After Kraken refunds are completed, Bitstamp exchange will start MTGOX refunds starting July 25. If BTC stays above $65,000, $70,000 can be targeted. But if ETH ETFs show net outflows, it could drop to $3,000.
Currently, Bitcoin price is fluctuating at $66,500, which does not provide an upside opportunity for altcoins. It is positive that $65,000 is maintained as support for BTC, but the oversupply problem that worries investors continues. As for the current predictions for BTC and ETH:
The statement made by Kraken stated that the funds have been distributed to all creditors. This is great news as BTC still remains above $65,000. However, the bad news is that Bitstamp has not started refunds yet. Refunds are scheduled to begin July 25 and are expected to be completed within a few weeks. Gradual returns could help the crypto market avoid supply shocks, but the market's survival despite billions of dollars in sales still worries investors.
ETH ETFs launched on July 23, but we did not see the big upside expected. While the net inflow on the first day was 106.6 million dollars, the volume reached approximately 1.1 billion dollars. The ETF launch can be considered a potentially successful start.
For Bitcoin (BTC), overall sentiment is weak and the price remains stuck from the $56,552 low to $73,777. Closes above $61,887 and the RSI indicate that things are going well for the bulls in the short term. If there are no big bad surprises, it is thought that the BTC price can close above $ 70,000 in a short time. $72,000 and then $73,777 ATH (all-time high) are targeted. However, if the $65,000 support is broken, the $61,887 and $60,000 levels could be targeted, which could be a negative situation for altcoins.
For Ethereum (ETH), neither ETH nor altcoins could show a positive divergence. Despite the first US altcoin ETF, massive sell-offs were observed and the total net inflow of ETFs exceeded $100 million. ETH has returned near the SMA50 (50-day simple moving average) level of $3,411, and short-term bullish attempts have been met with strong selling.
If ETH price closes below $3,272, a drop towards $3,000 is expected. Observing net outflows in the ETF channel may provide support in the short term. On the other hand, with closes above $3,411, ETH can be expected to rise towards $3,563, in which case the outlook may become positive again. Targets between $3,722 and $4,000 may come into play, but at this point, strong resistance before ATH lies at $4,094.
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