Daily Market Brief O@N Crypto Wednesday 21ST JULY Caps | O&N Crypto ® Official - News, Analysis and...

Daily Market Brief
O@N Crypto
Wednesday 21ST JULY

Caps and sentiment:
Market capitalisation: $ 1.30 trillion ( ↑8.51%) increase over the past day
Bitcoin’s dominance: 46.08% (↓ 0.22%) decrease over the past day
Fear Index: 10 (↓ down from 19)

Prices :
• Bitcoin: $32,000
• Ethereum: $1,970
• Binance Coin: $289.18
• Cardano: $1.18
• XRP: $0.57
• Dogecoin: $0.20
• DOT: $12.44

Analysis of the market:

Bitcoin’s fear and greed index has dropped 9 points following the mass panic of the Greyscale Bitcoin Fund (GBTC) from a value of 19 to now 10 indicating the extreme fear rating for the market.

During this bearish sentiment we saw Bitcoin break the highly respected 30k region which has acted as support these past 2 months following the dump from BTC’S ATH.

Going into the rest of the week expectation is another retest below the 30k price boundary we have become familiar with despite the slight relief rally we are currently experiencing in light of expected bullish sentiment in anticipation for the The B word conference today at 7PM GMT, featuring some of the biggest names in terms of cryptocurrency and the wider investment fear:
-Cathie Wood
- Jack Dorsey
- Elon Musk
-Steve Lee

Following this event we can expect a decline in price once again as shorts still represent a huge downside pressure despite us breaking above the 50day EMA as well as in the short term breaking the 7day EMA respectively.
As with all events that include the presence of Elon Musk we can expect high price volatility in both DOGE as well as BTC with the expectation of a standard long the hype short the news event.

As for the rest of the week we can expect to toy with the 30k region with dips as low as 27.4k, conversely a bullish upside is also viable off the back of the event if a bullish sentiment continues in the aftermath.