Dear Teroxx Community,

This week we saw a digital asset market that saw positive movements and tested the $42.000 resistance!

Weekly overview

As usual, we are also providing detailed videos for those who want to delve deeper into the subject.

Latest crypto news

New job ads suggest PayPal will soon make cryptocurrencies accessible in Europe. Leading payment service PayPal is looking for crypto professionals for several positions at its European headquarters in Ireland, providing an indication that an expansion of its crypto business into the European market is imminent.
The Dublin-based headquarters is looking for professionals with expertise in cryptocurrencies in areas including compliane, anti-money laundering and business development. PayPal CEO Dan Schulman had revealed in April that the crypto business had exceeded all expectations in the first six months.

Only the “disbelief” of crypto investors is currently holding Bitcoin back from advancing to even higher spheres. Bitcoin (BTC) closed July above 41,000 US dollars, which seems to put a stop to the downward trend of the last few months. After being in the red for the last three months, BTC/USD was able to consolidate recent gains, closing even much stronger than many expected.
Despite the interim downturn to $29,000, the bears were unable to stop the renewed upward momentum, which has cleared several resistances and turned the sentiment to the positive.
“Bitcoin is creating a positive embrace in the price chart,” as Milne notes to that effect.
The recent upswing and its staying power is causing surprise even among seasoned Bitcoin investors.

As the blockchain data shows, some long-term investors are even selling as the bitcoin price rises, leading crypto expert Lex Moskovski to conclude that the market has now reached the “disbelief” phase, which in turn is also a harbinger of a new high.

The head of Mastercard confirms that the “multi-layered payment service provider” will also offer various solutions for the crypto industry. Traditional payment service providers are increasingly striving to avoid being left behind by new developments in financial technology, whether they are central bank digital currencies (CBDCs) or stablecoins.
Mastercard CEO Michael Miebach provided further evidence of this in a second-quarter press conference on Thursday. Here, for example, Miebach indicated that he sees his company as well positioned in the areas of cryptocurrencies and CBDCs:
“We see ourselves as a multi-layered payment service provider, which is why we are also active in these areas to offer solutions.”

Technical term of the week

Trend channel: A price range for an asset that is respected for a longer period of time. This channels are often established in phases of consolidation.

Crypto Market

Last week we saw market moves that saw bitcoin break out of the deep areas of the trend channel. This allowed the entire market to complete a positive move and bitcoin was able to test the local resistances at ~$40,000 & ~$42,000. However, these could not be broken in the long term, causing the first slight setbacks, but still keeping the market at “high” levels. Bitcoin was able to complete ~15% price increase this week alone, supporting the positive and bullish impression. Thus, we see further distance from the deep support at ~$30,000, which means that higher support zones can now be established.

BTC/USDT, 60

Bullish outlook: If support above half on $42,000 can be established, the market would end the sideways phase and set the market up for bullish times.

Bearish outlook: If this resistance cannot be broken, further consolidation between $39,500 – $36,000 is likely.