The cryptocurrency market digest (BTC, ETH). Overview for 06.07.2022

The BTC continues consolidating at $20,225. It’s a miracle! The major cryptocurrency fixed above $20,000. Frankly speaking, there were serious doubts about it.

Technically, the target of this local recovery might have been $21,500-$21,700; however, a few rising impulses weren’t enough to make a lot of investors open long positions. No matter what, bears are still dominating the sector. It means that they might return to the market at any moment and resume pushing the price down to $17,500.

To break the current local downtrend and get back to growing, the BTC must recover up to $23,000-$23,500.

The Bitcoin Fear & Greed Index is currently 19 points – it’s an Extreme Fear. The data is based on the similar Fear & Greed Index from CNNMoney and takes into account 6 parameters. Extreme Fear might be a signal that the market is really concerned.

ETH: still consolidating

The key altcoin, the ETH, is still consolidating between $994 and $1,280. The current technical signals do not imply a breakout of any of the above-mentioned borders.

Crypto market: highlights of July

This month, STEPN has to delete accounts of Chinese users in accordance with the local legislation. From 19 to 21 July, Ethereum will hold an annual; conference ETHCC in Paris. Cardano is preparing the Vasil hard fork, which is already working in the test network.

Miners are earning on the BTC

The BTC miners’ incomes passed the ETH for the first time this year. In June, they earned $656.5 million, while the ETH miners – just $548.5 million. At the same time, the global profit from the mining of major cryptos continues declining – the digital asset prices are dropping.