The news about Bitcoin (BTC), Ethereum( ETH) and Cardano (ADA) at the end of July 2023

Bitcoin (BTC) 

After trading over the psychologically critical $30,000 barrier for numerous sessions, Bitcoin (BTC-USD), the benchmark for cryptocurrencies, had a noticeable momentum drain. On Monday night, the Bitcoin price dropped to slightly under $29,200. Bitcoin lost almost 3% of its value in the preceding 24 hours. almost the previous week, it dropped by almost 3%. 

Bitcoin is facing an imminent life-or-death situation. At its current price, Bitcoin is trading around its 50-day moving average, a popular indicator of short-term mood. This is a challenging environment for investors, as a sustained move below the 50 DMA has the potential to bring in the bears. The digital asset must hold the line if it is to keep its bullish trend going. 

However, traders should realise that volume levels have been noticeably down since the first quarter of this year. Worse, this drop runs counter to Bitcoin’s general price increase. Typically, a confirmation of a rally would be seen as a rise in volume. Traders should proceed with caution and a good dose of scepticism in light of this. 

Ethereum (ETH) 

Ethereum (ETH-USD), the second-largest virtual currency by market capitalization, had a similar decline in value to Bitcoin. ETH has lost approximately 2% to the bears in the preceding 24 hours. More than 3% of the coin’s value was lost during the previous week. As of this writing, it has changed hands for little more than $1,850. 

Ethereum’s price was over $1,900 for many trading days after a surge at the end of June. Additionally, it attempted to break the $2,000 barrier, but ultimately failed to do so. Like Bitcoin, Ethereum is now trading around its 50 day moving average. If ETH doesn’t want to suffer any more technical setbacks and attract even more bears, it, too, has to stand firm. 

Once again, the Federal Reserve will have a major impact on the near-term trend. Higher prices for Ethereum and other cryptocurrencies are possible if officials adopt a more upbeat tone towards the inflation equation. The market is now in a holding pattern, reluctant to reveal its hand too soon. 

Cardano (ADA) 

Cardano (ADA-USD) is a prominent cryptocurrency that ranks among the top ten in terms of market cap. Because of this, previous predictions of its destruction have been disproved. Cardano is a stable investment despite its huge price swings and extreme volatility. However, it is certainly not safe from a decline. ADA has to start delivering tangible value to the market or it will continue to take a beating. 

Cardano’s flat-top wedge design began to take shape about the 10th of June and persisted until the 12th of July. Due to the flat top’s ceiling that bulls were having trouble breaking through, ADA seemed quite precarious. On July 13, however, the blockchain asset finally climbed over the ceiling, going so far as to temporarily surpass its 200 DMA. 

Since then, ADA has suffered serious setbacks. The current Cardano exchange rate is 30.5 cents, which is only a 4% premium over the 50 day moving average (DMA) of 29.4 cents. The bulls need to step in and rescue this sinking asset. A drop below the 50 day moving average might be a negative sign if the Fed adopts a hawkish stance.