Bitcoin finally surrendered to bears at $ 30k in the early hours of Tuesday morning’s daily candle. The battle was a constant push and pull with the bears who finally got the better of it.
Michael Saylor, arguably the biggest bitcoin holder after Satoshi Nakamoto , the pseudonym creator of BTC, remained cheery as bitcoin’s summer weakness continues.
#Bitcoin fundamentals have never looked better.
— Michael Saylor (@michael_saylor) July 20, 2021
The fundamentals of bitcoin never looked better with adoption across the board in 2021 – but what about the technical data?
The following PolarHusk chart denotes BTC’s fall and close below the 50W MA and its belief that it is crucial to get back above the moving average [$ 33k] in the coming days.
If bitcoin fails to break out of this region, then there will be further testing of the $ 28k zone, which is a high demand zone. If $ 28k fails and the bears push the price lower, there isn’t much historical support resistance between $ 28k and the previous 2017 multi-year high at $ 20k.
Bitcoin’s 24-hour range is $ 29,313- $ 30,715 and the 7-day range is $ 29,313- $ 33,098. The 30-day average price of BTC is $ 33,092.
BTC closed the daily candle on Tuesday at $ 29,806 [-3.37%] and in the red for the second consecutive day.
The Ether bulls have failed to hold the $ 1,900 price level any longer despite strong support resistance in recent weeks. The next stop down is the low of this downtrend at $ 1,719.
Could EIP-1559 coincide with the bear market bottom?
The EIP-1559 pull request was submitted for mainnet activation on the Ethereum blockchain. The proposal is expected to go live on August 4, but to be even more specific, it will take place at block number 12,965,000 on the Ethereum mainnet.
The EIP-1559 proposal is expected to have a massive effect on Ether’s monetary policy, moving forward after the London hardfork . Essentially over time it could transform Ether’s monetary model into a deflationary model by burning Ether when transactions occur on the network.
With so much anticipation around this event and the event just two weeks away, where will Ether go?
The following 1D chart from IWealthCommunity shows how critical the price of Ether is in the short term.
Below $ 1,719 the best chance of support resistance is the previous all-time multi-year high of $ 1,448. The top of the green zone on the chart below is the previous peak price of Ether.
For the Ether bulls to really gain some momentum in the short term, they need to move back above the [$ 1,915] trend line.
Ether closed Tuesday’s daily candle at $ 1,785 for a third consecutive close of the red candle on this time scale.