Market Watch – 27 July 2020

CryptocurrenciesMarket Analysis

We kick off the final week of July with positive market sentiment in both traditional and digital asset markets on the expectation of more positive news to push them further – from stimulus to COVID19 vaccine progress with human trials and targets set on government approval.


Digital assets market cap stands at 300B, with the DeFi token market cap gaining (from 6.8B to 7.3B to start the morning) at only 2.4% of total market cap.

We started the week off with BTC pushing back up to 10K levels following its strong weekend performance pushed up 500 or +5%. Volumes spiked to 22B on the weekend after seeing mid 15-18B for the past couple weeks. BTC last traded at 10k nearly two months ago when it rejected 10400 levels.

BTC Futures’ aggregate open interest at 4.5B, with traded futures volumes doubling from late last week to 15B, highest in the month. 148B Short contracts liquidated in the past 24h on this 10K move up.

ETH maintained its momentum, spiking +31% in six consecutive traded days from 236 to 311 as the yield farming DeFi tokens take-off. Traded volumes up 16% to 14B. Foreseeing ETH to remain strong in the short-term until more updates regarding ETH 2.0, its final testnet development and the demand for DeFi tokens.

The craze in DeFi has done nothing but continue to grow. Since June 1st, total value locked in these dApps has grown by $2.5B
During the same period: DEX’s $784M, +$696M
Balancer $278M, +$263M
Defi 373 > 640 +70$, $267M Curve $80> $387M, +$180M
Aave $606M, +$544M

You can laugh at them but they are moving markets. And with the forever giving Fed, these mind-boggling multiples might just be the new norm.

BTC/USD Rockets To Highest Print Since June

Sally Ho’s Technical Analysis 27 July 2020 BTC

Bitcoin (BTC/USD) remained on the offensive early in today’s Asian session as traders continued to observe the psychologically-important 10000 figure following the pair’s rampage higher to the 10150.00 area during yesterday’s European session, its strongest print since early June.

Traders finally encountered technical resistance just below the 10154.71 area, representing the 76.4% retracement of a previous depreciating range from 10428.00 to 9270.00. Above that area, the 10180.19 area represents the 78.6% retracement of the same depreciating range.

If BTC/USD bulls are able to resume their upward trajectory, traders will pay close attention to additional technical resistance that is likely in place around the 10268.38, 10276.29, 10354.90, 10615.49, 10647.72, and 10816.43 levels.

Following BTC/USD’s move higher to the 10150.00 area, updated levels of technical support include, the 9879.78, 9856.38, 9834.94, 9712.61, 9674.63, 9640.03, 9577.50, 9527.92, and 9472.51 areas.  Traders are closely monitoring recent depreciating ranges including the move from 9792.00 to 8815.01, the move from 10018.67 to 8815.01, and the depreciation from 10428.00 to 8815.01.  Important technical levels related to these depreciating ranges include the 9416.84, 9418.79, 9561.43, 9558.87, 9582.92, 9621.51, 9734.61, 9761.09, 9811.84, 10047.33, and 10082.82 areas.  A recent appreciating range that traders are monitoring is the move from 8632.93 to 10428.00, with the 9530.47and 9742.28 areas representing the 50% and 38.2% retracements of this appreciation.

  • Source/Reference: Kraken, OSL, coindesk, CoinMarketCap
Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts
Read More

市埸觀察 – 3日 10月 2020年

比特幣在過去一周的負面消息中對市場舉足輕重  山寨幣上下振盪 穩定幣增長約10倍達到200億美元   在穩定幣持續取得信任時,比特幣在過去一周的負面消息中對市場舉足輕重 比特幣在幾個小時內從10900美元跌至10450美元左右。下跌來源於以下消息的傳出,美國CFTC指控大型加密貨幣衍生品交易所的所有者BitMEX,指其非法操作平台和違反反洗錢規定。 受外部市場連鎖反應的影響。美國總統 Donald Trump 在推特上發布他與妻子 Melania Trump COVID-19測試呈陽性,影響到大部份市場。雖然受此消息影響下跌不太歷害,但比特幣仍跌致低部的$10,400。 加密貨幣市場現在巳經成熟到一定情度,負面新聞巳經不至於像數字貨幣早期那樣受投資者關注。 在未來的幾個小時,主要的數字貨幣將逐步恢復到正常價格。比特幣價格將加速上升至$10500美元,回復到原來的水平,到發稿時達到$10,550。 振蕩的山寨幣 山寨幣也受到了上述的不利影響,價格出現了明顯的下跌。 Ripple…
Close Bitnami banner