Key Takeaways
- The crypto markets have been stuck within the same range as the major cryptos have not recorded any significant price variation
- The altcoins are also trying to hold above the interim support as the bullish strength is fading.
- The current trade setup appears not to be in favor of the bulls, as the technicals are expected to remain neutral
CRYPTO MARKET TODAY AT A GLANCE
The crypto markets continue to trade within the same region, as no major price variations have been recorded in the past 24 hours. The volume remains quite low, which has hampered the volatility to a large extent. Besides, the majority of the cryptos are holding above crucial support, which indicates the possibility of a bullish reversal in the coming days. Hence, the trend may certainly not be in the bullish’s favor but also not be in the bear’s favor.
The global crypto market cap sticks to $1.21 trillion with a slight drop of 0.75% over the last trading day. The volume records $35.27 billion with a 40.84% jump, out of which 90.15% or $31.88 billion accounts for the stablecoin volume. Bitcoin & Ethereum price hovers around $30,000 & $1900 respectively, while the other cryptos in the top 10 record minimal gains. The leader of the top gainers is Zilliqa (ZIL) with a 3.66% jump followed by Flow (FLOW) with 3.64%.
| Global Crypto Market Cap | $1.21 trillion |
| Rise or Fall in Crypto Market Cap | +0.75% |
| Total Crypto Market Volume | $35.27 billion |
| Total DeFi Volume | $3.82 billion |
| Bitcoin Price | $30,085.35 |
| Bitcoin Dominance | 48.5% |
| Ethereum Price | $1,909.48 |
*As of 18-July-2023, 09:15 am
Bitcoin Price Sticks Around $30,000
Source: Tradingview
- The Bitcoin (BTC) price is following an ascending pattern along the lower trend line, acting as strong support and offering a strong bullish rebound
- The price, after maintaining a stagnant trend, is losing its grip as the rally is closer to breaching the crucial support at $30,000 at the moment.
- The RSI is also plunging and may reach below-average levels in the coming days, which may drag the BTC price below $30,000 initially. Further, if the bulls fail to regain the lost levels, lower targets may be achieved
- Therefore, the price is believed to maintain a consolidated descending trend until it reaches the liquidity zone, where the bulls are expected to enter
Read On: Bitcoin Price Prediction
Ethereum Price Drops By 1.19%, Trading Close to $1900
Source: Tradingview
- In the short term, the ETH price is flashing bearish signals as it trades within a descending triangle.
- The price is trading close to the upper resistance but may not experience a pullback but rather maintain a parallel consolidation, breaching the resistance
- The RSI is hovering along the average levels, causing the price to maintain a sideways trend but is expected to plunge as the selling pressure is expected to accumulate soon
- Therefore, the ETH price may maintain a sluggish price action throughout the day and may close the day’s trade slightly higher than the current levels.
Read More: Ethereum Price Prediction
Latest Updates of the Crypto Market
- As the major platforms are facing regulatory crackdowns, the CEO of Coinbase, Brain Armstrong, held a private meeting with the democrats from the United States House of Representatives to discuss the future of digital asset legislation
- Chainlink launches a cross-chain protocol bridging blockchain to TradFi, aiming to provide interoperability between traditional financial firms and both public and private blockchains.
- Speculations over the next plan of action in the Ripple vs SEC lawsuit continue as Attorney Deaton Predicts the possibility of Judge Torres declining the SEC appeal over the recent ruling.
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