Trump assassination drives Bitcoin surge
The rising probability of Trumps victory has made risky assets such as Bitcoin popular. In particular, the Republican Party mentioned in its latest campaign platform that if Trump takes office, it will end the suppression of cryptocurrencies, which has greatly boosted confidence in the cryptocurrency market.
The “Trump deal” is a hit.
After Trump was attacked over the weekend, a series of Trump-related assets such as U.S. Treasury yields and Bitcoin soared. This is all thanks to the fact that he survived the assassination attempt, and the American peoples support for Trump has soared.
Among them, Bitcoin rose for six consecutive days, with a total increase of 11.59% this week, reaching a high of US$66,000.
There are about 11 days until the next Fed meeting (August 1, 2024)
https://hk.investing.com/economic-calendar/interest-rate-decision-168
Market technical and sentiment environment analysis
Sentiment Analysis Components
Technical indicators
Price trend
In the past week, BTC prices rose 11.59% and ETH prices rose 10.55%.
The above picture is the price chart of BTC in the past week.
The above picture is the price chart of ETH in the past week.
The table shows the price change rate over the past week.
Price Volume Distribution Chart (Support and Resistance)
In the past week, BTC and ETH formed a new intensive trading area as they rose to high levels and increased in volume.
The above picture shows the distribution of BTCs dense trading areas in the past week.
The above picture shows the distribution of ETHs dense trading areas in the past week.
The table shows the weekly intensive trading range of BTC and ETH in the past week.
Volume and Open Interest
In the past week, BTC and ETH had the largest trading volume when they rose from July 15 to 16; the open interest of BTC and ETH both fell slightly.
The top of the above picture shows the price trend of BTC, the middle shows the trading volume, the bottom shows the open interest, the light blue is the 1-day average, and the orange is the 7-day average. The color of the K-line represents the current state, green means the price rise is supported by the trading volume, red means closing positions, yellow means slowly accumulating positions, and black means crowded state.
The top of the above picture shows the price trend of ETH, the middle is the trading volume, the bottom is the open interest, the light blue is the 1-day average, and the orange is the 7-day average. The color of the K-line represents the current state, green means the price rise is supported by the trading volume, red is closing positions, yellow is slowly accumulating positions, and black is crowded.
Historical Volatility vs. Implied Volatility
In the past week, the historical volatility of BTC and ETH was the highest when it rose to 7.16; the implied volatility of BTC and ETH rose synchronously.
The yellow line is the historical volatility, the blue line is the implied volatility, and the red dot is its 7-day average.
Event-driven
There were no major data releases in the past week.
Sentiment Indicators
Momentum Sentiment
In the past week, among Bitcoin/Gold/Nasdaq/Hang Seng Index/SSE 300, Bitcoin was the strongest, while Nasdaq performed the worst.
The above picture shows the trend of different assets in the past week.
Lending Rate_Lending Sentiment
The average annualized return on USD lending over the past week was 8.9%, and short-term interest rates rose to 12.6%.
The yellow line is the highest price of USD interest rate, the blue line is 75% of the highest price, and the red line is the 7-day average of 75% of the highest price.
The table shows the average returns of USD interest rates at different holding days in the past
Funding Rate_Contract Leverage Sentiment
The average annualized return on BTC fees in the past week was 4.4%, and contract leverage sentiment remained at a low level.
The blue line is the funding rate of BTC on Binance, and the red line is its 7-day average
The table shows the average return of BTC fees for different holding days in the past.
Market Correlation_Consensus Sentiment
The correlation among the 129 coins selected in the past week remained at around 0.9, and the consistency between different varieties increased significantly.
In the above picture, the blue line is the price of Bitcoin, and the green line is [1000 floki, 1000 lunc, 1000 pepe, 1000 shib, 100 0x ec, 1inch, aave, ada, agix, algo, ankr, ant, ape, apt, arb, ar, astr, atom, audio, avax, axs, bal, band, bat, bch, bigtime, blur, bnb, btc, celo, cfx, chz, ckb, comp, crv, cvx, cyber, dash, doge, dot, dydx, egld, enj, ens, eos,etc, eth, fet, fil, flow, ftm, fxs, gala, gmt, gmx, grt, hbar, hot, icp, icx , imx, inj, iost, iotx, jasmy, kava, klay, ksm, ldo, link, loom, lpt, lqty, lrc, ltc, luna 2, magic, mana, matic, meme, mina, mkr, near, neo, ocean, one, ont, op, pendle, qnt, qtum, rndr, rose, rune, rvn, sand, sei, sfp, skl, snx , sol, ssv, stg, storj, stx, sui, sushi, sxp, theta, tia, trx, t, uma, uni, vet, waves, wld, woo, xem, xlm, xmr, xrp, xtz, yfi, zec, zen, zil, zrx] overall correlation
Market Breadth_Overall Sentiment
Among the 129 coins selected in the past week, 78% of the prices were above the 30-day moving average, 37% of the prices were above the 30-day moving average relative to BTC, 33% of the prices were more than 20% away from the lowest price in the past 30 days, and 67.7% of the prices were less than 10% away from the highest price in the past 30 days. The market breadth indicators in the past week showed that most of the coins in the overall market rebounded and rose.
The picture above is [bnb, btc, sol, eth, 1000 floki, 1000 lunc, 1000 pepe, 1000 sats, 1000 shib, 100 0x ec, 1inch, aave, ada, agix, ai, algo, alt, ankr, ape, apt, arb, ar, astr, atom, avax, axs, bal, band, bat, bch, bigtime, blur, cake, celo, cfx, chz, ckb, comp, crv, cvx, cyber, dash, doge, dot, dydx, egld, enj, ens, eos,etc, fet, fil, flow, ftm, fxs, gala, gmt, gmx, grt, hbar, hot , icp, icx, idu, imx, inj, iost, iotx, jasmy, jto, jup, kava, klay, ksm, ldo, link, loom, lpt, lqty, lrc, ltc, luna 2, magic, mana, manta, mask, matic, meme, mina, mkr, near, neo, nfp, ocean, one, ont, op, ordi, pendle, pyth, qnt, qtum, rndr, robin, rose, rune, rvn, sand, sei, sfp, skl, snx, ssv, stg, storj, stx, sui, sushi, sxp, theta, tia, trx, t, uma, uni, vet, waves, wif, wld, woo,xai, xem, xlm, xmr, xrp, xtz, yfi, zec, zen, zil, zrx ] 30-day proportion of each width indicator
Summarize
In the past week, the prices of Bitcoin (BTC) and Ethereum (ETH) rose for 6 consecutive days, while the volatility and trading volume of these two cryptocurrencies reached the highest level when they rose on July 16. The open interest of Bitcoin and Ethereum is declining. In addition, the implied volatility of Bitcoin and Ethereum has also risen in tandem. Bitcoins funding rate remains at a low level, which may reflect the continued low leverage sentiment of market participants towards Bitcoin. Market breadth indicators show that most cryptocurrencies have rebounded and risen, indicating that the overall market has rebounded from lows in the past week.
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