Cryptocurrencies Weekly Summary – Top Five Crypto Coins to Watch

The BTC/USD coin failed to stop its previous long losing streak and extended a declining streak below the $33,500 support against the U.S. Dollar. Bitcoin recently broke the $33,000 support zone and settled well below the 100 hourly simple moving average. As of now, it is consolidating between the range of 32,367.0 – 33,166.0. According to the daily chart, the BTC price is forming a bearish move, and it is still under heavy risk of breakdown, especially if the pattern support is shattered.

After today’s fall, all eyes now hold on the support at $31,500, where BTC double-bottomed in the last month of June and was able to reclaim over $36,000 shortly after. Furthermore, it could be catastrophic for the BTC if support at $32,000 gives in, prompting more selling, forcing the BTC price down near $30,500. The BTC could start an upside correction on a different page if it remains stable above the $32,000 support zone. Immediate resistance on the upside is near the $33,000 level.

However, the ongoing heavy selling bias surrounding the BTC/USD coin could be associated with the stronger U.S. dollar. The broad-based U.S. dollar was being supported by the concerns over the ever-increasing COVID-19 cases, which continue to raise doubts over the global economic recovery from COVID-19 and gave support to the Safe-haven currencies such as the U.S. dollar, Japanese yen, and Swiss franc. The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched up 0.05% to 92.453 by 11:47 PM ET (3:47 AM GMT). However, the U.S. currency dropped from a three-month high.

The U.S. dollar that tracks the greenback against a basket of other currencies rose by 0.05% to 92.453.On the positive side, the downticks in Bitcoin could be temporary or short-lived as New York’s Mechanicville hydroelectric plant, known as one of the oldest hydropower generation facilities in the United States, is now hosting Bitcoin mining. It is worth mentioning that the plant is owned by Albany Engineering Corp (AEC), which was asked to restore it by the National Grid (LON: N.G.) in 1986. Jim Besha Sr., AEC’s chief executive, says that cryptocurrency mining offers three times more profit margins available from selling electricity back to the grid.

It is worth recalling that the Dogecoin did not take a great start in July, having dropped 15% from its value so far this month, including a 9% decline in the last 24 hours. Even top-10 cryptocurrencies are trading in the red today, which has not resisted the pressure in the broader market. Dogecoin seems to have been lost in the broader crypto market downturn, as altcoins are getting hit. The expectation on social media channels is that Dogecoin is just following the bitcoin lower trend. However, the reason behind the sluggish dogecoin prices could also be tied to the reports suggesting that the legendary financial advisor and best-selling author Ric Edelman has recently told the meme-inspired cryptocurrency Dogecoin ($DOGE) is a “scam” that will end “very badly,” even though he is bullish on the cryptocurrency space in general.