Bitcoin is currently up 25 for the week and has created some bullish momentum over over the past three days if you're asking yourself the question is this currently sign of bitcoin's great comeback in this video. We'll be revealing exactly the answer to that and we'll also be explaining the most recent web. 3. Technology advancement that could reduce ethereum's network fees by over 90 now if you guys do hate.

These daily market updates be sure to like this video down below subscribe if you haven't done so already with that being said let's hop into the computer. And see what's happening in the markets for today all right so before we even begin with crypto let's talk about the wall street indexes the s. P. 500 is currently down at point zero nine percent nasdaq is up 038.

And the dow jones is down about point eight one percent now with that noted bitcoin. Though is currently trading at over twenty three thousand eight hundred dollars and has even made a move above the twenty four thousand dollar for a short time. Now. Bitcoin is still up about two percent in the last 24 hours and in the last seven days they were still up about 22.

Now on the daily chart bitcoin has finally opened a candle above the 50 moving average. Which is going to be the blue line for the first time since april. 10. Now this chart here shows that bitcoin dropped and touched the 50 moving average.

Where did find support and if bitcoin's price can sustain the 50 moving average. Then we could see the trading range for bitcoin go as high as 25 500. Dollars. Now the rsi at this time for the daily is showing some overbought territory sitting at currently a 63 on the weekly chart bitcoin is finally broken above its 200 weekly moving average which is really good news and it's gonna be that purple line you see on your screen for the long term bitcoin recovery plan.

I believe this is the most crucial support level that it currently needs to hold the 200 weekly moving average is currently at 22 715. And i wouldn't be surprised. If we saw a retest of this price level in the next upcoming weeks with that being said on the weekly. The rsi is showing some oversold levels sitting at a 36 now going into the overall crypto market.

We are now above the 1 trillion mark. We're seeing some mixed action happening within the market. But the good news is we are seeing a lot of the all coins. Maintaining and holding their price in the last day.

We do have some winners still flow surprisingly dogecoin is coming up within the market and looks like the entire crypto market is just having a bit of an injection right now. Even the seven days is just showing a lot of significant movement and if we take a look at the crypto fear and greed index give this a bit of a refresher right now we're sitting at a 31 today so we're still seeing some fear within the market. But it's definitely far past from how we were feeling in terms of sentiment over the last month. So here are my thoughts on the market.

And i can be completely wrong on this we were calling for a relief rally way early on which we never technically saw bitcoin kept dropping down. It kept sliding further. And further until a point. It started to consolidate near that 20 000.

Range with all that happening. I think right now the relief rally might have just been lagging and finally. We are seeing the effects of that happen if you're asking yourself well brian. What is a relief rally is this uh.

Something that we should be worried about well something we've been following a lot is really just the overall psychological market cycle. While the market still happens to go down. We oftentimes are able to see a little bit of green happening. Amidst a bear cycle.

Now although i personally hope that we are way out of this and we are going up towards new time highs. And you know all the past was behind us and maybe this year. We can actually end on a new all time i or a stronger note. I want to keep into the reality of the situation.

Which is that we have not yet experienced any type of relief and this could possibly be it right now the biggest reasoning for that is because the macroeconomics surrounding the entire government and the economy is still fundamentally the same in tomorrow's video. We'll be going over some of the major dates. But as of now right now the conditions are still looking to be the same to give you guys some of the facts. The uk inflation went ahead and reported that they hit a new 40 year high of 94.

As the cost of living crisis continues to deepen the consumer price index for them also rose. 94. Annually which is slightly above a consensus forecast of 91. Back.

In may now through that information. The bank of england. Has gone ahead and implemented five consecutive 25 basis point hikes to interest rates. But now uk investors are anticipating an even more aggressive hike at 50 basis points.

The reason. Why this is significant is because we're still seeing the effects of all the stimulus coming out not just within the united states. But all across the world. Too this year.

Would also constitute the uk's most significant single increase in interest rates. For nearly 30 years on top of that mortgage demand right now drops to a 22 year low. As higher interest rates and inflation are continuing to crush home buyers within the states. According to some data mortgage demands went ahead and fell more than six percent last week compared to with the previous week.

Hitting the lowest level since 2000 which is about a 22 year low on top of that we got a quote here stating that applications for a mortgage to purchase a home went ahead and dropped seven percent for the week and were 90 lower than same week back in 2021 now. Although this news isn't surprising you have to keep in mind that these are some of the effects of the contributions of currently the macroeconomic circumstance including the recession that we're currently in right now. I believe housing prices will most likely decline significantly in the next. 6 to 18 months.

And that is when i'd expect the mortgage demand to come back. But during this time when people are still frightened within the market. I think we're gonna see a bit more decrease happening still in about one year. The business demand for the mortgage.

Refinancers has dropped now by 80 percent only through time. We'll be able to see which mortgage companies are able to survive. The imbalance between the supply and demand issue that we have right now. But even just talking to some of my real estate agent friends.

We have been due for a correction and this is just one of the markets that seems to be cooling down more you know the markets. Don't seem the best and we're still seeing the collapse happening within. Many different asset classes. Even more of the popular commodities that started to go up during the pandemic like watches.

Even i know the shoe market has taken a dip uh and even outside that the used car market bubble. I don't think right now we've gotten any piece of fundamental news. That would be changing the price action that we're seeing right now within the crypto markets. I hope i'm wrong i hope the bottom was in and we continue to go to new all time highs.

But i want you guys to all still be prepared. It has also been true that within the summer time like july august. It seems like people are normally you know out doing their thing. Enjoying their time enjoying the summer vacations.

So it usually seems like the financial industries. Are also a bit more slower during this time my fingers are crossed at q3 q4. Things are gonna pick up once again. But at the same time.

Please just don't be yellowing your entire life savings into the market. This is the reason. Why we preach the benefits and the strategy of dollar cost averaging using tools to put time in the market on a consistent basis. If you're investing even if you started just a week ago you'd be up a significant amount on your investment based on all the assets within the crypto market that have been going up just this week.

Alone now that being said i wanted to talk about some quick headlines within the market. So we got new word just talking about celsius. An update reveals how the celsius crisis has been building up for years even before the crypto lender. Had recently filed for their bankruptcy.

What's going on is that multiple employees are coming out. They're painting a full picture of the risk. Taking the disorganization and just the fact that there is now some alleged market manipulation happening from this exchange. It was noted that behind the scenes celsius would lend money to hedge funds and through that they would be willing to pay an even higher yield and according to internal documents.

It would also invest in other high risk. Cryptocurrency projects with the potential for rug. Polling. Now the talks of some winding down market manipulation is coming out where it's even quoted that there was some deliberate price movement where they would come in they would try to increase the market decrease.

The market to their advantage and right now it looks like celsius is finally unveiling some of the truth on what resulted in this huge collapse now part of me is not surprised that it went that deep we've always talked about market manipulation within the space. We've talked about how institutions will come in here. And they can single handedly change. These asset prices.

When they hold such a large amount of money with celsius having custody of billions of dollars under assets and management. I wouldn't be surprised that they were able to do this. But it looks like as time moves forward with this we're able to truly see the effects of what they were doing during the previous bull market. Too now aside from that this right here is actually probably one of my favorite headlines.

All of this week. And this is talking about ethereum and polygons announcement launching polygon zk evm. Which is the zero knowledge ethereum. Virtual machine.

Which is said to be the first ethereum compatible scaling solution. Which will help ethereum's network costs get reduced up to 90. Now as you guys know polygon and ethereum have both been pumping. And it seems like polygon has just been on with some really really good news.

And this is just another piece of cherry on the ice cream cake. Does that does that make sense cherry on the ice cream cake that definitely makes sense right anyways. This is a major catalyst for both polygon and ethereum if they are able to work together. And if they are able to create these scaling solutions.

We could even see an increase in the thorough put to 2000 transactions per second on ethereum's network and combined with their proof of stake upgrade. I think this could be huge and if the markets continue to move up or we see a comeback happening with nfts or even just other d5 products. I think polygon and ethereum are two of the cryptocurrencies that you may want to consider placing bets on soon it looks like right now more specifically with polygon. They are looking to make some big moves in web.

3. And they're trying to be a promising long term project now we've talked about polygon in detail. Many times before in the past. And it looks like right now.

They are definitely shining through the light. One concept that we focused a lot on previously is the idea of interoperability. What this means is other cryptocurrencies. Which are you know within their own networks are able to be cross compatible.

They're able to work with one another and i do believe the next bull run. We have we're going to be seeing a lot of that happen. It's times like this where every bull run we get even more developments happening we get more utility breaking through and i'm more excited than ever in being able to see what may happen next for the entire industry. If you guys are with me on that and you want to be able to make some huge life changing generational wealth make sure that you're not scared.

When the entire market is scared either you're able to you're able to turn on the mindset of just being emotionless and know that hey crypto is here. It's here to stay. It's going to continue developing projects are going to continue to get built and i'm going to place my bets now for the seats to grow in the future. Now one final piece of headline.

We do need to talk about this is an exchange that most you guys probably have never heard of i've never heard of them personally. But it's called zipmax and the reason. Why we're talking about them is because they're another one to suspend withdrawals so while many people think you know withdrawals from exchanges are over it is not there are still some exchanges that are underwater and through time. If the markets don't improve.

They're going to continue to get liquidated and they're not going to let you pull your money out of their exchange in order to protect yourself please make sure that you know where all your money is being held. If you were trying to buy some altcoin that was on a sketchy exchange. A long time ago. And you know it might not be worth a lot of money right now just because of the entire bear market situation you should still respect even a couple hundred dollars maybe you want to consider pulling it out before they stop withdrawals and we see another exchange going down all right ladies and gents.

So that is gonna be the crypto market update for today by the way. If you have not done. So already. We just picked up a new sponsorship and this is going to be a message from binance at us.

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In the description as well please watch out for impersonators and scammers as they will dm. You follow you and uh just be a little creepy on top of that if you guys are watching this. All the way to the end. The code word for today is going to be stick comment down below stick.

If you guys made it to the end. Thank you all so much again for watching this video and until next time i'll see y'all tomorrow peace.