Bitcoin created a bearish engulfing candlestick on July 5. The next day, it attempted to initiate an upward move but only left a long upper wick in place (red icon).
However, the MACD did not give a bearish reversal signal, creating a higher momentum bar instead. In addition, the Stochastic oscillator made a bullish cross.
The closest support and resistance levels are found at $32,000 and $40,550.
The total cryptocurrency market cap is up by another 1% today in a move to $1.52 trillion. The majority of cryptocurrencies in the top-100 are trading mostly flat on the day.
Ethereum (ETH) is up by 1.5%, bitcoin (BTC) has fallen by 0.5% in the past 24 hours.
Axie Infinity (AXS) is the top altcoin mover of the day and in the past week. AXS has grown by another 24% since July 6 and is just shy of a 200% growth in value in the past seven days.
ECOMI (OMI) is the day’s biggest loser so far, losing more than 14%. However, this appears to just be a slight pullback. Despite its losses today, OMI is still up by 85% in the past week.
Meanwhile, Binance has suspended payments across a major EU cross-border payment network, citing events beyond its control.
Also, the Bybit cryptocurrency exchange is ramping up its know-your-customer (KYC) procedures with new requirements rolling out next week.
Also, high-level executives from South Korea’s Bithumb exchange are facing charges of fraud from former partners in Thailand.