BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.
Bitcoin update
BTC has been moving upwards since July 20. On July 26, it reached the $40,500 resistance area and decreased, leaving a long upper wick in place.
However, it resumed its ascent on July 27 and is now making another attempt at breaking out above the $40,500 area. Besides being a horizontal resistance area that has been in place since May 19, this is also the 0.382 Fib retracement resistance area.
If a breakout occurs, the next closest resistance area would be found at $47,771. This is the 0.618 Fib retracement resistance level.
Technical indicators in the daily time frame are bullish, supporting the possibility of a breakout. The RSI has crossed above 70 and the Stochastic oscillator has made a bullish cross. Despite the MACD increasing, it is not yet positive.
Altcoin movers
The total cryptocurrency market cap has moved to a one-month high of $1.6 trillion today after ranging between $1.5 and $1.25 trillion for all of July. Nearly every cryptocurrency in the top-100 by market cap is in the green today. Bitcoin (BTC) is up by 6.3% while Ethereum follows along with a 4% growth on the day.
XRP is today’s biggest altcoin gainer, adding more than 15% in the past 24 hours and is currently trading for just over $0.72. XRP had been on a steady downtrend since falling from the $1.60 level in May but has rebounded 36% in the past week alone.
Amp (AMP) is the biggest loser of the day, although it’s only lost 2.3% in the past 24 hours. This is likely just a small retracement, as AMP is still one of the top weekly gainers, adding 72% in the past seven days,
In other crypto news
- The European decentralized finance (DeFi) fundraising market has blossomed this year while across the pond lawmakers are looking to crack down on the industry.
- The public sale of YGG tokens saw the entire token allocation bought up in just over 30 seconds according to a blog post by Yield Guild Games on July 27.
- Binance CEO Changpeng Zhao says that he will be working closely with global regulators to gain and maintain compliance.