Bitcoin Has Biggest Weekly Price Gain in 3 Months
  Everything you need to make sense of the crypto markets and beyond By the CoinDesk Markets Team Edited by Lawrence Lewitinn, Managing Editor, Global Capital Markets August 2, 2021 Sponsored by  (Price data as of August 2 @11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
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Market Moves by Omkar Godbole Bitcoin Logs Biggest Weekly Price Gain in 3 Months as Illiquid Supply Hits Record High Bitcoin posted its steepest weekly gain in three months last week, and blockchain data hinting at renewed supply-side weakness indicates further advances may be in the offing.
The top cryptocurrency added 12.4% in the seven days through Aug. 1, the most since the final week of April, according to Bitstamp data. It advanced 18.4% in July, snapping a three-month losing streak, and was last changing hands near $40,000.  Bitcoin's weekly and monthly charts (Source: TradingView) Data tracked by Glassnode show bitcoin (BTC)'s illiquid supply, or the balance held by illiquid entities, decoupled from prices in May, signaling renewed holding sentiment. The measure reached a record high 14.447 million over the weekend.
"Amount of bitcoin held by the strongest holders has retraced the whole dump and surged to ATH. This is very bullish," Lex Moskovski, chief investment officer at Moskovski Capital, tweeted.
The figures show investors are again holding for the long term, or HODLing, reducing the supply of coins available for sale in the market.
Bitcoin supply currently is 18.77 million, or 89% of the 21 million cap. However, according to Glassnode, the actual number of coins available for trading is much lower due to increased hoarding by investors and permanent loss of mined BTC over the years.  Bitcoin: Illiquid supply (Source: Glassnode) While bitcoin moved in tandem with illiquid supply from October 2020 to May 2021, it diverged in mid-May. As the chart shows, the link may now be reestablishing. A similar split occurred for several weeks before bitcoin began its meteoric rise from $10,000 in October 2020. If the illiquid supply continues to rise, a supply-side crisis may emerge, and last price year's surge may be repeated.
Other blockchain indicators also signal an impending supply squeeze, as tweeted by analysts Willy Woo and Will Clemente.
From a technical analysis perspective, the bull case would strengthen once bitcoin establishes a foothold above a three-month descending trendline.  Bitcoin's daily chart (Source: TradingView) The trendline hurdle is $42,464 at press time. That's also the 38.2% Fibonacci retracement of the sell-off from April's high to May's low. Read the original story here: Bitcoin Logs Biggest Weekly Price Gain in 3 Months as Illiquid Supply Hits Record High
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Technician's Take by Damanick Dantes, CMT  Bitcoin Slips Below $40K; Support Around $34K Bitcoin (BTC) buyers are taking profits after a rally toward $42,000 over the weekend. The cryptocurrency appears overbought and could find support around $34,000, which is the midpoint of a two-month range.
The intermediate-term uptrend is improving after a near 30% rally from the July 20 low around $29,000. Buyers could remain active at lower support levels given the loss of downside momentum over the past month.
Bitcoin was trading around $39,500 at press time and is down 4% over the past 24 hours.  Bitcoin four-hour price chart shows short-term support and resistance levels with RSI (Source: TradingView)
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