Bitcoin moved within the range of 57050–59313 during the day
At the time of writing the Review, the price of Bitcoin was 57861
Market capitalization 2.09 trillion, dominance index 54.72%, fear index 29
Stock markets are not stopping - the S&P 500 closed at 5633. Another high. ATH was also set by Apple - by the close of the session the company's capitalization reached 3.5 trillion. The dollar index stabilized around 104.6-104.7
At 15:30 today US CPI data will be released, which will give direction to the markets until the end of the month.
The forecast is quite ambitious - a decrease to 3.1%. Considering how the market grew yesterday, some of its participants have confidence that the data will be as needed.
If the CPI comes out to 3.1-3.0 or lower, the indices will not only continue, but also accelerate growth.
If it goes above 3.3%, it will go into correction.
Also today, data on the labor market will be released (also at 15-30 Moscow time), and the Fed speaker will speak (18-30 Moscow time).
Bitcoin did not show much volatility yesterday. After a vigorous morning surge above 59K, it slowly slid below 57500 during the day, then stabilized in a narrow range of 57400-58400, where it is now. Unless there is something particularly significant, then we will remain in this range until 15-30 MSK. Then either to 55K or to 60800. I see the second option as more likely.
From the news:
The CFTC Chairman stated that 70% - 80% of all cryptocurrencies are not securities. From which it follows that this market should be regulated by the CFTC - this was the meaning of this statement.
It is clear that various kinds of regulators are parasites on the body of the global economy (I talked in more detail here). In crypto they are even more harmful, since they are a source of non-market risks, but they are still unable to prevent a large scam (remember 2022).
But now the situation is favorable for the markets - the parties in the US election race are fighting for the crypto audience (more details here). Trump is actively fighting, making very promising statements, and even going to speak at the Bitcoin 2024 conference on July 27.
It is too difficult for Biden to say anything on the topic of cryptocurrencies, but Democrats are forced to at least refrain from aggressive and negative actions regarding this market. Which creates a unique “security window” at least until March 2025 (this is provided that the elections and approval of their results take place as usual).
Yesterday, the wallet of the German government (in fact, not all of Germany, but only Saxony) sold more than 10K BTS. At the same time, the market reaction was several times weaker than when selling 1000 BTS a week ago. Now there are 15.5 BTS left in the wallet, you can sell it in 1 day and close this topic.
The New Popular Front, which received strong results in the elections and may be included in the ruling coalition, is calling for a 90% tax on all incomes exceeding 400K euros.
Earned 1 million - give 900K. An excellent plan, especially if you need money. But what kind of person would agree to this?
Obviously, if this proposal is implemented, many of those who make good money, but are not yet familiar with the topic of crypto, will quickly master it.
The priority option for today is Bitcoin in the range with the lower limit at 55000-54500 and the upper limit at 60500-60800
An alternative option is to consolidate above 60800
