Bitcoin spent the day in the range of 62497-63861
At the time of writing the Review, the price of Bitcoin was 63005
Market capitalization 2.27 trillion, dominance index 54.73%, fear index 51
Stock markets were rising yesterday. The S&P 500 is up 0.27%. And this is logical, because the probability of a Fed rate cut in September increased to 62%. And the future actions of the Federal Reserve in the field of monetary policy are the main reason for the market movement; all data by market participants is assessed precisely from the point of view of “is this in favor of an imminent rate cut or not.”
Today, Powell will provide food for thought on this topic, whose speech will be at 16-30 Moscow time. It is interesting that the head of the ECB, Lagarde, is also speaking at the same time. We usually do not consider data for the EU, since the EU economy has recently had little influence on the global economy. But the simultaneous speech of the heads of financial regulators responsible for monetary policy will clearly affect the exchange rate of the EUR/USD pair. And this will greatly affect the dollar index. Which, in turn, will affect both the stock market and crypto.
Therefore, I expect maximum volatility at 16-17 Moscow time.
Interesting stuff.
- Two court decisions announced.
The Supreme Court said Trump has partial immunity and delayed his trial.
Although the Biden administration clearly wanted a different result.
- And a Louisiana court lifted a ban on the export of liquefied natural gas, which was previously imposed by the Biden administration.
Along the way, they wrote off my grandfather. Together with the administration.
Bitcoin has stabilized around 63K. The alts have dipped a little, Ethereum cannot reach 3500 yet. It is very likely that Bitcoin has begun to move towards the upper limit of the range (70000-72000). But it may not be very fast. Since the majority of market participants will be afraid to buy at such prices, believing that Bitcoin may fall below 60K.
I have heard versions about a drop to 50K, to 45-46K, and even to 35K. This is usually motivated by a schedule, which is funny in itself.
Since it does not answer the main question - who and why in the current situation, taking into account all the factors that were mentioned, will sell Bitcoin so that it falls to 35K?)
And where will all those who buy it go?
Of course, alts are also in no hurry to grow, waiting to see how the situation with Bitcoin will turn out.
All this will continue until Bitcoin consolidates above 65K.
After this, everyone will believe in growth and start buying. Everything is as always, nothing new).
Priority option for today: Bitcoin in a range with a lower limit at 60500-60000 and an upper limit at 64000-64500
Alternative - consolidation above 64500
From the news.
- The SEC filed a lawsuit against Silvergate Capital Corporation (this is the company that owned the bank working with FTX.
There was clearly no rush to file the claim; two years have almost passed. They clearly gave time to comfortably resolve all the issues of moving and hiding everything unnecessary). We were just talking yesterday about how much Gensler is into the FTX topic.
- In 2 days, TVL Pendle fell by 40%. The reason is clear - the SEC is attacking RPL and LDO, which are also engaged in liquid staking.
But if you look at RPL with LDO, you can see that they have already digested this news. And it doesn’t directly concern Pendle at all.
So I think the Pendle drawdown is an opportunity. So as not to suffer from FOMO later, when, with the price of Ethereum above 5K, Pendle suddenly flies somewhere around 14-15.
