Topic: CRYPTONAIRE WEEKLY MAGAZINE 244TH EDITION IS OUT NOW (Read 41 times)

Tesla is not the only institutional investor which has sold its Bitcoin holdings. According to Vetle Lunde, research analyst at Arcane Research, institutional investors have sold 236,237 Bitcoin since May 10 of this year. While some of the selling was forced, others were not. The selling started with the Luna Foundation Guard dumping more than 80,000 of its Bitcoin reserve to save the peg on stablecoin UST. That was followed by further selling from the crisis-hit crypto lending firm Celsius and the crypto hedge fund Three Arrows Capital.

JPMorgan Chase & Co. said in a recent report that retail demand was increasing in the crypto markets and the “intense phase” of deleveraging may be over. The bank highlighted that "smaller wallets have seen an increase in ether or bitcoin balances since the end of June at the expense of larger holders," CoinDesk reported.

Bitcoin broke above the ascending channel and the 50-day simple moving average (SMA) on July 19 but the bulls could not build upon this advantage. The long wick on the July 20 candlestick shows selling above $24,000.

The bears pulled the price back into the channel on July 21 and thwarted attempts by the bulls to resume the recovery on July 22. The buyers made one more attempt to clear the channel on July 24 but failed.

This may have tempted short-term traders to book profits. That pulled the price back below the 20-day exponential moving average (EMA) on July 25. This move suggests that the BTC/USD pair may spend some more time inside the channel.

The flattish 20-day EMA and the relative strength index (RSI) just below the midpoint indicate a balance between supply and demand.

If the price slips below the $20,450 to $20,750 support zone, the decline could extend to the support line of the channel. This level is likely to attract strong buying from the bulls.

On the upside, the bulls will have to clear the overhead resistance at $24,300 to signal the start of a new up-move. The pair could then climb toward $30,000.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

Featuring in this weeks Edition:

- H2O Securities

- WeedoVerse

- Coinhaven

- Artex

- Cardalonia

- Globiance

- AiBook.Art

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