It is predicted that the price suppression in the markets may continue until the key unlock of GBTC shares, which occurs periodically and will be realized in the highest amount on July 18. While the uncertainty in Bitcoin pricing continues, breaking the $28K support to the downside and failing to hold at this level may be a signal of a negative scenario for Bitcoin. Unable to hold on to the $36K – $40K level, Bitcoin continues its downward movements with the selling pressures of the negative news from China and the markets and the FUD effects created by these news.
China Central President stated that stablecoins carry risks. He stated that he thinks that the currencies that some commercial organizations specify as stable coins and that are proportional to one-to-one dollars contain serious risks in the international remittance system, and stated that they will take the necessary measures regarding this issue. It is predicted that this statement, which was made in this process where Bitcoin pricing was negative after the news about the use of high amounts of stable coins in trade between Russia and China, was made with the aim of preparing the environment for the “digital yuan” and increasing its use.
Bitcoin
The effect of the upcoming unlocking event of the Grayscale Bitcoin Trust, which has been the subject of many researches and made by many economists and price analysts, is eagerly awaited. The firm stated that the biggest unlock event on July 18 will not cause major price changes. Despite this, the opinion of many market analysts and economists is that with this unlocking event, there may be a serious selling pressure, with a great fluctuation with this selling pressure, Bitcoin may experience a sharp decline and this situation may be seen as a buying opportunity and a rapid recovery may be experienced. For this reason, it is of great importance for crypto money investors to follow the market news closely and update their positions according to these news, especially in these two weeks.
It has been stated that the payments company Square, led by Twitter CEO Jack Dorsey, aims to create a Bitcoin-first hardware wallet. He announced that he is considering making a BTC wallet to make Bitcoin custody services more common. In addition, it was stated that it will be developed completely openly and in cooperation with the community, from software to hardware design, while it is also planned to integrate these wallets with smartphones and that the wallet code may be open source.
Bitcoin is currently trading at $32,942 levels above its 20-day moving average of $33,845 and below its 50-day moving average of $35,739. On a daily basis, the RSI value is seen as $42,576 and the STOCHRSI value is seen as positive at 30,196 levels. Important support levels for Bitcoin are $30,258 / $31.290 / 432.034; important resistance levels are foreseen as $33.810 / $34.755 / $35.587.
Ethereum
Gas fees, which are stated as the cost of making a transaction in Ethereum, hit their lowest level since March 2020. It was seen that gas fees, which fell with the relief of network congestion, reached double digits during the sharp rise of Ethereum. Ethereum gas fees are also slated to be readjusted with the “London Upgrade” scheduled to go live on August 4.
Goldman Sachs researchers, which I mentioned in my last article, continue their explanations about Ethereum. He noted that Ethereum’s Ether token has a very high potential as the Ethereum Blockchain is its own digital currency and is the most popular platform for building smart contract applications. Stating that Ethereum has the potential to surpass Bitcoin in the coming period, analysts stated that due to the volatility of cryptocurrencies, gold cannot be directly seen as a safe haven as it is described, but its usage area may increase.
Meeting its buyers at $42.103 at the moment, Ethereum continues to move above its 20-day moving average of $2,099 and below its 50-day moving average of $2,349. With an RSI of $45,799 and a STOCHRSI of 61,819 on a daily basis, key support levels are seen as $1,810 / $1,954 / $2,036, while key resistance levels can be seen at $2,179 / $2,263 / $2,408.
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