A Daily Outlook: BTC/USD; July 21, 2022

Top Headlines on Digital Currency:

  • Many analysts believed Bitcoin’s rally to be powered by the weak dollar. On the whole, the momentum of these top coins have also helped the broader crypto market to regain the $1 trillion capitalisation.
  • Ethereum developers have scheduled the highly-awaited Merge for mid to late September. As per a recently published newsletter, the provisional Merge timeline to turn off the Proof-of-Work (PoW) mechanism has been set for the week of September 19.
  • The world’s largest exchange has flipped Coinbase in terms of holding the most Bitcoin of any exchange. Reports revealing the same compared and contrasted the change in BTC balances on Binance and Coinbase exchanges over time.
  • Lido Finance, the crypto staking service provider, has announced its layer-2 expansion plan. It has decided to offer staked Ether (stETH) support across the ecosystem of Ethereum L2 networks.
  • Celsius is kicking off its recovery plan with an approval to construct a new Bitcoin mining facility. This is one amongst the many strategies that the company is undertaking to stabilize its business following the bankruptcy.
  • The crypto staking firm seeks to pass on maximal extractable value (MEV) rewards to its delegators on Ethereum 2.0. This is aimed at ensuring increased staking yield.
  • As cryptocurrencies gain popularity in Colombia, its Financial Superintendence released a draft of rules for the industry. The financial regulator of the country put forward the proposed regulations, asking for public comment.

Source: ambcrypto

Technical View:

  • The BTC erases previous gain and slips back below $23,000 mark.
  • The pair made intraday high at $23,430 and low at $22,450 mark.
  • Today a day chart and H1 chart with triple EMA suggest bearish trend for the time being.
  • A sustained close above $25,500 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $22,200 on H1 chart requires for the downside rally.
  • Supports

    Take a look and do trade wisely!
    Good Luck