Bitcoin spent the day in the range of 60600-63191
At the time of writing the Review, the price of Bitcoin was 60912
Market capitalization 2.20 trillion, dominance index 54.37%, fear index 50
Stock markets were rising yesterday. The S&P 500 closed above 5,500 for the first time, with a gain of 0.65%
Powell spoke positively for the markets yesterday. The word “disinflation”, familiar to us from February-March 2023, was heard again.
But the probability of a rate cut in September decreased from 62 to 59%, apparently due to data on a strong labor market. Unless there is some significant positivity, the stock market could pull back somewhat today.
Today at 15-30 data on the labor market and trade balance will be released.
Tomorrow is a day off (American markets are closed). The main data of the week will be released on Friday - Non-Farm Payrolls
Bitcoin has approached the lower limit of the range that was indicated yesterday in the Review. Despite the growing stock market, IBIT fell yesterday and closed with a minus of more than 2%
This happens with a long movement in the range - everyone who wants to buy at the lower border has already bought, there is no significant influx of new money, because since February there have been no movements and media reports about new Bitcoin highs. But there is an expectation of mt.GOX Bitcoins, which, according to the market crowd, should collapse the market.
Such a story can last quite a long time (which is what we are seeing now - Bitcoin has been in the range of 58-72K since the end of February).
The way out of it is either through a powerful informational occasion that will attract new money and a new audience to the market.
Or through a short-term drain with a visit to the stop zone below the lower limit of the range.
In our story, the first option is ETH-ETF with a successful start of trading.
The second is FUD or negativity about Bitcoin mt.GOX
I think the first option is more likely. But I don’t see anything bad in the second one either.
Priority option for today: Bitcoin in a range with a lower limit at 60000-58500 and an upper limit at 63000-63500
Alternative - fixation below 58500
From the news.
- Ethereum Foundation email was hacked to promote a phishing link offering Lido staking
Pendle, LDO, RPL (liquid staking) continue to decline and become more attractive for purchases in the medium term.
Since they are falling only because of the SEC attack, which in the next six months will definitely not bring any practical consequences. But if Ether grows to ATH (which is quite realistic in the next couple of months), they can easily do X2.
- The founder of Manta Network attacked DOT, calling the project a “highly toxic ecosystem that has no real value for web3,” promising to have nothing to do with them.
Practice shows that when they talk about high things (the development of technology and the ecosystem, and especially the fight against fraudsters and the protection of investors), they simply cannot divide the money. There are not enough of them for everyone - there are many of them, but little money).
The same Polkadot sells 87 million worth of tokens per year (information was leaked during this showdown). And the market is surprised why a project with such technologies is not growing)).
Of the good.
- There is information that ETH-ETF trading will be opened on July 15
This is not official information yet, so the market is not reacting. If it is officially confirmed, it may become the very reason needed to exit the rather boring range.
