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Bingbon Chart

Source: TradingView& Bingbon

BTC rebounded yesterday after continuing to fall this week and is back at $39,000 today. Since the trading volume of bitcoin has shrunk significantly, it appears as though the strength of the bears is not strong, and the bull’s optimism mood still exists. As things currently stand, a more decisive breakout that pulls Bitcoin price through the $40,000 to $42,000 resistance zone is necessary. Traders will gain confidence and witness this year’s new all-time highs. If bitcoin does not return to $42,000 this week, there is still a high probability that $35,000 will be the first target for bitcoin to break down.

Today’s Headline

Ethereum fans are excited about the upcoming London hardfork which is scheduled to take place at block height 12,965,000 today. The London hardfork consists of five EIPs. EIP-3529 is designed to reschedule the way transactional fees can be refunded. EIP-3541 introduces new ways of smart contracts needed for DeFi progress. EIP-3554 delays the dangerous “difficulty bomb” to December 2021. The most crucial upgrade is EIP-1559 that introduces a new fee calculation model to Ethereum. As ETH continues to gain more market dominance, it is more likely to run at its own pace as opposed to following the market trends of Bitcoin.