spiked again, rising 7.87% and returning to the $7.80 level.
In the decentralized finance arena, we have seen some good recoveries among top projects. Bancor (BNT) rallied 30% in the last 24 hours. Meanwhile, yearn.finance (YFI) rose 5.5% and jumped above the $4,400 level.
Overall, the cryptocurrency market remains in an optimistic mood, and pullbacks have been modest.
Top gainers and losers
- VIB/USDT +36.13%
- BNT/USDT +29.89%
- ARK/USDT +12.86%
- DMG/USDT -6.65%
- BAL/USDT -12.22%
- APIX/USDT -13.70%
The biggest loser today is APIX, which is down 13.70%.
BTC technical analysis
The pullback over the past 24 hours has been minor, with BTC only testing the $10,850 level. Bitcoin is still trading in a range of $10,670 to $11,300. The short-term threshold is located at $10,670 with no change.
On the hourly chart, Bitcoin is moving in an ascending triangle pattern — which could lead to another rally if the price breaks the horizontal resistance line of $11,300. However, the risk of a false breakout still needs to be guarded against, as the current trading volume is low.
ETH technical analysis
ETH is currently stronger than BTC. After a brief consolidation, it made a new high yesterday. If the bullish momentum can continue today, it has a great chance of testing $344 again. An intraday support level is around $328.
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