Cryptocurrency market on July 30: Stocks and cryptocurrencies covered in green for 3 consecutive sessions

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2022-07-31 19:55:43

Bitcoin (BTC) price continues to stay anchored around $24,000, suggesting that this remains a solid resistance level.

Cryptocurrency Market

Market data shows that Bitcoin bulls are attempting to break above $24,000 and want to break the weekly high at $24,450. However, it is still not successful for now as the USD recovery puts pressure on the cryptocurrency despite the rally of the US stock market.

Bitcoin price chart July 30, 2022

Record Euro zone inflation is also one of the factors weighing on the Bitcoin market, while analysts are still trying to surmise the market’s monthly close. Other key levels include the 200-week moving average at around $22,800 and the fair value at $21,820 which is still likely to act as support in the event of a bear market.

Analyst Rekt Capital has noted Bitcoin’s weekly candle will need to close to confirm an S/R flip (indicating support turning into resistance, or vice versa). The weekly close will also act as the monthly closing candle, making July 31 a key psychological milestone after the market fell 40% in June, recording its worst monthly performance ever. Bitcoin since September 2011.

Meanwhile, new reports from on-chain analytics firm Glassnode and CoinMarketCap have hinted at the timing of a market recovery. With Bitcoin and Ethereum (ETH) alone having dropped 75% from ATH levels in less than a year, it may take until 2023 for this trend to change definitively.

“The market has only been in this position since mid-June, and previous bear cycles have gone on average 180 days before a full-blown rally took effect.”

In particular, data from Glassnode shows that miners have faced continuous decline in profit margins in Q2 and recently.

“Overall, so far, 2022 has been a major reset for market expectations, a broad-based purge of leverage, and the beginning of new platforms, with strong structures. stronger is being built, towards stronger growth momentum”.

While the bulls are still struggling to push BTC above the $24,000 resistance, the altcoin market continues its rally.

Top 10 cryptocurrencies by market capitalization on July 30, 2022

Most of the tokens in the top 100 by market capitalization have recorded growth momentum. Yearn.finance (YFI), a DeFi product suite that provides loan aggregation, farming (yield) and insurance (cover) on the Ethereum blockchain, leads the market with a 24% recovery on the day. On the weekly timeframe, this altcoin has recorded a profit of up to 65.6%.

Several other tokens have also recovered over 10% in the last 24 hours, including: Internet Computer (ICP) +14.6%, Oasis Network (ROSE) +14.3%, Bitcoin Gold (BTG) +14.3 %, PancakeSwap (CAKE) and Ravencoin (RVN) +13.4%

Ethereum is also currently trying to hold the price above the $1,700 zone after breaking through it on July 28. The token is currently trading around $1,696 after several ups and downs around $1,700.

Investor sentiment in the cryptocurrency market has also improved significantly. Currently, the Greed and Fear Index (FGI) is in the Fear zone with 42 points, the best level in a month.

Cryptocurrency Market FGI Index July 30, 2022

Macro factors

US stocks rose for a third consecutive session on Friday (July 29 US time), as the market recorded positive profit results from technology companies, considering inflation concerns are ignored. high and environmental degradation. The Dow Jones Industrial Average rose 315 points, or nearly 1%, to 32,845, the S&P 500 added 1.4% to 4,130 and the Nasdaq Composite added 1.9% to 12,390.

Over the past week, the Dow Jones gained nearly 3%, and the S&P 500 and Nasdaq Composite recorded gains of 4.3% and 4.7%, respectively. Considering in July, the Dow Jones jumped 6.7%, the S&P 500 climbed 9.1% and the Nasdaq Composite jumped 12.4% while still in the bearish zone. All three major indexes recorded their biggest monthly gains since 2020.

The market reversed when the US Federal Reserve (Fed) started to be less aggressive in raising interest rates, investors thought that inflation has probably peaked and will start to subside.

However, some are still concerned about inflation with the protracted Russia-Ukraine conflict and the possibility that the market may turn back down.

On Friday, the US Bureau of Economic Analysis announced that personal consumption spending in June increased 6.8% over the past 12 months, recording the highest level since January 1982. On the same day, the University of Michigan also released the official results of the consumer sentiment index, touching 51.5 in July, slightly up from the preliminary results and up 1.5 points from the all-time low. epoch in June is 50.

The largest stocks in the market had impressive gains of up to double digits. Amazon shares jumped nearly 10.4% after reporting better-than-expected sales, while Apple stock jumped 3.2% on better-than-expected iPhone sales. Chevron and Exxon Mobil also posted better-than-expected earnings results, up 8.9% and 4.6%, respectively.

However, Roku stock lost 23.1% after the company failed to return last year and warned of a decline in the advertising industry. Intel shares also fell nearly 8.6% after posting lower-than-expected earnings results.

More than 50% of S&P 500 companies have reported results, with 72% of these companies reporting earnings that beat expectations. In parallel with the rally of stocks, gold prices also set new multi-week highs on Friday (July 29), while inflation in the US increased. At the end of the session, the spot gold contract increased 0.4 percent to $1,761 an ounce. Gold futures added 0.7 percent to $1,762 an ounce.

On the same day, oil prices recorded a second consecutive month of decline despite gaining momentum in the session. The Brent contract for September delivery, which expires on Friday, rose $2.89 to $110 a barrel. Brent oil contract for October delivery increased 2.3 USD to 104 USD/barrel. The WTI oil contract added 3.4% to $99 a barrel.

Meanwhile, the USD index (DXY) continues to move higher, breaking past 106 after falling to its lowest level since July 5.

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