Bitcoin Attempts to Break 200-Day MA Resistance at $45K
Bitcoin (BTC), the numero uno cryptocurrency in terms of marketcap, has been hovering at $40,000 and has just broken above the barrier. At the time of writing, Bitcoin (BTC) is up 9.73% to $43,776, with a market value of $822billion. Investors had no clarity regarding the Bitcoin’s price trend when it was trading at about $40K levels. As BTC resumes its upward journey, here are some important critical levels to monitor on the uptick.
With Bitcoin breaking above the range of $40,900-$41,300, the next big barrier is the 200-day moving average (MA) of $44,800. This is a key milestone that Bitcoin (BTC) must regain and consolidate for the next leg of its trip to $50,000 and, eventually, to its historical high of $64,400.
High value Bitcoin’s wallets, which possess between 100 and 10,000 Bitcoins, now command 50% of the entire Bitcoin supply. This demonstrates the power that Bitcoin whales have over the currency’s price fluctuations. According to Glassnode, an on-chain statistics source, Bitcoin’s “institution transaction volume has risen to $7.48 billion per day over the past 14 days.” Transactions for more than $1 million (about $25 $BTC) are on the increase. This accounts for 46.5% of overall trading volume.”
The Ethereum London hardfork update has aided in the continuation of the altcoin party. The price of ETH continues to rise, as it just crossed the $2800 mark. At the time of writing, ETH is trading 7.70% higher at $2973, with a market value of $348 billion. Following the London hardfork on Thursday, the EIP-1559 covenant has burned more than 4000 ETH as the base fee in only the initial 24 hours.
Binance’s indigenous cryptocurrency, Binance Coin (BNB), has sucessfully broken above $300 levels this week after remaining in a downtrend for a long time. At the time of writing, it was trading at $352, up 5.80%. Cardano’s ADA is up 6.40% today, trading at $1.45 as of the time of writing. Cardano’s Alonzo hardfork combinator, as modified by Charles Hoskinson, will become active at the end of August. Cardano intends to make smart contracts available to users after the safe upgrade with the Alonzo hardfork.
Polkadot (DOT) is up 14.1% today in the top ten list. The Ethereum rival is on a tear, presently trading at $21.23 with a market value of $21.505 billion. DeFi token Uniswap (UNI), on the contrary, has risen by 11% today. While writing this article, Uniswap was trading at $26.94 and was on its way to the next goal of $30. Bitwise Investments unveiled its Uniswap DeFi fund for institutional investors a few days before.