Bitcoin

Crypto Price Analysis and Overview July 30th: Bitcoin Ethereum Ripple Binance Coin and Solana

Bitcoin

Bitcoin saw an impressive 20% price hike this week as it reached the $40K resistance level. The cryptocurrency penetrated above a descending wedge formation last Thursday and continued above the 20-day MA level last Friday.

Since breaking the wedge, BTC surged higher inside an ascending price channel as it broke the 50-day MA level for the first time since May and continued to hit the $40k resistance. It did spike above $40K, reaching $40,500 (bearish . 382 Fib) but was unable to close a daily candle above the coveted level. The resistance there is further bolstered by the 100-day MA.

Since then, BTC rolled over and broke beneath $39,000 today. BTC now trades below the ascending price channel.

Looking ahead, if the sellers push lower, the first support lies at $38,000. This is followed by $37,000, $36,620, $35,000, $34,710 (50-day MA), $34,000 (20-day MA), and $33,520.

On the other side, the first resistance lies at $39,500. This is followed by $40,000 (100-day MA), $40,500 (bearish . 382 Fib), $42,000 (January 2021 highs), and $44,750 (200-day MA).

btcusd-jul30-min — BTC/USD Daily Chart. TradingView.

btcusd-jul30-4hr-min — BTC/USD 4-Hour Chart. TradingView.

Ethereum

Ethereum witnessed a 15.1% price hike this week as it reached as high as $2450. It penetrated the 200-day MA last Friday as it broke back above $2000. From there, ETH continued above the 50-day MA and pushed higher to reach the resistance at $2400.

ETH failed to close a daily candle that was above a declining trend line from mid-May. ETH is now trading at support from a short-term rising trendline, as seen on the 4-hour charts.

Looking ahead, if the sellers break the trend line, the first support lies at $2300. This is followed by $2250 (. 236 Fib), $2200, $2150 (. 382 Fib, 200-day MA & 50-day MA), $2070 (.5 Fib), and $2000.

On the other side, the first resistance lies around $2400 (the falling trend line). Above this, resistance is expected at $2440 (1. 272 Fib Extension), $2530 (1. 414 Fib Extension & 100-day MA), $2600, and $2726 (bearish . 382 Fib Retracement).

ethusd-jul30-min — ETH/USD Daily Chart. TradingView.

ethusd-jul30-4hr-min — ETH/USD 4-Hour Chart. TradingView.

ETH consolidates within a symmetrical triangle formation against Bitcoin. The resistance was at the upper triangle angle last Friday. It then fell lower, before finding support at the lower angle Wednesday at 0. 0573 BTC.

It has since rebounded from there and is now testing the 20-day MA level above 0. 06 BTC. The market is rapidly approaching the apex and a breakout is possible soon.

Looking ahead, if the bulls break above the 20-day MA, the first resistance lies between 0. 0616 BTC and 0.062 BTC – the 50-day MA and the upper angle of the triangle. Above the triangle, resistance lies at 0.064 BTC (100-day MA), 0. 069 BTC (bearish . 618 Fib & July highs), and 0.072 BTC.

On the other hand, the first support is at 0. 06 BTC. Then, follow by 0. 058 BTC (. 786 Fib & lower angle of the triangle), 0. 056 BTC, and 0. 0541 BTC. Additional support is available at 0. 05 BTC (200-day MA).

ethbtc-jul30-min — ETH/BTC Daily Chart. TradingView.

Ripple

XRP is up by a solid 21.5% this week, making it the strongest performer in the top 10. It broke above the 20-day MA at $0.6 on Monday and had been surging higher ever since. It went on to break the 50-day MA on Wednesday as it climbed above the $0.7 level.

Yesterday XRP spiked to $0. 782 (bearish . 236 Fib) but could not overcome this level. In addition, the 200-day MA further bolstered the resistance here. As a result, XRP rolled over today and is now trading around $0.72.

Looking ahead, the first support is at $0.7. The next support is $0.7. 673 (50-day MA), $0. 62 (20-day MA), $0.6, and $0.556.

The other side has the first resistance at $0. 78 (bearish . 236 Fib & 200-day MA). Then, $0. 8282 (2020 high), $0.9, $0. 95 (100-day MA), and $1.00.

xrpusd-jul30-min — XRP/USD Daily Chart. TradingView.

XRP is also performing well against BTC after bouncing from the support at 1600 SAT on Wednesday. It found support at the lower end of the descending price channel it had been trading within since July’s beginning.

The break above 1800 SAT on Wednesday allowed XRP to break the price channel and put XRP above the 20-day MA. Since then, XRP has pushed higher but is struggling to break 1900 SAT (July 2020 low).

Looking ahead, above 1900 SAT, the first resistance lies at 1950 SAT (50-day MA). This is followed by 2000 SAT, 2120 SAT (bearish . 236 Fib), and 2300 SAT (100-day MA).

On the other side, the first support lies at 1800 SAT (20-day MA). This is followed by 1740 SAT (200-day MA), 1660 SAT, and 1600 SAT.

xrpbtc-jul30-min — XRP/BTC Daily Chart. TradingView.

Binance coin

BNB is up by a small 5.3% from where it was trading last Friday as it sits at $310. The cryptocurrency was beneath $300 at the start of the week but eventually managed to push above it during the BTC push higher.

BNB is trading inside a symmetrical triangle pattern and recently hit the upper angle of this pattern today at $325. For a bullish push towards the June highs, a breakout of this triangle is necessary.

Looking ahead, the first support lies at $305 (. 786 Fib & 20-day MA). This is followed by $300, $275 (lowe angle of the triangle), $244 (. 886 Fib), and $225 (June lows).

On the other side, the first resistance lies at $325 (upper angle of the triangle). This is followed by $350, $288 (bearish . 382 Fib), and $400 (100-day MA).

bnbusd-jul30-min — BNB/USD Daily Chart. TradingView.

BTC is in trouble after BNB set a new two month low this week at 0. 0077 BTC. At the beginning of the week, the coin fell below a symmetrical triangle and continued to fall as the week progressed.

It has since recovered from July’s lows and is now trying to break the resistance at 0. 008 BTC again.

Looking ahead, the first support is at 0. 0077 BTC. Then, follow by 0. 0075 BTC (. 618 Fib), 0.007 BTC (200-day MA), 0. 00675 BTC (May lows), and 0. 0061 (. 786 Fib).

On the other hand, the first resistance is above 0. 008 BTC lies at 0. 0085 BTC. Then, follow by 0. 009 BTC (50-day MA), 0. 0096 BTC, and 0. 01 BTC.

bnbbtc-jul30-min — BNB/BTC Daily Chart. TradingView.

Solana

SOL is up around 10% this week as the coin attempts to break resistance at the 50-day MA level. It bounced from $26. 30 at the start of the week and battled to break the 20-day MA at around $28.

The break above the 20-day MA finally came yesterday as SOL surged above $30. However, it is now battling the 50-day MA resistance that is bolstered by the upper angle of a short-term triangle pattern.

Looking ahead, if the bulls can break the 50-day MA at $32 and climb above the triangle, the first resistance lies at $34 (bearish . 382 Fib Retracement). This is followed by $36 (100-day MA), $38. 60 (bearish .5 Fib), and $40.

On the other side, the first support lies at $30. This is followed by $28. 88 (. 382 Fib), $28 (20-day MA), $26. 30 (. 618 Fb), and $25 (200-day MA & lower angle of the triangle).

solusd-jul30-min — SOL/USD Daily Chart. TradingView.

Despite a slow decline in BTC this week, SOL found support at the June lows of 0. 0007 BTC yesterday.

SOL rebounded at this support yesterday and hit the 20-day MA at 0. 000831 BTC today.

Looking ahead, if the buyers can break the 20-day MA, the first strong resistance lies at 0. 0009 BTC (bearish . 382 Fib, 100-day MA & 50-day MA). This is followed by 0.001 BTC (bearish .5 Fib), 0. 00107 BTC (bearish . 618 Fib), and 0. 0011 BTC.

On the other hand, the first support is at 0. 0007 BTC. Beneath this, support lies at 0.00061 BTC (May low), 0. 000581 BTC (200-day MA), 0. 00053 BTC (downside 1. 618 Fib Extension), and 0. 0005 BTC.

solbtc-jul30-min — SOL/BTC Daily Chart. TradingView.

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Cryptocurrency charts by TradingView.

Bitcoin

Curve Finance launches scrvUSD, a decentralized yield-bearing stablecoin

Curve Finance launches yield-bearing stablecoin, Savings-crvUSD (scrvUSD). scrvUSD stabilizes borrowing rates and enhances DeFi composability. Curve has partnered with The Open Network to boost ecosystem integration and efficiency. Curve Finance, a leading decentralized finance (DeFi) platform, has launched a new decentralized yield-bearing stablecoin called Savings-crvUSD (scrvUSD) to offer low-risk returns for investors and further scale…

Curve Finance launches yield-bearing stablecoin, Savings-crvUSD (scrvUSD).
scrvUSD stabilizes borrowing rates and enhances DeFi composability.
Curve has partnered with The Open Network to boost ecosystem integration and efficiency.

Curve Finance, a leading decentralized finance (DeFi) platform, has launched a new decentralized yield-bearing stablecoin called Savings-crvUSD (scrvUSD) to offer low-risk returns for investors and further scale its crvUSD stablecoin.

The new product aims to stabilize the borrowing rates for crvUSD while enhancing composability within the DeFi ecosystem.

The scrvUSD stablecoin

Launched on November 13, 2024, the scrvUSD stablecoin allows users to mint the token by depositing crvUSD into the scrvUSD module. The underlying crvUSD is overcollateralized by digital assets such as Ethereum (ETH), Wrapped Bitcoin (WBTC), and others, providing security to users’ funds.

Crucially, Curve Finance has emphasized that funds in scrvUSD are not rehypothecated or moved from the vaults, ensuring that the stablecoin remains a safe and sustainable option for investors.

According to Curve Finance founder Michael Egorov, the scrvUSD module is already sustainable, with over 3 million crvUSD stored in the vault. This initiative is designed to offer stability to the DeFi ecosystem, addressing the volatility concerns associated with traditional stablecoins.

The introduction of scrvUSD also marks an important step in Curve Finance’s broader strategy to enhance composability within decentralized finance.

Composability refers to the ability of various DeFi applications to work together seamlessly, allowing users to access innovative financial products.

Curve Finance’s move to scrvUSD follows its earlier decision in June 2024 to adopt crvUSD as the primary fee distribution asset, signalling a shift towards further integration across DeFi platforms.

Curve Finance’s partnership with TON

Additionally, Curve Finance is expanding its ecosystem through a collaboration with The Open Network (TON). This partnership seeks to increase interaction and composability between the two decentralized networks, fostering new opportunities for traders and investors.

As part of this collaboration, a competition was launched to develop Curve’s Constant Functional Market Maker (CFMM) — a tool designed to curb volatility and market slippage, thus improving overall efficiency in the DeFi space.

Through these strategic moves, Curve Finance continues to reinforce its position as a pivotal player in the evolving DeFi landscape.

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Bitcoin

Crypto critic Elizabeth Warren rises to top Democrat on Senate Banking Committee

Senator Elizabeth Warren will be the top Democrat on the Senate Banking, Housing, and Urban Affairs Committee. The crypto critic’s new role means her input could have an impact crypto regulation in the US. Senator Elizabeth Warren, the top crypto critic in the US Senate, has confirmed she’s set to be the senior most Democrat…

En bild av senator Warren som representerar Massachusetts

Senator Elizabeth Warren will be the top Democrat on the Senate Banking, Housing, and Urban Affairs Committee.
The crypto critic’s new role means her input could have an impact crypto regulation in the US.

Senator Elizabeth Warren, the top crypto critic in the US Senate, has confirmed she’s set to be the senior most Democrat on the crucial Senate Banking, Housing, and Urban Affairs Committee.

Warren, who defeated pro-crypto lawyer John Deaton for the Massachusetts senate seat in the 2024 elections, noted this in a statement published on Wednesday. Notably, the Senate Banking Committee is the entity that’s set to handle critical legislation on cryptocurrencies.

While Republicans have control of the Senate, any changes to this scenario likely during the mid-terms could see Warren become even more influential in the next two years.

Warren’s new Senate role

Warren’s elevated position follows the exit of Sherrod Brown, the former chairperson of the Senate Banking Committee. The Ohio Democrat lost in the 2024 U.S. election, with his defeat coming amid massive effort from across the crypto space to support the winner and new Ohio Senator-elect Bernie Moreno.

The 2024 US election has also seen the most pro-crypto lawmakers elected.

However, the crypto industry’s larger concern will be on the influence of the Dem’s ranking member in Senate. While Warran did mention crypto in the statement, she said:

“In the aftermath of the 2024 election, it’s powerfully important for Democratic leadership to show that we can make life more affordable for working people and to act with urgency to rebuild our middle class. For Massachusetts and hard-working families nationwide, this new role means a better chance to advance solutions like building more housing to lower prices and protecting consumers from private equity greed and special interest scams.”

Cryptocurrencies have rallied since Donald Trump won a second term by defeating Democrat Kamala Harris in Nov. 5. Bullish sentiment has seen Bitcoin break past the previous bull market’s high to hit highs of $93k.

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Bitcoin

BlackRock’s spot Bitcoin ETF hits $40 billion, sets new record in 211 days

BlackRock’s IBIT reached a new record in 211 days, surpassing iShares Core MSCI Emerging Markets ETF’s previous record of 1,253 days BlackRock’s new record comes two weeks after it hit $30 billion in net assets at the end of October BlackRock is now in the top 1% of all ETFs by assets and is bigger…

blackrock ceo larry fink crypto digitalising gold

BlackRock’s IBIT reached a new record in 211 days, surpassing iShares Core MSCI Emerging Markets ETF’s previous record of 1,253 days
BlackRock’s new record comes two weeks after it hit $30 billion in net assets at the end of October
BlackRock is now in the top 1% of all ETFs by assets and is bigger than all the ETFs launched in the past 10 years

BlackRock has done it again. This time its IBIT spot Bitcoin exchange-traded fund (ETF) has hit a record of over $41 billion in net assets in 211 days.

News of the milestone comes two weeks after BlackRock reached $30 billion in net assets in 293 days at the end of October.

Posting on X in October, Bloomberg analyst Eric Balchunas, said what BlackRock has achieved is an “all-time record,” adding “the old record was $JEPI which did it in 1,272 days. $GLD took 1,790 days. Unreal.”

With BlackRock’s new achievement, it’s surpassed the previous record of 1,253 days held by iShares Core MSCI Emerging Markets ETF, according to Balchunas.

In a post on X, he said: “[BlackRock’s] now in Top 1% of all ETFs by assets and at 10mo old it is bigger than all 2,800 ETFs launched in the past TEN years.”

JUGGERNAUT: $IBIT has hit the $40b asset mark (a mere two wks after hitting $30b) in a record 211 days, annihilating prev record of 1,253 days held by $IEMG. It’s now in Top 1% of all ETFs by assets and at 10mo old it is bigger than all 2,800 ETFs launched in the past TEN years. pic.twitter.com/WTATlpShUq

— Eric Balchunas (@EricBalchunas) November 13, 2024

Now, BlackRock holds more than 467,000 Bitcoin, valued at $41.8 billion, according to iShares data.

Reaching new heights

The new record comes as Bitcoin reached an all-time high of over $93,000 on November 13 in a continued rally that’s showing no signs of slowing.

The upward trajectory is partly due to Donald Trump being re-elected as US President earlier this month. Following news of his win, Bitcoin broke the $75,000 mark. It then passed $82,000, and continued to $84,000, before pushing to $87,000 earlier this week.

In September, Bernstein analysts predicted that Bitcoin would surge to between $80,000 and $90,000 if Trump won the US election. With that prediction having now passed, Bernstein analysts believe Bitcoin could reach $200,000 in 2025, urging investors to “buy everything they can.”

It remains to be seen how far Bitcoin will go, but for now, it’s showing no signs of slowing down.