Crypto Market Analysis – July 7th

From the perspective of the performance of mainstream currencies, after the surge on July 6th, the mainstream currency on the daily line has confirmed the short-term trend, reducing the impact of trendy bearishness. During this period, the market share of BTC fell back to 94.5%, indicating that there is more room for supplementary gains.

In terms of the number of active addresses, the number of BTC active addresses rebounded as expected on July 6th, and the value increased from 760,000 to 990,000, a 30% increase. In the same period, the number of new addresses also rose from 370,000 to 490,000, indicating that the rebound of BTC occurred during the period of periodic fluctuations in the number of active addresses and the number of new addresses.

According to the operation rules of active addresses, since June 7th, the number of active addresses has peaked four times. The four peaks are June 11th, June 16th, June 23th, and July 1st. The rapid increase in the number of BTC active addresses this time means that the current round of price strength has just begun.

Considering the mainstream currency, most currencies have a higher increase. For example, XRP has reached its highest closing price of $0.188 since June 22th. BSV rose to its highest value since June 6th. ETH, which ranks second in market capitalization, has a stronger short-term performance than BTC, and its price has reached its highest value since June 23th.

With the strong rebound of most currencies, the current market is completely in a state of contraction in price recovery. Therefore, when judging the expected price increase, it is very important to pay attention to the trend of BTC. The investor’s cost price of BTC within two months is between $9,300 and $9,400. Therefore, short-term bulls should at least stand above $9,400.

It is worth emphasizing that most currencies still oscillated during the period, but the short-term rebound reached the upper limit of the oscillation range. Therefore, the next key moment is to change the market, focusing on the trend of mainstream currency prices, you can confirm the trading opportunities.
Statement: Please be noted that this email is not a piece of investment advice or any beneficial statement on behalf of Bexplus. Please make your own judgment independently.