On the first day of August, bitcoin (BTC) returned to 10000 dollars; generally speaking, July proved to be neither upward nor downward, whereas the trend since February remains upward.
Looking at the transactions carried out in July, particularly in the last week, bitcoin recorded two notable records: on July 28th there was the lowest volume of general wallet transactions, equal to 1.10 billion dollars.
While the next day, Monday, July 29th, there was a record transaction volume of over 6 billion dollars, which is the highest level since January 2018.
For the entire cryptocurrency sector, July was the first negative month after five consecutive months of a bullish trend, thus proving to be in the hands of the Bears. It was a month of double-digit monthly declines. Only two of the top 20 cryptocurrencies show green signs: OKB, which is up 55%, and Tezos (XTZ), which is up 30%.
Among the falls, the one that proves to have performed best is bitcoin that drops “only” 8%. In the last few hours, however, bitcoin has provided a reaction signal. Today bitcoin (BTC) jumped, putting its head back over $10000 after abandoning this threshold last weekend. This is also a psychological signal because it shows a five-digit bitcoin value.
For bitcoin, the $10000 threshold is an upward and downward watershed and it remains a technical and psychological level.
Today, among the first 10 crypto there is an alternation of positive and negative signs. Bitcoin rises 2%, Ethereum (ETH) oscillates around parity, Ripple (XRP) falls 2%, as does Bitcoin Satoshi Vision (BSV) and Stellar (XLM).
Litecoin (LTC) also had a positive day, just a few days before halving. Litecoin is now registering a 3% rise and is trying to complete the halving process above the $100 threshold. That would be an important psychological signal. In July 2015, with the previous Litecoin halving, the value of LTC was 8 dollars, four years later its value is 10 times that.
The biggest rise of the day is attributable to Japan Content Token (JCT) which rises by 22% even today, climbs the positions and ranks 78th in the ranking of the best 100, with a market cap of 77 million dollars.
The most obvious drop of the day is that of V Systems (VSYS), which fell by about 10%. V Systems closed the month of July with a jump of about 30% and currently occupies the 28th position on CoinMarketCap.
The total market cap is close to $275 billion. With today’s rise, Bitcoin is back to 65% dominance, at the expense of Ethereum, which falls from yesterday’s levels to 8.3%. While Ripple falls below 5%.
Bitcoin (BTC) to 10000 dollars
In these hours, Bitcoin is currently battling around the 10000 dollars level. A few hours after the decisions of the US Federal Reserve to cut interest rates, the price of bitcoin has risen above $10,150, the highest value reached in recent days (last Saturday it was $9,200). This is the first time that a cut in the interest rates of the US central bank has occurred since bitcoin was introduced.
The $10000 threshold has become a medium-term resistance. In case of violation, there would be open spaces upwards to test the resistance just below $10,600. With a return to the bottom and with prices just below $9,800, which is an intraday support created during yesterday’s rise, bitcoin could experience a return to area 9,600-9,700, yesterday morning levels.
Ethereum does not benefit from bitcoin’s bullish structure: prices, as in recent days, continue to fluctuate at $205-210. In these last hours, Ethereum shows the desire to break the wall of the 215 dollars, consolidating the movement above 205-210 dollars.
For Ethereum it is necessary to push decisively, accompanied by volumes, over 225 dollars, a medium-term weekly resistance that would accompany prices towards 235 dollars.
A return below the technical threshold of 205 dollars and the psychological threshold of 200 dollars where the dynamic trendline that supports the bullish movement of early February passes, would increase the chances of a further sinking towards 190 dollars. For Ethereum a return of volumes is necessary, which decidedly dropped in the last week.