What 1-hour chart says?

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Fundamental Development:-

Binance Coin’s (BNB) daily transaction volume has dropped by 58.2% as of July 11.Daily transaction volume for ETH and SOL has dropped 13.7% and 18.1%.BNB’s price seems the most resilient in this bear market.According to a report released from CoinMarketCap Alexandria, Binance Coin’s (BNB) daily transaction volume has dropped by 58.2% as of July 11. Meanwhile, daily transaction volume for its competitors, Solana (SOL) and Ethereum (ETH) only experienced an 18.1% and a 13.7% drop respectively.The report also showed that the number of daily active addresses on BNB Chain and Ethereum dropped by 68.8% and 27.2% respectively, while the number of daily active addresses on Solana increased by 20.4%.Alongside the dwindling transaction volume, the total fees generated by each of the blockchain networks per day have fallen off a cliff. This has potentially reduced revenues for miners and validators but has however also lowered costs for the end user. All three platforms saw a reduction of between 88.8% and 91.9% in their daily network fees between November and July.




Short Term Technical View: On daily period, BTC is trading below 200&50 simple moving averages and trading near $22250 -$22,300 ranges. BTC made low 20,780 and now consolidating within a range. Yesterday it made high near $21,670 and then it continue to decline. Bitcoin is struggling to gain momentum above $22,500.

Alternative Scenario: If Bitcoin fails to clear the $22,500 resistance zone, it could start another decline. An immediate support on the downside is near the $21,700 level.