Bitcoin was in the range of 62700-65500 during the day
Market capitalization 2.28 trillion, dominance index 54.88%, fear index 68.
At the time of writing the Review, the price of the main cryptocurrency was 62960
Stock markets were rising yesterday. The S&P 500 closed at 5,180 with a gain of more than 1%. The 10-year yield is now 4.48% and the dollar index is marginally above 105.
Markets continue to digest information that the Fed is generating money again.
An official rate cut is now expected in September. Everything is quite positive in the short term, and only geopolitics can ruin the situation.
IBIT started the session well yesterday, but then slowly declined. Closed with a plus of 1.72%. It seems to be good, if you don’t take into account that at the beginning of the American session there was more than 4% profit.
But there was information that the Hightower Advisors fund ($130 billion under management) bought BTC-ETF from various issuers for $68 million. As a result of the day, yesterday there was again an influx of 217 million into BTC-ETF. This is less than on Friday , but still an influx.
Now futures for the S&P 500 are in minimal positive territory, Asian indices are growing. No important news is expected.
Bitcoin yesterday made a good move above 65K (to levels it hasn’t been since April 24). It was not possible to stay there right away; the price rolled back to the small range of 62700-64000, where it is now.
Let's see how events unfold today. Either we consolidate above 64K and further take 65000-65500, or we continue consolidation in the small range of 58600-64000
On the negative side, the SEC is postponing a decision on the spot ETH-ETF from Invesco Galaxy until July 5. Well, I talked about Robinhood yesterday.
A possible positive and reason for growth is ETFs in Hong Kong, which will be easy and convenient to access from mainland China. The Mutual Recognized Funds (MRF) Agreement makes this possible.
However, if this reason does not exist, this will not change anything in the prospects of Bitcoin.
Bitcoin forecast for 2024 here.
The priority option for today is Bitcoin in a range with a lower limit at 59000-58600 and an upper limit at 65000-65500
Alternative - fixation above 65500
