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BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.
BTC rebounded considerably during the week of June 21-28. It reached a low of $28,805 but created a long lower wick (green). It proceeded to reach a close above the $32,600 horizontal support area. This area is crucial because BTC hasn’t reached a close below it since the beginning of the year, though some wicks have breached it.
The weekly close was a hammer candlestick, which is often seen as a bullish sign.
Despite the close above horizontal support, technical indicators are still bearish. The MACD is decreasing and negative, the RSI has fallen below 50, and the Stochastic oscillator has made a bearish cross (red icons).
Therefore, the bounce is not sufficient to confirm a reversal.
The total cryptocurrency market cap is sitting just below $1.5 trillion today while most cryptocurrencies are trading relatively flat. Bitcoin was rejected by the $36,000 resistance and is back to trading at $34,700 at the time of press.
UMA is today’s biggest altcoin gainer, adding 18% to its value over the past 24 hours.Waves (WAVES) and Ethereum Classic (ETC) are close runner’s up, however, gaining 16.% and 15% respectively on the day.
One of yesterday’s top gainers, Bitcoin SV (BSV) has flipped into today’s biggest loser. BSV is down more than 8% in the past day but has still gained 24% over the last seven days period.
In other crypto news
The Beijing Rail Transit has launched a pilot program that accepts the country’s central bank digital currency (CBDC) for payments. The digital renminbi can now be used to pay for tickets on multiple railway lines.