July 15 Cryptocurrency Market Update
July 15 Cryptocurrency Market Update
Date: Jul. 15, 2021, 06:11 PM KST
[Bitcoin]
After falling for two days in a row, Bitcoin remained at the $33,000 level. It has been flat for the 8th week in a row now.
With Bitcoin hovering between $30,000 and $40,000, cryptocurrency analysts are scrutinizing blockchain data for clues as to where the market is heading.
Head of digital assets at FundStrat David Grider said that he is looking closely at the “spent output profit ratio” (SOPR). He said, “When SOPR is above 1, it implies owners of the asset are in profit at the time of the transaction. Below 1 implies sellers have capitulated and sold at a loss[...] In a bull market, as we expect we are in today, a SOPR below 1 can indicate a local bottom as sellers are reluctant to sell at a loss.” The metric has stayed below 1 since May, a possible sign of “healthy reset of profit taking” reminiscent of a similar episode that played out in March 2020.
[New York Stock Exchange]
New York stocks closed mixed as Federal Reserve Chairman Jerome Powell reaffirmed that it would remain accommodative.
On the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 34,933.23, up 44.44 points (0.13%) from the previous day.
The Standard & Poor’s (S&P) 500 index closed at 4374.30, up 5.09 points (0.12%), and the tech-focused Nasdaq Index closed at 14,644.95, down 32.70 points (0.22%).
The S&P 500 hit a midday high but the closing price did not break the 12-day high.
[Expert Opinion]
Econex analyzed the Bitcoin trend as follows:
“If the $32,000 breaks, the selling force will induce support at the $29,800 level. At this time, the buying power of $28,700 must be maintained. Moving further upwards, buyers should hold the price at $33,600 to prevent further price declines. Beyond this price point, the market is trading in a relatively narrow range, so we’re looking at $34,600 for profit capping.”
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