WMA: Bitcoin’s uptrend is stalling as hodling reaches historic high

Data & Research / 05.07.2020

Get the weekly summary of cryptocurrency market trends, news, and forecasts!

This Week’s Summary

  • The Crypto Market ends the week at a total market capitalization of $259 billion.
  • Bitcoin moves sideways for most of the week and remains safe above the $9,000 level.
  • Ethereum lost almost 2% of its value throughout the week.
  • XRP continues to fluctuate slightly around the $0.175 level
  • TRON makes the headlines with new DeFi products and ATM availability in South Korea

Crypto Trends 29th of June – 05th of July 2020: PERFORMANCE & ANALYSIS

A relatively uneventful week on the cryptocurrency market comes to an end. Bitcoin refrained from making another attempt for the $10,000 resistance level, and even the most hopeful investors have tempered their optimism.

Bitcoin ends the week trading at $9,052 after yet another disappointing period. Since March, the popular crypto is up by 78%, but it seems to stall in its quest to return above the 5-digit level. For now, it is stuck in a comfort zone just above $9k, and a clear indicator of its impotence is the historic level of BTC hodling, which shows that 73% of all Bitcoins in existence haven’t moved since 2019.

The second most popular cryptocurrency, Ethereum, seems to have hit a wall in its uptrend trajectory that it has been on for almost three months. This week, it lost almost 2% of its value and steps into the next 7-day trading at $226.31. The nearest resistance level is at $245, and the closest support is at $215.

Ripple’s XRP lost 3% of its value over the past week. While it is on an obvious downtrend, XRP manages to end every day above the support level at $0.175. Last month, the crypto was aiming to beat $0.22 resistance levels, and now it barely aims to go above the nearest one at $0.18. XRP ends the week trading at $0.176.

Elsewhere, TRON has made the headlines this week not once, but twice. First off, it announced through its YouTube channel that the cryptocurrency is now available at more than 13,000 ATMs around South Korea.

Then, on Friday, the TRON CEO Justin Sun tweeted about the future release of three new DeFi products:

  1. JUST Lend, which will enable TRON users to earn interests or borrow assets against collateral
  2. JUST Swap, which will be a fully decentralized on-chain protocol for token exchange
  3. JUST BTC, which will be a TRC20 token pegged to Bitcoin 1:1

What’s in the News?

  • According to this report from the UK Financial Conduct Authority (FCA), more than 2.6 million citizens in the UK own cryptocurrencies.
  • An unknown Bitcoin “whale” has moved more than$933 million, which amounts to 0.5% of all BTC.
  • This report from the China Patent Protection Association (CPPA) shows that the country with the most blockchain-related patents is the U.S.A.

Next Week’s Market Forecast

In the upcoming week, Bitcoin should trade again safely around the $9,000 mark in the absence of unexpected events. Since March, BTC’s mediocre performance falls in line with many expert predictions, some of which are betting on a tight up-and-down trajectory between $6,000 and $10,000 for the rest of the year.

Elsewhere, the financial markets are holding strong against the second wave of COVID-19 infections sweeping the Americas. The good news in the battle with the pandemic is nowhere in sight, and an imminent recession is looming on the horizon.

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A creative writer in the field of content writing for the past 7 years. Iulian is passionate about his work and his interest in areas such as technology, travel, sports, literature and gastronomy have aided him to the research quality in articles that reflect these themes. Recently, he discovered the Bitcoin and the blockchain technology and he’s a big fan now.