BTC Weekly Update:

Today's weekly close is going to be very important for BTC.
We are exactly at the same point we were on the 30th of April 2018. This was the week when BTC outstretched the 21 MA ($9948) after bouncing back from the 50 MA ($6518). After touching the 21 MA, we all know what happened, the market went completely bearish for the whole year. Today BTC is in the same zone, perfectly bounced from the 50 MA and currently outstretching the 21 MA.

Here's our viewpoint on this weekly chart.

If BTC manages to close above the 21 MA and stay above the 21 MA in green for the coming week then we will possibly see BTC touching the upper trendline soon. But if BTC fails to close above the 21 MA then it may ring a red alarm for the market or it will need another week to make the decision.

So, the weekly close above the 21 MA is much needed.

Do share this update among your reach and stay safe with your trades. Our team will keep things updated. So, stay tuned and pin our channel to the top.

Bitcoin fear and greed index is now at 74(GREED). The whole market is in greed now. Last time bitcoin fear and greed index is above 70 in April when Bitcoin is trading above $60,000 and you know what happens after that.

So better be careful untill we break and close above the 21ema in the weekly chart as we mention in our latest BTC analysis.

Stay tuned and pin our channel at top for more quality updates.

Here's the Total2 market update in 4 hours timeframe:

The Altcoin market cap did exceptionally great in the last couple of weeks. The market formed a rising wedge pattern and we saw a good rise in the altcoin market. After reaching $973.69 billion, the market is looking for a retracement. Currently, the market is bouncing back right from the 21 MA. This could be one of the levels from where the market can possibly bounce.

We have the yellow box in the chart which indicates an area from where the market can possibly bounce. Failing to hold this level can lead the price straight to Support 1 which is at $812.7.

We hope for a possible bounce from this level.

Until then let's keep our eyes on the price.

BTC weekly update:

Let's take a quick look at BTC price in a weekly chart. BTC failed to close above the 21 MA and this ain't a good sign. Now, in this couple of weeks, there are higher chances that we may see BTC dipping down to the yellow box. BTC might go higher from this point as well but until and unless it closes above the 21 MA on a weekly chart, things will remain uncertain.

We will see you on our next update.

Fidelity Investments Buys More Than 7% Stake in One of North America’s Biggest BTC Mining Firms.

Since the end of last year, many institutional figures from Square to MicroStrategy to Tesla have all gotten into the bitcoin game, buying anywhere from several hundred million to more than $2 billion worth of the world’s number one digital currency.
While bitcoin has seen its price jump by roughly 240 percent in the past 12 months, Marathon shares have expanded by more than 660 percent.
https://yellowblock.io/fidelity-purchases-more-than-7-stake-in-one-of-north-americas-biggest-btc-mining-firms/#&gid=1&pid=1

Zilliqa Royale will launch on 12th August.
ZilliqaRoyale — a first of its kind blockchain-powered battle royale game running on Minecraft.
We can see some upward movements in zilliqa.

The dominance of large #Bitcoin transactions (> $1M) has risen from 30% in 2020, to over 65% in 2021.

This reflects a growing share of institutional interest, and capital being transferring across the Bitcoin network.

Indeed, we have seen an extraordinary recovery of Long-Term Holder (LTH) owned coins, with total supply held approaching 12.48M BTC. This is extremely similar to the volume of coins held by LTHs in October 2020 before the primary bullish impulse started.

Total market cap of whole cryptocurrency market is above $1.9trillion, retouching this level for the first time since may 18. The whole market surges nearly $700billion after July 19. However, the market is still down $700billion from the all time high of $2.5triliion on may 11.

Let's see we break the $2.5 trillion mark by the end of this year or not.

Stay tuned.

Someone just stole approximately $600 million in a defi hack.

PolyNetwork has become the latest victim to hackers with a record-breaking amount of over $600 million stolen. The team promised to “take legal actions” and asked the hackers to return the stolen funds.

Here is a complete guide on the 4m's of trading. Must read it and apply these in your trading career. It will really help you out to become a successful trader and If you like it than share it with your friends and family members.

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Quick BTC update.

We saw BTC breaking down all odds and rally towards the uptrend in a slow and steady manner. So far BTC has managed to reach $46k which is a good sign for the market.
Currently, it is trailing right above the 21 MA. If BTC continues to bounce back from this MA then we may possibly see BTC at $47k to $48k level. A breakdown below the 21 MA will probably be a retest towards the lower trendline ($42600) where we also have a strong support.
All things are clearly explained in the chart.

Note: This week’s close will be very crucial for BTC.

#BNB = $400
#BTC = $46558
#ETH = $3262

Cardano’s smart contract launch date is due this Friday. Creator of cardano Charlie Hoskinson said We had a lot of discussions with partners and other people, and it looks like we are on track for Friday to announce the date.
Last week on August 6th, 2021, IOHK, the parent company of Cardano had made an announcement that the Alonzo Purple testnet to support smart contracts on the Cardano blockchain is publically available and new user onboarding has begun.
In preparation for the launch, ADA saw a massive 20% surge in in the past 24 hours.

https://blockcrunch.co/2021/08/11/cardanos-smart-contract-launch-date-is-due-this-friday/

Stablecoin Supply on Exchanges Continues to be Close to All-Time Highs

While BTC price is trending upwards, the stablecoin supply on exchanges remains close to all-time highs. If these stablecoins are not employed into loan products etc., there is potentially still a lot of capital on the sidelines ready to be deployed into bitcoin.

BTC is in a crucial situation right now.
According to our yesterday’s update, BTC reached $46787 after which it got rejected back to the 21 MA.
BTC is once again at the edge of 21 MA. We may possibly see a bounce from this point or a rejection.
Scenario 1: Bounce back will possibly lead the price towards the $47k.
Scenario 2: Rejection will possibly pull back the price to the given support level.

Still we have few hours left for the candle to close.

So, stay tuned for the next update.

Binance KYC is mandatory.

So, we are following Scenario 2 where BTC got rejected and is reaching out to the support level.
We may see a bounce from $43k level as well where we have the 50 MA.

Note: Rejection below the support level will be critical for BTC. So keep an eye on it.

Stay tuned for the next update.

Users on the Bitcoin network is now growing at its fastest rate ever.

1.2m users were added in the last 30 days.

Does not include off-chain users on exchanges which typically sees up to 3x this number.