- Bitcoin is consolidated between $ 118,000 and $ 120,000, reinforced by a constant institutional request.
- The optimistic case Ethereum targets an escape greater than $ 4,000, despite the remaining RSI.
- XRP holds above the critical level of $ 3.00, but the lower risks remain in the middle of a drop in open interest in the long term.
The cryptocurrency market offers mixed signals on Tuesday, Bitcoin (BTC) with more than $ 118,000, but remaining below the resistance of $ 120,000. This consolidation comes after the sale last week at $ 114,728 and reflects the growing institutional request, as evidenced by the resurgence of the negotiated funds on the BTC (ETF) stock exchange.
Ethereum (ETH) presents resilience and a bias bias likely to speed up the price higher than the $ 4,000 mark. After last week’s decline almost $ 3,500, the ETH price rebounded, trading at around $ 3,870 at the time of writing this document.
RIPPLE (XRP) reflects the wider market stability of cryptocurrencies, holding above the key support of $ 3.00. Its advantage was capped under resistance at $ 3.20, reflecting the weakened technical structure.
Market overview: Bitcoin takes up the institutional call
Bitcoin Investment Products experienced a drop in demand, with a net output volume of $ 175 million. Risk appetite was generally low with FNB BTC Spot under license in the United States (United States) with an average of $ 72 million in net entries, according to Sosovalue.
On the other hand, Capital Flow in the ETF Spot started this week on a positive note, with around $ 157 million recorded on Monday. If this is transformed into an upward trend, while institutions are looking for increased exposure, the price of bitcoin could increase the resistance by $ 120,000, and even fill the gap towards the top of all time of $ 123,218.
Bitcoin Spot ETF | Source: Sosovalue
Ethereum, unlike Bitcoin, was the most efficient asset last week, with $ 1.59 billion at the start of cumulative funds. The ETH Spot ETF operating in the United States saw $ 1.85 billion in net intrigue volume last week. The upward trend has spread to this week, Monday’s entries being an average of $ 65 million. The BTCS company listed at NASDAQ announced on Monday the purchase of an additional ETH, strengthening its assets at $ 270 million. This constant increase in Ethereum demand for retail and institutional investors could predispose the largest token of smart contracts to gains over $ 4,000 and to the record summit of $ 4,878.
Ethereum Pot Etfs | Source: Sosovalue
As for XRP, the interest remains high on the basis of an interest open to term (OI), which reach an average of around $ 9 billion on Tuesday, compared to $ 3.54 billion on June 23. However, it should be mentioned that the OC, which is the notional value of the term contracts or current options, decreased 18% after cultivating $ 10.94 billion on July 22.
Traders should pay attention to the management of the OI indicator because a persistent decline means a lack of conviction in the ability of the token to maintain the upward trend, increasing the risk of fashion recovery.
XRP Futures open interest | Source: Coringlass
Table of the day: The Bitcoin market cools, the new passenger?
The price of bitcoin is no longer negotiated in overheated market conditions after the relative force index (RSI) has gone from 75, on average at 60 years at the time of the editorial staff. However, the technical image remains in optimistic hands, because the RSI shows signs of another recovery phase, capable of maintaining high BTC demand.
A break above the descending trend line would assert the bullish handle and increase the chances of a bitcoin price above $ 120,000.
BTC / USDT daily graphics
Lower risks remain worrying for investors, as the MOPORT MODE Average Convergence Divergence indicator showed a sales signal on Wednesday when the blue line crossed the red signal line. If the MacD indicator continues to drop, it will affect the risk of the risk.
At the same time, macroeconomic uncertainty could cap pricing in the coming days, in particular with the decision of the federal reserve on the looming interest rates and the higher prices of US President Donald Trump which take effect on August 1.
Altcoin update: Ethereum Eyes $ 4,000 Breakout
Ethereum Bulls renewed their offer for a break above the crucial resistance of $ 4,000, following a close approach on Monday, which stagnated at $ 3,941. The token is currently negotiated at $ 3,870, which represents a gain of 2% during the day, supported by the request for retail and institutional.
However, traders should be aware of the apparently overheated market conditions, the RSI in the excessive region at 77 years after having culminated at 88 the previous week. In addition, the MacD indicator could trigger a sales signal in upcoming sessions – a decision that is likely to change the dynamics as investors are planning to reduce exposure after the rally in July.
Daily ETH / USDT table
As for XRP, the bulls are fighting to keep the price control, which decreased by almost 14% compared to the record summit of $ 3.66. XRP is negotiated at $ 3.15 when writing the editorial’s time, following a recently confirmed MacD indicator sales signal and the RSI fall in the excessive region at 58.
XRP / USDT daily table
The main areas of interest for merchants include initial support at $ 3.00, congestion of buyers at $ 2.95, which was tested on Thursday and the exponential mobile average of 50 days (EMA) at $ 2.74. These levels could absorb the sale pressure and prevent declins from aggressively reducing the July gains.
Bitcoin, Altcoins, FAQ stablecoins
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by a person, a group or an entity, which eliminates the need for third -party participation during financial transactions.
Altcoins are all cryptocurrencies apart from Bitcoin, but some also consider Ethereum as non-altcoin because it comes from these two cryptocurrencies that the supply occurs. If this is true, then Litecoin is the first Altcoin, a worse of the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value supported by a reserve of the asset it represents. To achieve this, the value of a stablecoin is set for a product or a financial instrument, such as the US dollar (USD), with its supply regulated by an algorithm or a request. The main objective of Stablecoins is to provide an ON / OFF ramp for investors arranged to exchange and invest in cryptocurrencies. Stablecoins also allow investors to store value because cryptocurrencies, in general, are subject to volatility.
The domination of Bitcoin is the ratio of Bitcoin market capitalization to the total market capitalization of all combined cryptocurrencies. It provides a clear image of Bitcoin’s interest among investors. A high domination of the BTC generally occurs before and during a bull race, in which investors resort to invest in a cryptocurrency of relatively stable and high market capitalization like Bitcoin. A decrease in the domination of the BTC generally means that investors move their capital and / or their profits to Altcoins in a quest for higher yields, which generally triggers an explosion of Altcoin gatherings.
