It has been a bullish week for the crypto market, with crypto network news updates driving investor appetite over the week.Investor sentiment towards inflation, the US economic outlook, and Fed monetary policy took a backseat.The Fed entered the blackout period on July 16, with less hawkish chatter raising hopes of a less aggressive path towards normalization.US corporate earnings delivered NASDAQ 100 support, contributing to the total crypto market cap return to $1,000 billion.From the crypto markets, investor reaction to updates on the Ethereum Merge and Cardano Vasil hard fork was also the key to the bullish week.According to LunaCrush , bitcoin ( BTC ) was the top coin by social mentions, followed by Ethereum ( ETH ), Solana ( SOL ), Dogecoin ( DOGE ), and Shiba Inu Coin ( SHIB ).Amidst the bullish market sentiment, BTC saw social mentions hit 2.5 million, with ETH (1.90m) also seeing substantial interest.SOL (0.771m), DOGE (0.304m), and SHIB (0.281m) trailed significantly, however.
While performances were bullish, investors faced a test mid-week, with news of Tesla Inc.(TSLA) offloading 75% of its BTC holdings weighing on BTC and the broader market.The downside was short-lived, however.Bitcoin (BTC) For the current week, Monday through Friday, bitcoin was up by 13.10% to $23,516.
A bullish start to the week saw bitcoin rally to a Wednesday high of $24,276 before a brief slide back to sub-$23,000.Bitcoin visited $24,000 for the first time since June 13 before the Tesla-driven fall to sub-$23,000.A bullish Friday session, supported by the NASDAQ 100 upswing, saw BTC retarget $24,000 ahead of the weekend.
A breakout from the current-month high of $24,276 would bring $25,000 levels into play to give the bulls a look at the June high of $31,956.
In the event of another extended reversal, avoiding the June and current-year low of $17,601 remains the key.Ethereum (ETH) For the current week, Monday through Friday, Ethereum was up by 19.51% to $1,599.
A bullish week saw Ethereum rally from a Monday low of $1,336 to a Friday high of $1,646.News of a September Merge delivered $1,600 levels for the first time since June 11.Ultimately, resistance at $1,600 proved telling, with news of Tesla dumping 75% of its BTC holding testing investor crypto appetite.A breakout from the current week and month high of $1,646 would bring the June high of $1,972 and $2,000 into view.In the event of another extended reversal, avoiding the June and current-year low of $883 remains the key.On the fundamentals, Merge news updates will remain the key driver.
Any news of a delay beyond September and ETH will come under pressure.
Solana (SOL) Monday through Friday, Solana was up by 10.54% to $42.69.SOL rallied from a Monday low of $38.55 to a Tuesday high of $47.45 before hitting reverse.SOL fell to sub-$40 before a brief return to $44 levels.Resistance at $50 remains the key since recovering from the June 14 current-year low of $24.84.A breakout from the current-month high of $47.45 would bring $50 levels into play to give the bulls a look at the May high of $95.17 and $100.
Sentiment would need to materially shift, however, for a breakout from $50.In the event of another extended reversal, avoiding sub-$25 and the June and current-year low of $24.84 remains the key.Investors will be looking for ecosystem updates and a shift in NFT activity, Dogecoin (DOGE) This week, Monday through Friday, DOGE was up by 10.32% to $0.0695.Tracking the broader market trend, DOGE rallied from a Monday low of $0.0630 to a Wednesday week high of $0.0769 before a return to sub-$0.070.On Wednesday, the Tesla corporate earnings call delivered DOGE a short-lived boost.
While Tesla dumped 75% of its BTC holdings, Elon Musk stated that Tesla continued to hold its DOGE holdings.On the negative, however, was the fear that Tesla could also dump DOGE, coupled with the [Twitter] fiasco.Near term, a DOGE breakout from the current-month high of $0.0769 would give the bulls a look at the June high of $0.0893 and $1.0.In the event of another extended reversal, steering clear of sub-$0.05 and the June and current-year low of $0.0491 remains the key.Shiba Inu Coin (SHIB) This week, Monday through Friday, SHIB was up by 12.61% to $0.00001206.
Tracking the broader market trend, SHIB rallied from a Monday low of $0.0000107 to a Wednesday week high of $0.00001315 before a brief return to sub-$0.000012.On Wednesday, the Tesla corporate earnings call delivered SHIB a short-lived boost.While Tesla dumped 75% of its BTC holdings, Elon Musk stated that Tesla continued to hold its DOGE holdings, providing SHIB support On the negative, however, was the fear that Musk and Tesla could turn against SHIB, coupled with the “Twitter fiasco”.Near term, a SHIB breakout from the current-month high of $0.00001315 would give the bulls a look at the May high of $0.00002199.In the event of another extended reversal, steering clear of sub-$0.05 and the June and current-year low of $0.0491 remains the key..
