7-Day Market Moves
📉 BTC slid by 3.14% in the past 7 days, according to CMC data, dropping under $29,000 for the first time since June 21. ETH also fell by 3.25%.
ALTs: Except Dodgecoin, most top 10 non-stablecoin cryptocurrencies, suffered losses. Solana (SOL) experienced the largest drop at 5.31%, bringing its price to $23.46.
🧑⚖️The crypto market has been impacted by concerns about possible SEC intervention in the Ripple case and alleged volume inflation by Binance. The total crypto market cap fell 2.48% to $1.17 trillion. However, trading volume surged by 40.26% to $35.5 billion.
Macro factors: The Federal Reserve is likely to increase interest rates by 25 basis points, reaching 5.25%-5.50%. This week will also see Q2 results from Microsoft, Alphabet, and General Electric. Slower U.S. business activity in July may support the Fed's inflation control efforts.
Eyes on the price(s)
Bitcoin (BTC) slipped below the $30,000 support zone, moving into a bearish zone and breaking the $29,650 support level. Currently, it trades below $29,500 with a new weekly low at $28,880.
BTC needs to surpass the $29,250 resistance for a potential recovery, but it must clear $29,750 and $30,000 to start a strong uptrend. Failure to cross $29,250 could lead to further declines with immediate support at $28,880, followed by $28,500 and $28,200.
Similarly, Ether (ETH) stayed bearish below $1,900 and declined below $1,880. Currently, it's below $1,880 with a new weekly low at $1,832.
ETH needs to clear $1,880 for potential recovery, with significant hurdles at $1,900 and $1,920. Failure to cross $1,880 could lead to further losses with immediate support at $1,845, followed by $1,825 and $1,780.