Daily Bitcoin and Crypto Analysis

Morning‌‌ ‌‌Update—July 30—Macro and Crypto Markets

July 30, 2021

Justin d'Anethan

Yesterday's trading was mixed. Early in the session, even with reports of economic slowdown in the US, traders were still buying, maybe thinking it solidified the accommodative Fed policies.

Later in the session, the S&P, which had reached record highs, walked back on some of the gains.

Gold has been rising steadily over the past four sessions and is now back at $1,830. Conversely, the dollar index keeps on falling, probably supporting all the other non-cash assets.

Indeed, if you one is to look at crypto, things look well supported. Market sentiment is still very much BTC-focused, but alts outperformed yesterday.

BTC is currently closing the day perfectly flat, at the $40,000 mark. People are uncertain here. Will we pierce through and revisit the mid-40Ks, or will this prove too tough a resistance to break, and will we again fall into range. 

Most people expect a pull-back, and, from a technical analysis perspective, that would make sense. I noticed many coins leaving the exchanges, reducing the selling supply further and supporting the idea that buyers might push us further up.

As mentioned, alts are outperforming, and the BTC dominance walked back down slightly, to 48.3.

The best performers were SOL, NANO, MKR, and BCH, rising between 7% and 12%. Another cohort of coins also gained more than BTC. I'm looking at AAVE, DOT, ZEC, and ETH, all up about 3-5%.

The strong performance doesn't just come from dollar weakness, in my opinion. The positive news keeps on piling in while the regulatory crackdowns on the industry have become, at this point, let's say… digestible?

Amongst good reports, we heard of State Street offering crypto services to private-fund clients. Yet another step into making crypto part of their overall offering and is a massive sign that all prominent players are looking at this.

A chart by shows that global crypto users have about doubled to over 200 million since just January of this year, which, alone, is already so supportive of higher prices and more activity.

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