Although the Bitcoin market has entered a downward trend recently, signs of reversal are increasing in the near future. This situation is driven by macroeconomic factors and the US Securities and Exchange Commission (SEC)'s potential approval of Ethereum ETFs. However, experts warn that Bitcoin may not present a significant buying opportunity in the medium term. Here are the details…

The impact of US data on Bitcoin$BTC
As the cryptocurrency market prepares for possible changes, 10x Research CEO Marcus Thielen states that he expects significant developments regarding Ethereum ETFs and their potential impact on Bitcoin. According to the company's latest report, all six companies applying for spot Ethereum ETFs have updated their S-1 forms, a critical step in the SEC's approval process. This development is in line with market recovery expectations, supported by the lower US Consumer Price Index (CPI) report due on Thursday.

10x Research evaluates scenarios for a possible market recovery in its report published on Saturday titled "Bitcoin: Preparation for Next Week". The report points out oversold indicators and draws attention to two reversal indicators that are currently giving bullish signals. Despite Bitcoin's recent difficulties, the Relative Strength Index (RSI) is at 38%, suggesting that there may be a suitable basis for an upward move in the short term. However, it is warned that failure to exceed the $60,000-62,000 range may increase downward pressures.

Historically, Bitcoin prices are known to weaken in August and September. While a potential rate cut rally could push Bitcoin closer to $60,000, it may be difficult to sustain above that level. The bond market is pricing in the prospect of two rate cuts this year, following poor employment data and a higher-than-expected 4.1% unemployment rate. US CPI data and Ethereum ETFs stand out as two major upside triggers for Bitcoin right now. These developments may provide a short-term relief in the current downward trend and initiate an upward correction movement.

Looking at the rest of the year, it is known that past CPI data generally has a negative impact on the Bitcoin price. However, this rule was overturned in June. While a lower inflation rate (3.3%) was expected, Bitcoin still fell below $68,000. According to the report, a decrease in the new inflation data to be announced on July 11 to 3.2% or even 3.1% may mean low inflation figures for Bitcoin and therefore a positive market sentiment.

Additionally, new investors' focus on the approval of Ethereum$ETH ETFs is considered a potential threat to Bitcoin. The report highlights the delicate balance between market sentiment and technical indicators. While investors await regulatory decisions, especially regarding Ethereum ETFs, Bitcoin's course will depend on overall market dynamics and regulatory clarity. Inflation data is expected to be announced on Thursday, July 11, 2024, at 15:30.

PLEASE READ CAREFULLY FOR A GIFT OF 10 DOLLARS.

My friends, you know that we, the publishers, are doing everything we can for you here. We are informing you about the services and facilities offered to us by our authorities. I have never stopped supporting both the Cryptocurrency market and you as much as I could, and on the contrary, I am trying to provide more support.

THIS 10 DOLLAR GIFT CAMPAIGN IS A CAMPAIGN MADE SPECIALLY FOR ME BY BINACE. YOU CAN GET THE CONFIRMATION I SAID ABOUT THIS BY CONTACTING LIVE HELP. THIS IS A 10 DOLLAR CAMPAIGN MADE TO YOU THROUGH ME.

Now I will tell you how to receive your gift. First of all, Binance users who have registered with someone's reference and actively use futures transactions will unfortunately not be able to benefit from this promotion.

So who will benefit?

Our friends who have not activated the futures section yet, while activating your FUTURES trading section, you will earn 10 dollars when you open it by entering my reference code 88623008.

I EXPLAIN IN DETAIL.

My brothers and sisters who have become a Binance member without reference, please listen carefully;

When you do what I say, you will receive 10 USDT.

Enter the Futures Section from your application,

On the next screen, open your account by entering the code 88623008 in the REFERENCE CODE section,

My brothers and sisters who want to complete this transaction and receive the 10 USDT reward by MAY 1 can do so. After activating your account, all you have to do is open your first futures transaction.

The first 1,000 brothers to open a 200 USDT transaction by MAY 1 will receive a 10 USDT reward.

So let me give you a tactic like this: Even if you open and close 20x with a $5 transaction, you will be entitled to the reward.

However, even if you do this after May 1, your reward will not come. So get it done by May 1st. In fact, right now I say you can fix it in 5 seconds.

Very simple. Go to Futures, enter my reference code 88623008 and activate the account. Afterwards, just open a total of 200 USDT transactions and get 10 USDT reward.

WHEN WILL THE AWARD COME?

Your 10 dollar reward will arrive in the REWARDS section of your Binance application within 30 days, starting from May 1st. By activating it from there, you can use your reward of 10 dollars, or more than 300 liras, in futures transactions.

You can help your friends in need by sharing this post.

BY THE WAY, MY BROTHERS, PLEASE DON'T MISS YOUR LIKES. EVERY SHARE IS FOR YOU. SO DON'T WITHHOLD YOUR SUPPORT. IF YOU HAVE NOT FOLLOWED YET, DON'T FORGET TO FOLLOW. KIND REGARDS.