A Daily Outlook: BTC/USD; July 22, 2022

Top Headlines on Digital Currency:

  • As Bitcoin’s hashrate continues to decline, the flagship cryptocurrency’s mining difficulty took a plunge. As per the latest weekly report from Arcane Research, Thursday will witness the largest mining difficulty drawdown since the July of 2021.
  • Ethereum’s whale activity has been on a rise recently. Its latest development has been a whale buying $1.7 billion worth of ETH futures contracts in just one hour.
  • Elon Musk’s electric vehicle manufacturer company has sold a majority of its Bitcoin holdings in the second quarter of the year. This was revealed in Tesla’s latest earnings report that was published late on Wednesday.
  • Polygon has unveiled what it calls the “most important reveal” of 2022. It has taken a leap forward in scaling with the first EVM-equivalent of Layer 2 ZK (zero-knowledge).
  • DOGE developer Patrick Lodder revealed the release of a new core update. The Dogecoin core 1.14.6 is a minor version which includes important security updates and changes to network efficiency.
  • A new bill was introduced in the UK parliament on Wednesday for stablecoins. The Financial Services and Markets Bill seeks to regulate “certain types” of stablecoins as a form of payment in the country.
  • Source: ambcrypto

    Technical View:

    • The BTC trades flat on Friday and stabilizes above $23,000 mark.
    • The pair made intraday high at $23,349 and low at $22,811 mark.
    • Today a day chart is down and H1 chart with triple EMA suggests up trend for the time being.
    • A sustained close above $23,500 on H1 chart requires for the upside rally.
    • Alternatively, a consistent close below $22,500 on H1 chart requires for the downside rally.
    • Supports Resistances
      $22,500 $23,500
      $22,150 $24,000
      $21,750 $24,400
      $21,100 $25,050
      $20,600 $25,650

      Take a look and do trade wisely!
      Good Luck