Market Watch 27 July | Bitcoin (BTC), Ethereum (ETH), Tesla, Altcoins
Bitcoin (BTC) has broken through the $ 38,000 barrier level. It even surpassed $ 40,000 before succumbing to severe selling pressure. Near $ 40,500, a high was made, and the price is currently correcting its gains.
Altcoins are in a similar scenario. ETH reached a high of around $ 2,450 before falling below $ 2,200. XRP was also rejected near $ 0.680 and dropped below $ 0.650.
According to a story published in the UK financial journal City AM, Amazon wants to accept Bitcoin payments by the end of the year and launch its own token in 2022.
"Despite our interest in this field, the rumors that have circulated about our specific plans for cryptocurrency are untrue," an Amazon representative told Bloomberg, adding that they "remain focused on the impact cryptocurrencies may have on the Amazon shopping experience."
Tesla, on the other hand, said that a $ 23 million BTC-related depreciation had a negative impact on its quarterly operating earnings. Despite this, the corporation did not declare any fresh BTC sales in the previous quarter.
Bitcoin has broken through the $ 40,000 resistance after a rapid increase. BTC, on the other hand, was unable to rise over this level. Below the $ 39,000 and $ 38,000 levels, there was a strong bearish reaction. The price has been fluctuating below $ 37,000 and is approaching the $ 36,000 support level. Near $ 35,500 is the next major support level.
The $ 37,500 level serves as initial upside resistance. The first major resistance is presently at $ 38,000.
The price of Ethereum followed a similar pattern, with a significant rejection near the $ 2,450 mark. ETH has lost more than half of its gains and has broken through the $ 2,200 support barrier. It is presently approaching the $ 2,120 support level. The next important level of support is around $ 2,050.
The $ 2,225 level is short-term resistance on the upswing. Near the $ 2,300 mark, the key breakout resistance is emerging.
Prices of ADA, LTC, DOGE, and XRP
Cardano (ADA) rose to $ 1.40, where the “Bears” entered the market. Below $ 1.30, ADA began a significant downward decline. It is attempting to maintain a price over $1.20. On the plus side, the price could rise to $ 1.12 again. Near $ 1.05. is the next important support.
Litecoin (LTC) reached a high near the $ 140 barrier mark. It went below the $ 135 support level. It is currently trading below the $ 130 level, with $ 125 acting as the initial level of support. The next major support level is near $ 120, below which there is a greater possibility of a short-term sell-off.
Dogecoin (DOGE) lost the majority of its gains, falling well below the $ 0.220 mark. It even traded below the $ 0.200 support level. DOGE is now displaying bearish characteristics and may continue to fall towards the $ 0.180 level. On the upside, resistance might be found near $ 0.212.
XRP reached a high of $ 0.670 before falling below $ 0.620. He is currently attempting to rise above this level.
Today's market for other altcoins
THETA, TEL, ICP, SUSHI, AXS, TFUEL, LUNA, BTT, HNT, DGB, QNT, and ENJ are among the altcoins that have dropped more than 10%. THETA is down roughly 14% and has broken through the $ 5.50 support level.
Overall, Bitcoin's gains from the $ 40,000 barrier zone are being reversed. BTC is presently reaching the $ 36,000 support level, when bulls may re-enter the market.