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Bitcoin and Ether Market Update July 1, 2021

The full crypto market cap lost $9 billion from its trace for the length since Monday and now stands at $1.38 trillion. The head ten coins showed blended outcomes for the closing 24 hours with Dogecoin (DOGE) adding 1.9 p.c to its trace while bitcoin (BTC) erased 2.5 p.c. At the time of writing, BTC is procuring and selling at $33,500. Ether (ETH) is at $2,128.

BTC/USD

Bitcoin closed the procuring and selling session on Sunday, June 27 at $34,606 after registering a 7.2 p.c elevate, which resulted in $2,300 being added to the market cap of the largest cryptocurrency. The every day candle became the greatest since June 13 and the second consecutive after BTC hit a 5-day low of $30,114 on Saturday. The coin became 3 p.c down on a weekly basis, but averted a head and shoulders pattern on that timeframe and kept the price floating above the principal support zone around $34,600.

Plenty of traders were now betting on exhaustion of the downtrend while others remained skeptical for the mid-term perspectives in entrance of BTC.

On Monday, the BTC/USDT pair persisted to transfer upwards but hit the 21-day EMA suffering a rejection there which drove the price encourage appropriate down to $34,400 on the candle end.

The second day of the workweek came with an impulse within the looking for volumes and the price climbed up to $35,800 – above each and each the brief EMA and the diagonal resistance line. The $36,700 designate became tapped at some stage in intraday.

The mid-week session on Wednesday became when bears finally came in. Bitcoin began losing momentum and retraced appropriate down to $35,000 erasing 2.4 p.c from its trace. The excellent scenario for bulls would perhaps maybe be to stabilize within the zone around $36,500-$36,700 and strive towards the reach encourage up to a fresh elevated high without breaking the fragile brief market structure.

What we are seeing on Thursday morning is a predominant correction appropriate down to $33,500.

ETH/USD

The Ethereum Mission token ETH fell 12 p.c at some stage within the closing seven days but managed to stabilize around the weekly support zone around the February high of $1,930 – $1,950. This came about mainly thanks to the 15 p.c elevate at some stage within the weekend when ether dropped as small as $1,714, but then like a flash recovered to $1,977 on Sunday night.

On Monday, the coin formed a third consecutive green candle on the every day chart and reached $2,077 after temporarily penetrating the next resistance space around $2,100.

The upward movement became resumed on Tuesday and the ETH/USD pair hit a one-week high by touching $2,250 within the early hours of procuring and selling thus surpassing each and each the brief EMA and the mentioned resistance. Half of the positive elements were erased within the night and the leading altcoin closed the session at $2,160.

On Wednesday, we saw a volatile session at some stage in which the Ethereum token became procuring and selling within the $2,100 – $2,275 zone before stopping at $2,272.

As of the time of writing, it is encourage down on the S/R are end to $2,100-$2,150.

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