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Top cryptocurrencies of the week: BTC, ETH & BCH

If Bitcoin manages to clear its overhead resistance level, ETH and BCH could resume their uptrend with unexpected strength.

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If Bitcoin manages to clear its overhead resistance level, ETH and BCH could resume their uptrend with unexpected strength.

BTC

The bears tried to sink Bitcoin back into the symmetrical triangle on July 23 but the bulls had other plans. The rebound off the breakout level from the triangle indicates that buyers are defending the level aggressively. The gradually rising 20-day exponential moving average ($21,865) and the relative strength index (RSI) in the positive territory indicate advantage to buyers. If bulls sustain the price above the 50-day simple moving average ($22,384),BTC could rally to the overhead resistance zone between $23,363 and $24,276. A break and close above this level could open the gates for a rally to the pattern target at $28,171 and then to $30,000.

ETH

Ether is facing stiff resistance at $1,700 but a positive sign is that buyers have not given up much ground. A tight consolidation near the overhead resistance increases the likelihood of a break above it. The up sloping 20-day EMA ($1,384) and the RSI in the positive territory indicate that bulls have the upper hand. If buyers drive the price above $1,700, the bullish momentum could pick up and ETH could rise to $2,000 followed by a rally to $2,200.

BCH

BCH is attempting to form a bottom after an extended downtrend. The price turned down from the $135 overhead resistance on July 20 but a positive sign is that the bulls defended the 20-day EMA ($117) aggressively. The price action of the past few days has formed a rounding bottom pattern, which will complete on a break and close above $135. If that happens, it will suggest that BCH may have bottomed out at $95. The pair could then rise to the pattern target at $175 and later to $200.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of CryptoNews. Every investment and trading move involves risk; the reader should conduct their own research when making a decision.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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