Bitcoin

Bitcoin, Ethereum Technical Analysis

This week’s sell-off in cryptocurrency markets worsened on Saturday, with bitcoin falling below $21,000 for the first time in nearly a month. Ethereum also continued its descent in today’s session, as the price of the token dropped under the $1,700 level to start the weekend.

Bitcoin

Bitcoin (BTC) continued to reside in the red to start the weekend, as prices of the world’s largest cryptocurrency fell below $22,000.

Saturday saw BTC/USD fall to an intraday low of $20,868. 85, with the token edging closer to a key support level.

This floor has been at the $20,800 point, which was last hit on July 16, when prices were trading below $20,500.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Extend Recent Declines During Saturday’s Session — BTC/USD – Daily Chart

As a result of these declines, the 14-day relative strength index (RSI) dropped to a low of 32. 97, which is its lowest point since July 12.

Bitcoin prices have since rebounded, and as of writing are back above $21,000. BTC is currently trading at $21,191.27.

Taking a closer look at the chart, it can be seen that the 10-day (red) moving average (MA), is nearing a downward cross with the 25-day (blue) MA.

Should this trend continue, this could signal further declines, with BTC likely falling below $20,000.

Ethereum

After a strong start to the week, ethereum (ETH) has begun the weekend trading over $400 away from Monday’s peak above $2,000.

ETH/USD, which dropped to a bottom of $1,695. 15 on Friday, fell even lower in today’s session, hitting a low of $1,611.34.

This is the lowest level ethereum has traded at in the last sixteen days, after falling below the $1,600 level on August 4.

Honing in on the chart, it appears as if ETH bears are attempting to take prices towards a support point of $1,565.

However, bulls have so far resisted this possibility, pushing back from earlier lows, with the token currently trading at $1,636.11.

The rebound came as the RSI hit a floor of 43. 00, and as of writing RSI is tracking at 44.90. Should this head back towards 50, we may see the token rise back above $1,700.

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Do you expect ethereum to climb back above $1,700 this weekend? Please leave your comments below.

Eliman Dambell

Eliman has a unique perspective on market analysis, having been a broker director, retail trading educator, and market commentator for Crypto, Stocks, and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Bitcoin

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The Open Network (TON) to launch teleport Bitcoin bridge

The Open Network announces plans to launch a bridge to get Bitcoin onto the TON blockchain, The bridge will allow Bitcoin to be used for DefI purposes in the TON ecosystem. The TON Foundation announced that the Open Network will launch a trustless bridge to allow people to bridge Bitcoin into the TON ecosystem for…

The Open Network announces plans to launch a bridge to get Bitcoin onto the TON blockchain,
The bridge will allow Bitcoin to be used for DefI purposes in the TON ecosystem.

The TON Foundation announced that the Open Network will launch a trustless bridge to allow people to bridge Bitcoin into the TON ecosystem for DeFi purposes. The bridged Bitcoin, called Teleport BTC, will maintain the original Bitcoin’s security while allowing holders to take advantage of the growing opportunities on TON.

According to the Foundation, each Teleport BTC will be backed 1:1 by native Bitcoin via a trustless, transparent process chiefly executed by verifiable smart contracts and validators.

This new development aims to “enhance Bitcoin’s utility, transforming it into a powerful tool for generating additional rewards on TON.”

TON’s Growth in 2024

The Open Network, closely linked with the popular Telegram messaging app, has been on an upward climb in 2024 both in price and network development. The network was initially created by the Telegram team for internal use but was abandoned and eventually picked up by the community.

TON made major waves after Telegram re-established contact by using the network to power its ad reward system, which pays channel owners in TON (the network’s native cryptocurrency) for traffic and views.

Outside of Telegram, TON is making a name for itself as a social gaming chain with tap-based casual projects like Notcoin and Hamster Kombat garnering attention.

TON’s Growing DeFi Ecosystem

While TON is not primarily known as a network for decentralised finance, its DeFi ecosystem has witnessed a boom in recent months. According to Defillama, a leading on-chain finance data provider, the total value locked on TON currently stands at $745.96 million as of writing after rising significantly from $22 million at the end of February 2024.

The Open Network plans to launch the Teleport BTC bridge later this year.

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Bitcoin

First ETP for Near Protocol’s NEAR token unveiled on Sweden’s Spotlight Stock Market

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Valour’s NEAR ETP will be available on Sweden’s Spotlight Stock Market.
Valour currently operates one of the largest Solana ETPs.
The crypto fund issuer also operates Bitcoin, Ether, and Internet Computer ETPs.

Crypto fund issuer Valour today announced the launch of an exchange-traded product (ETP) for Near Protocol’s native token, NEAR.

This groundbreaking ETP will be available on Sweden’s Spotlight Stock Market, offering retail and institutional investors the opportunity to gain exposure to the decentralized application development platform.

NEAR ETP joins Valour’s diverse portfolio of ETPs

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Valour’s head of product, Elaine Buehler, emphasized the significance of this new fund, highlighting its potential to grant investors access to an asset renowned for its transformative impact on decentralized finance (DeFi) and non-fungible tokens (NFTs).

Near Protocol, designed to tackle common blockchain development challenges such as user onboarding and multi-chain operations, boasts a market capitalization of approximately $6.8 billion. This positions NEAR among the top 20 digital assets globally, according to CoinMarketCap.

The launch of NEAR ETP comes amid a wave of regulatory approvals in the United States, where investment managers BlackRock, Franklin Templeton, and VanEck recently received preliminary approval to list the first exchange-traded ETH products. Analysts predict this move will pave the way for more crypto exchange-traded products in the US, including potential Solana-based ETFs.

Valour’s parent company, DeFi Technologies, currently manages around $600 million in assets across various crypto-native strategies.

On July 16, DeFi Technologies expanded its footprint by acquiring trading desk Stillman Digital in an all-stock deal. This acquisition is expected to significantly enhance the Canadian crypto platform’s capabilities, potentially positioning it as a formidable competitor to larger entities like Galaxy Digital.

Valour’s new NEAR ETP represents a significant advancement for investors seeking exposure to innovative blockchain technologies, reinforcing the firm’s position at the forefront of digital asset investment products.