. Daily Crypto Analysis - Bitcoin steady and Ethereum rises.

Daily Crypto Analysis – Bitcoin steady and Ethereum rises.

Daily Crypto Analysis – Bitcoin steady and Ethereum rises.

09 Jul 2024

Introduction

Bitcoin prices remain steady at $57K amid Mt Gox fears, with a slight rise from recent losses. Sentiment is cautious due to potential token supply spikes. Ether rises sharply on speculation of a spot ETF, while XRP, Ethereum, and Dogecoin show varied market reactions to legal and market developments.

Markets In Focus Today – BITCOIN

Bitcoin price today: steady at $57k amid Mt Gox fears.

Bitcoin price rose marginally from recent losses on Tuesday, although sentiment remained on edge over a potential spike in token supply, while Ether rose sharply amid speculation that a spot exchange-traded fund was close. The world’s largest cryptocurrency was nursing steep losses over the past two weeks, having hit an over four-month low last week amid concerns over token distributions by defunct crypto exchange Mt Gox. But losses in the token appeared to have paused, at least for now.Bitcoin nurses steep losses on Mt Gox fears Bitcoin slid as low as $53,000 last week after the trustees of Mt Gox said they had begun distributing tokens stolen during a 2014 hack, although they did not specify what the overall value of the distribution would be. Several major Bitcoin “whale” wallets were seen dumping the token, while sales of Bitcoin confiscated by the German government from a piracy website also added to the selling pressure.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 58509.8459 | Negative Crossover | Bearish
  • MA 20 : 60414.2487 | Negative Crossover | Bearish
  • MA 50 : 63103.4233 | Negative Crossover | Bearish

Simple :

  • MA 10 : 59013.9430 | Negative Crossover | Bearish
  • MA 20 : 60635.3560 | Negative Crossover | Bearish
  • MA 50 : 65194.9384 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 36.2784 | Sell Zone | Bearish

Stochastic   Oscillator : 30.1023 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 69504.9868 R2 : 72674.8232
  • S1 : 59243.3132 S2 : 56073.4768

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 58220.25 | Take Profit : 54946.90 | Stop Loss : 60424.94

RIPPLE

SEC vs. Ripple lawsuit ruling could come out as early as July 13, according to this pro-crypto attorney.

Ripple could see the end of the SEC’s lawsuit against the firm as early as July 13, according to Attorney Fred Rispoli. Whales distributed their XRP holdings while retail traders accumulated, buying the recent dip in the altcoin. XRP is hovering close to $0.42 on Monday. The Securities and Exchange Commission (SEC) vs. Ripple (XRP) lawsuit could end as early as July 13 or by July 31, according to pro-crypto attorney Fred Rispoli. The lawsuit has been one of the key market movers for the altcoin’s price since 2020. On-chain metrics show whales are distributing their XRP holdings while small wallet investors buy the altcoin. XRP trades above the $0.42 support on Tuesday.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4457 | Negative Crossover | Bearish
  • MA 20 : 0.4597 | Negative Crossover | Bearish
  • MA 50 : 0.4843 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4499 | Negative Crossover | Bearish
  • MA 20 : 0.4641 | Negative Crossover | Bearish
  • MA 50 : 0.4921 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 38.6663 | Sell Zone | Bearish

Stochastic   Oscillator : 44.4237 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.5176 R2 : 0.5357
  • S1 : 0.4586 S2 : 0.4405

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.442 | Take Profit : 0.389 | Stop Loss : 0.479

ETHEREUM

Issuers file amended Ethereum ETF S-1s as ETH shows recovery signs.

Ethereum ETF issuers have begun filing amended S-1 drafts following the SEC’s July 8 deadline.Ethereum long-term holders are depositing to exchanges despite potential rally from ETH ETF launch.Ethereum shows signs of recovery after failing to push below key support level.Ethereum (ETH) is down 0.3% on Tuesday as prospective spot ETH ETF issuers returned their amended S-1 registration statements to the Securities & Exchange Commission (SEC). Meanwhile, ETH long-term holders are gradually returning to the market after years on the sidelines.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3138.9481 | Negative Crossover | Bearish
  • MA 20 : 3257.7276 | Negative Crossover | Bearish
  • MA 50 : 3372.1712 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3172.8310 | Negative Crossover | Bearish
  • MA 20 : 3299.8055 | Negative Crossover | Bearish
  • MA 50 : 3539.0768 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 37.7864 | Sell Zone | Bearish

Stochastic   Oscillator : 26.5878 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 3767.8955 R2 : 3920.0778
  • S1 : 3275.2378 S2 : 3123.0555

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 3217.06 | Take Profit : 2958.51 | Stop Loss : 3404.28

DOGECOIN

Dogecoin (DOGE) Open Interest Drops, Price Stable Above $0.10.

DOGEUSD steady price decline in the past few weeks has negatively impacted activity in its derivatives market. At $2.51 billion as of the writing, the meme coin’s total open interest has cratered to its lowest level since the beginning of the year. As of this writing, DOGE’s open interest is $2.51 billion. It initiated its downtrend on June 8 and has since declined by 80%. For context, the meme coin’s open interest was above $10 billion a month ago. The decline in its derivatives market activity is due to the steady dip in its value during the period under review. The ninth-ranked cryptocurrency asset by market capitalization trades at $0.10 at press time. Its price has fallen by 30% in the last month.Dogecoin’s recent recovery has been abruptly halted by renewed bearish pressure, paving the way for a potential further decline. After attempting a rebound, the bears have regained control of the market, pushing DOGE back toward its previous low .

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1122 | Negative Crossover | Bearish
  • MA 20 : 0.1185 | Negative Crossover | Bearish
  • MA 50 : 0.1315 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.1135 | Negative Crossover | Bearish
  • MA 20 : 0.1184 | Negative Crossover | Bearish
  • MA 50 : 0.1387 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 36.9756 | Neutral Zone | Neutral

Stochastic   Oscillator : 40.8775 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.1544 R2 : 0.1668
  • S1 : 0.1141 S2 : 0.1017

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.113 | Take Profit : 0.092 | Stop Loss : 0.127

Elsewhere In The Crypto Market

Bitcoin up (1.3%) at 57,446, Ethereum up (1.93%) at 3077.1, Litecoin up (1.36%) at 65.82, Solana up (0.87%) at 140.98, Dogecoin up (0.39%) at 0.108.

Key Economic Events & Data Release Today:

(USD) Fed Chair Powell Testifies at 10:00. (NZD) RBNZ Interest Rate Decision Forecast 5.50%, Previous 5.50% at 22:00. (NZD) RBNZ Rate Statement at 22:00.