Bitcoin, Ether, Major Altcoins – Weekly Market Update July 5, 2021
The total crypto market cap added $79 million to its value for the last seven-days and now stands at $1,444 billion. The top 10 coins were mostly in green for the same time period with ether (ETH) leading the path to recovery with a 17.6 percent of price increase. The coin is currently trading at $2,305. At the same time Dogecoin (DOGE) lost 6.5 percent. Bitcoin (BTC) is at $34,480 at the time of writing.
Bitcoin closed the trading session on Sunday, June 27 at $34,606 after registering a 7.2 percent increase. The daily candle was the biggest since June 13 and second consecutive after BTC hit a 5-day low of $30,114 on Saturday. The coin was 3 percent down on a weekly basis, but avoided a head and shoulders pattern on that timeframe and kept the price floating above the important support zone around $34,600.
On Monday, the BTC/USDT pair continued to move upwards but hit the 21-day EMA suffering a rejection there which drove the price back down to $34,400 at the candle close.
The second day of the workweek came with an impulse in the buying volumes and the price climbed up to $35,800 – above both the short-term EMA and the diagonal resistance line. The $36,700 mark was tapped during intraday.
The mid-week session on Wednesday was when bears finally came in. Bitcoin started losing momentum and retraced down to $35,000 erasing 2.4 percent from its value. The ideal scenario for bulls was to stabilize in the zone around $35,500-$35,700 and then fight the way back up to a new higher high without breaking the fragile short-term market structure.
The biggest cryptocurrency ended the month of June 7 percent lower after a period marked by extreme volatility during which the price was moving up and down the $41,000 – $28,600 range.
On Thursday, July 1, the BTC/USDT pair was rejected at the 21-day EMA and dropped 4 percent, down to $33,400.
The Friday session was slightly better for buyers as they managed to slam the door in front of bears by forming a green candle to $33,700.
This was followed by a second consecutive day of upward movement on Saturday when bitcoin stopped at $34,700 in preparation for an attack of the multi-timeframe resistance situated nearby.
On Sunday, it extended it gains up to $35,200 after reaching a daily high of $35,900. The coin successfully moved above the 21 EMA and the resistance zone.
What we are seeing on Monday morning is a retrace below the mentioned indicators.
The Ethereum Project token ETH fell 12 percent during week leading to June 27, but managed to stabilize at the weekly support zone around the February high of $1,930 – $1,950. This happened mainly due to the 15 percent increase during the weekend when ether dropped as low as $1,714, but then quickly recovered to $1,977 on Sunday evening.
On Monday, the coin formed a third consecutive green candle on the daily chart and reached $2,077 after temporarily penetrating in the next resistance area around $2,100.
The upward movement was resumed on Tuesday and the ETH/USD pair hit a one week high by touching $2,250 in the early hours of trading thus surpassing both the short-term EMA and the mentioned resistance. Half of the gains were erased in the evening and the leading altcoin closed the session at $2,160.
On Wednesday, we saw a volatile session during which the Ethereum token was trading in the $2,100 – $2,275 zone before stopping at $2,272.
The coin lost 16.3 percent of its valuation in the sixth month of the year, but still it was strong enough to bounce back up and is now 33 percent up from the June 22 low.
On July 1, the ETH/USDT pair was rejected at the $2,250 multi-timeframe resistance and fell back down to the zone around $2,100.
Then on Friday, it fell below that mark, but buyers were successfully in reversing the downtrend, which helped the coin eventually close the day in green at $2,160.
The first day of the weekend came with a further increase up to $2,225 and above the 21-day EMA.
On Sunday, the ether extended the price rally all the way to $2,323. It climbed above the diagonal and horizontal resistance.
As of the time of writing ETH is trading lower, at $2,286.
The leading DeFi token is once again on the rise. UNI, the native token of the biggest and most popular decentralized exchange added 20 percent to its value during the last week hitting a $21.6 on Sunday.
The coin bottomed at $14 on June 22 and has been trading in an upward direction ever since. It is currently in an ascending triangle formation with an upper boundary at the horizontal line near $21. A break out of that pattern will open the door for an attack of the $25 mark and then the last visited high around $30.
Down, there is a support level around $17,5
Altcoin of the Week
Our Altcoin of the week is Compound (COMP). One of the leading lending protocols and a DeFi blue chip gained the stunning 72 percent on a weekly basis. It is also 127 percent up from the June 22 low of $197.
The coin reached a seven-day high at $464 on Sunday, July 4 and moved up to #47 on the CoinGecko’s Top 100 list with a total market cap of $2.38 billion as of the time of writing.
The COMP/USDT pair re-entered the old big range between $350 and $550 and is now looking to continue the uptrend by surpassing a potential resistance around the last visited high of $450.
The coin is currently trading at $428 on Binance.
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