Any break above the 200-day moving average will push BTC to $50,000 and higher.
The launch of Ethereum London hardfork has triggered a party in the altcoin space.
The world’s largest cryptocurrency Bitcoin (BTC) has been oscillating around $40,000 and has managed to move above this resistance once again. At press time, Bitcoin (BTC) is trading 6.73 percent up to a price of $40,609 with a market cap of $762 billion.
The recent Bitcoin price volatility around $40K levels has investors confused over the next move. As BTC sets up once again on its journey to the north, here are some of the key crucial levels to watch on the upside.
If the BTC price break’s past its trading range of $40,900-$41,300 levels, it should be heading to its next major resistance which is the 200-day moving average of $44,800. This is a critical level that Bitcoin (BTC) must reclaim if it has to set itself up for its next journey to $50,000 and further to its all-time high of $64,400.
Bitcoin’s Millionaire-Tier addresses i.e. the ones holding between 100-10,000 Bitcoins currently control 50 percent of the total Bitcoin supply. This shows the influence that BTC whales have over its price movements.
#Bitcoin addresses that hold 100 to 10,000 $BTC currently own 49.11% of the total #Bitcoin supply, and they’re still very near the #AllTimeHigh of 49.18% made just last week. This key group of whales is one of our most solid indicators to watch. https://t.co/3L1MCrdRjC pic.twitter.com/psGr2phnuc
— Santiment (@santimentfeed) August 6, 2021
Another piece of information from on-chain data provider Glassnode notes that Bitcoin’s “entity-adjusted transaction volume has increased to $7.48 billion per day over the last 14-days. In particular, transactions over $1 million in size (approx. 25 $BTC) are on the rise. This represents 46.5 percent of the total transaction volume”.
Altcoins follow Bitcoin
The Ethereum London hardfork upgrade has helped to continue further the altcoin party. The ETH price continues to surge and has moved past $2800 levels earlier today. At press time, ETH is trading 5.70 percent up at a price of $2773 with a market cap of $321 billion.
Post the London hardfork on Thursday, the EIP-1559 protocol has burnt over 4000 ETH in just the first 24 hours as the base fee. After trading under pressure for a long time, Binance’s native cryptocurrency Binance Coin (BNB) has managed to surge past $300 levels this week. At press time, it is 2.20 percent higher and trading at $334.
Cardano’s ADA is 1.5 percent up today moving to a $1.37 price as of writing this story. As updated by Charles Hoskinson, Cardano’s Alonzo hardfork combinator will go live later this month. Cardano is planning to bring smart contracts to feature for users after the successful upgrade with Alonzo hardfork.
In the top ten list, Polkadot (DOT) is up 4 percent today. The Ethereum-competitor is making a strong move and is currently trading at $19.09 with a market cap of $18.6 billion.
On the other hand, DeFi token Uniswap (UNI) has registered a solid 11 percent rally today. At press time, Uniswap is trading for $25 and it’s heading to the next target of $30. Earlier this week, Bitwise Investments launched its Uniswap DeFi fund catering to institutional players.
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