CryptoFinance Metrics | 08.04.2021

Published in

BCISTCenter

4 min readAug 4, 2021

Social Media: LinkTree

Monthly miner revenue increased from June’s $839.09 million to just over $970 million, but still down from the all-time monthly high of $1.75 billion seen in March.

Further Reading: Bitcoin Miners Earned $971 Million in Revenue during July

Latest Headlines

Google is running crypto ads again after its updated financial products and services policy went into full effect on August 3.
Spain opposition party, Partido Popular, introduces bill to allow mortgage payments with crypto.
President of Venezuela stated that the country could offer cryptocurrency-based loans to the agricultural sector.
Bitcoin SV, the blockchain created as a fork of Bitcoin Cash, has just suffered another 51% attack.
Square’s Cash App service’s bitcoin yearly revenue rose 200% to $2.72 billion from $875 million.

Technical Analysis

BITCOIN [BTC] — 39,328.58 USD

The price of Bitcoin, which lost about 1 percent in the morning hours, is $ 37,800. When we examine the chain data for Bitcoin, and look at the Bitcoin supplies held by short-term and long-term Bitcoin investors, it is seen that the amount held by short-term investors peaked at $ 60,000, while they were selling at a loss with the decline and there was a great decrease in their supply. On the long-term investors side, the situation is the opposite. These investors, who reduced the amount in their hands at the peak levels, bought almost the same amount of Bitcoin with the decrease again. Considering the position taken by long-term investors, we can say that the outlook is positive.

When we look at the BTC/USDT parity in a technically, the correction that brought the whole market started with the downward trend of the rising trend that existed as of July 21 in the past days. Bitcoin, which fell to the level of $ 38,342 and which we expect to find the first support, is priced below this level. Our next major support level is $36,413 and the $35,953 band, which coincides with the Fibo’50 tranche.

Resistance Levels: 38.774 / 39.378 / 39.935
Support Levels: 37.613 / 37.056 / 36.452

ETHEREUM [ETH] — 2,669.28 USD

The price of Ethereum, which lost about 0.6 percent in the morning hours, is $ 2495. According to the weekly crypto fund report of CoinShares, although there was an outflow from Ethereum funds, it was limited to $ 9.5 million. When we examine the chain data, the increase in large investor addresses shows that the direction of the medium-term trend is up. Considering that the London Hard Fork update will also be priced positively, the outlook for ETH is positive.

When we consider the ETH/USDT parity in a technically, it is priced just below its rising trend as of July 22. The MACD sell signal in the 4-hour period continues in ETH, which clings to the $2463 level, which coincides with the 23.60 slice of the Fibonacci Retracement level and which was withdrawn from the July 20 low level of 1706 to the August 1 high level of 2697. If there is a 4-hour close below $2463, the next level we expect to find support is $2318.8.