Bitcoin
Bitcoin increased slightly by 0.42% from July 19 to 26, 2024. This indicates the equality of buyers and sellers in the past week. The maximum that bitcoin managed to reach was $68,486.
Source: tradingview.com
For the most part, investors are waiting for what Republican candidate Donald Trump will say at the bitcoin conference in Nashville, which is scheduled to end on Saturday, July 27. In the meantime, it became known that the former (and possibly future) president of the United States was able to collect $ 4 million in donations in cryptocurrency. Sponsored his campaign is quite well-known personalities in the crypto industry: Gemini crypto exchange co-founders Tyler and Cameron Winklevoss, CEO and founder of the Kraken trading platform Jesse Powell, as well as former CEO of the Messari analytical platform Ryan Selkis.
All this happened against the background of the departure of the current US President Joseph Biden from the election race. The new candidate of the Democratic Party most likely it will become Vice President Kamala Harris. Against the background of this news, bitcoin has been growing in price for the first half of the week.
But it is not just politics that determines the course of events in the crypto market. A series of days ended this week when there was an influx of funds into spot ETFs for bitcoin. The gap was twelve days between July 5th and 22nd. On July 23, the outflow of funds amounted to $77.97 million. Nevertheless, on the 24th and 25th, money began to flow again: the inflow of funds reached $44.51 million and $31.16 million, respectively. If we look at the weekly section, there has been no outflow since June.
Source: sosovalue.com
The mining company Marathon Digital (NASDAQ: MARA) announced the acquisition of $100 million worth of bitcoins, bringing the portfolio to 20,000 BTC. About this He spoke out CEO Fred Thiel: "The full adaptation of the hoarding strategy (HODL) reflects our confidence in the long-term value of bitcoin."
From the point of view of technical analysis, bitcoin is slowly developing a bullish trend. This is supported by the consolidation of the price above the 50-day moving average (indicated in blue). However, if you look at the ADX, the trend is still weak, since the indicator value is only 24.52. Support and resistance levels: $63,424 and $68,486, respectively.
Source: tradingview.com
Fear and Greed Index increased compared to last week, by eight points. The current value is 68. This indicates the prevalence of greed among bitcoin investors.
Ethereum
Unlike bitcoin, ether has decreased in price over the week. The drop was about 7%. At the same time, in the first half of the week, the second largest cryptocurrency managed to gain a foothold above $ 3,500. However, two trading sessions, on Wednesday and Thursday, marked a negative trend.
Source: tradingview.com
The main news for investors was the launch of spot ETFs on the air on July 23. In total, nine exchange-traded funds from eight companies were allowed to trade. The reaction on the first day was positive: the inflow of money amounted to $106.78 million. However, then the situation changed. On July 24 and 25, cash outflows of $133.16 million and $152.3 million were recorded. This, just the same, could have served to reduce the price of ETH.
Source: sosovalue.com
The behavior of large players (whales) also affects the negative dynamics. In the last two weeks, that is, even before the launch of spot ETFs for the second largest cryptocurrency, they sold about 840,000 ETH. Obviously, a lot of capital I was expecting reducing the price of ether. Similar to what we observed after the launch of exchange-traded funds for bitcoin in early 2024.
But artificial intelligence is positive evaluates ETH growth prospects. The ChatGPT-4o neural network has made short- and long-term forecasts of price changes. In the next three to six months, artificial intelligence expects prices between $4,500 and $5,000, that is, 23% – 53% higher than now. In the long term, from six months to a year, ChatGPT-4o expects growth to $6,000 – $7,000 or, the same thing, by 84% – 115%.
According to technical analysis, bears predominate among ether investors. The price is below the 50-day moving average (marked in blue), and the RSI value is less than 50. The support and resistance levels are the minimum and maximum of the past week: $3,087.7 and $3,562.6, respectively.
Source: tradingview.com
TRON
The TRON cryptocurrency has risen by 2% in seven days, from July 19 to 26. The first half of the week turned into a decline: the cryptocurrency fell below $0.131. However, starting on Tuesday, bulls prevailed among TRON holders, which determined the weekly dynamics.
Source: tradingview.com
The network has recently been dismantling quite strong indicators. On July 25, the number of transactions on the network for the day reached its historical maximum – 7.2 million. Interestingly, a year ago the figure was only 4.8 million. Thus, in twelve months it was possible to achieve 50% increase.
In terms of the total number of transactions, TRON was able to surpass Ethereum. And the growth It turned out to be more than three times: 8.1 billion against 2.45 billion. This was mainly achieved through the USDT stablecoin. It's just that the commissions on TRON are much lower than on the Ethereum network.
And last week it was announced about the network's cooperation with the fintech company Mobilium. She is going to issue payment cards for TRON users. Registration will be free. Mobilium has already stated that their cards are available wherever you can use Visa and Mastercard.
From the point of view of technical analysis, TRON continues to have a bullish trend. This is evidenced by the fact that the cryptocurrency is trading above both the 50-day (indicated in blue) and 200-day (indicated in orange) moving averages. Last week they formed a golden cross – the faster line crossed the slower one from bottom to top. This is a strong bullish support. The nearest resistance level is around $0.142, and the support level is near $0.131.
Source: tradingview.com
Conclusion
In total, the outlines of a bullish trend are gradually taking shape in the global crypto market. The exception is ether. The approval of spot ETFs for the second cryptocurrency caused only an initial stir, after which the outflow of funds began.
This material and the information in it do not constitute an individual or other investment recommendation. The editorial board's opinion may not coincide with the opinions of the author, analytical portals and experts.