Bitcoin (BTC)·Ethereum (ETH), 'Hesitant' Ahead of Circle·Mara Holdings Earnings Announcement

▲ Bitcoin (BTC), Ethereum (ETH)

Bitcoin (BTC) and Ethereum (ETH) have stalled ahead of corporate earnings announcements. The Fear Index at 27 is increasing tension in the cryptocurrency market.

According to Coingape on August 2 (local time), Bitcoin rose 0.72% to $63,460. Ethereum remained at $1,870, up 0.45%. XRP showed the highest gain among the top 10 cryptocurrencies by market capitalization, rising 1.49% to $1.08. BNB and Dogecoin (DOGE) fell 1.19% and 0.12%, respectively.

The market's attention is focused on the earnings of Circle (CRCL) and Mara Holdings (MARA). Circle will announce its Q2 earnings on August 4. Wall Street expects earnings per share (EPS) to be $0.18, an 82% decrease from the same period last year. Mara Holdings' projected net loss per share is between $0.33 and $0.56. The cryptocurrency market showed weakness after Coinbase (COIN) and Strategy (MSTR) announced quarterly net losses on July 30.

The Crypto Fear & Greed Index remained in the "fear" zone, recording 27 for two consecutive days. Although it rose from last month's low of 21, investor sentiment remains frozen. Coingape diagnosed that if Circle and Mara Holdings' earnings fall short of market expectations, the index could be pushed back into the "extreme fear" zone.

Bitcoin formed a rounded bottom on the 4-hour chart, holding the $62,518 support level. The Relative Strength Index also moved in an upward direction, indicating weakening selling pressure. Ethereum failed to break through the $1,900 resistance level for three consecutive days. The decline in the Average Directional Index showed that the buying power, which had led the rebound from $1,500 to $1,900, was weakening.

If Ethereum breaks through $1,900, the next resistance levels are $2,000 and the 200-day exponential moving average at $2,163. If selling pressure intensifies, it could fall below the $1,800 support level and retest the June 26 low of $1,500. XRP formed a double bottom with a resistance level at $1.09. Breaking above this resistance opens the possibility of an additional 4.39% increase, and the Relative Strength Index at 56 and the breakout above the 50-day exponential moving average also indicated strengthening buying pressure.

[Article Summary]

-Bitcoin and Ethereum showed limited gains ahead of Circle and Mara Holdings' earnings announcements.

-Circle's Q2 earnings per share were projected to decrease by 82% compared to the same period last year.

-XRP rose 1.49%, recording the strongest gain among the top 10 cryptocurrencies by market capitalization.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*