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Japans 20-year government bond yield fell 2.0 basis points to 2.490%.South Koreas central bank decided the interest rate at 2.5% on July 10, in line with expectations of 2.50% and the previous value of 2.50%.On July 10, an important panel in the U.S. Senate debated proposed digital asset regulation, with Republicans calling for a moderate approach and Democrats warning of potential loopholes and conflicts of interest. "Our job is to set clear, loose guardrails to protect investors, stop fraud, and allow responsible innovation to flourish," said Tim Scott, chairman of the Senate Banking Committee. He noted that legislation should clearly define which tokens are securities and ensure appropriate protection from illegal financing. Republican Senator Hagerty and others released market structure principles last month, calling for a clear definition of the legal status and regulatory agencies of digital assets. The plan is largely in line with the CLARITY Act proposed by the House Committee in June. Hagerty said he was not worried about losing bipartisan support for market structure legislation and predicted that Democrats who support stablecoin legislation would begin to act.Foreign investors bought Japanese government bonds worth -164.6 billion yen in the week ending July 4, with the previous value revised from 105.26 billion yen to 105.91 billion yen.Japan bought 512.7 billion yen of foreign stocks in the week ending July 4, compared with 190.6 billion yen in the previous period.

BTC Eyes Sub-$19,000 with ETH Facing a Fall to Sub-$1,450

Cory Russell

Sep 06, 2022 16:03

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Bitcoin (BTC) increased by 0.85% on Sunday. BTC gained 2.21% to reach $20,03 at the close of the week, reversing a Saturday decline of 0.68%. BTC rebounded from a low of $19,589 to a high of $20,039 in the last hour before easing down.


Ethereum (ETH), which had lost 1.14% on Saturday, gained 1.35% on Sunday to close the week up 10.73% at $1,579.


Following the general market, ETH dropped to a low of $1,541 before reaching a high of $1,584 in the last hour. Investor anticipation of the impending Merge offered assistance, while Fed apprehension maintained ETH below $1,600.


Despite the US markets being closed for Labor Day, investor caution dominated the cryptocurrency market going into the Monday session. Investors in cryptocurrencies are in the dark about the Fed's rate rise in September.


Although the US job market statistics from last week were worse than anticipated, inflation is still much higher than the Fed's target, which signals front-loading for the rest of the year. After Friday's statistics, former Fed Chair and US Treasury Secretary Janet Yellen emphasized the Fed's obligations. The remarks made by Yellen are still relevant.

Bitcoin Price Action (BTC)

BTC was worth $19,746 at the time of writing, a decline of 1.28%. BTC saw a negative morning, dropping from a high of $20,060 to a low of $19,637.


At $19,715, BTC momentarily breached the First Major Support Level (R1).

Technical Significance

In order to support a run at the First Major Resistance Level (R1) at $20,165, BTC must cross the pivot point at $19,877. To break beyond the morning high of $20,060, BTC requires support from a larger portion of the market.


BTC would challenge the Second Major Resistance Level (R2) at $20,327 and resistance at $20,500 during a prolonged crypto rise. At $20,777, the Third Major Resistance Level (R3) is located.


If the pivot is not moved through, the First Major Support Level (S1) at $19,715 remains in play. In the absence of a prolonged sell-off, BTC should stay above $19,000. The decline should be constrained by the Second Major Support Level at $19,427.

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