Bitcoin spent the last 24 hours in the range of 67220-69800.
At the time of writing the Review, the price of the main cryptocurrency was 69626
Market capitalization 2.42 trillion, dominance index 56.70%, fear index 74
Stock markets opened higher. S&P 500 futures are up 0.44%, Asian indices are rising, 10-year bond yields and the dollar index are falling.
The main event this week is the Fed meeting.
And if the rate without changes does not raise any doubts in the market (94.8% probability), then the market is looking forward to the press conference. The main question is what the Fed plans to do before the elections, and when does it move on to supporting the economy in the best known way?
The meeting and press conference will be on Wednesday, 07/31/2024
This week there will be a decision on the rate of banks in Japan and England (it will affect the dollar index, and through it the market).
The market will also be greatly influenced by reports from tech giants.
Microsoft's report will be released tomorrow. Meta report on Wednesday. Thursday - Apple and Amazon.
Regular US labor market data will be released on Thursday, followed by Nonfarm Payrolls for July on Friday.
Based on the results of all of the above, stock indices should either end the correction or return to growth. In this case, the S&P 500 will return above 5500. Or continue to decline in the direction of 5300-5200.
The key importance and impact on the market will be comments at the Fed meeting and reports from tech giants.
Bitcoin updated its local highs in the morning, reaching levels it hasn’t reached since the beginning of June. The next goal is to enter the range of 70000-72000, and then the fun begins. Since March, Bitcoin has bounced down from these levels 5 times. Will it be the same this time, or will it finally consolidate above 72K and update the ATH?
We will most likely get an answer to this question within a week.
Alts are growing selectively in anticipation of the Bitcoin outcome. So far, the market is overtaking SOL, which reached March levels and is approaching 200. This means that it makes sense to pay attention to the tokens of the Solana ecosystem, which will follow the flagship.
Ether, ETH-related assets, the meme sector, are extremely undervalued. It is clear that a lot depends on the dynamics of purchases and sales in ETFs and on the movements of Bitcoin. But I think that the achievement of 4K by Ether is a matter of short time.
If Bitcoin stabilizes above 70K for 7-10 days, alts will also start to shoot well.
This week there will be a big unlock in ALT, OP, ZETA
How this will affect assets depends on the market. If it’s like now, or if it falls, the likelihood of a drain increases. If there is growth, drainage will be minimal.
Interesting stuff.
- Hong Kong may include Bitcoin in its financial reserve. If this happens, the news is very positive and a good example for others.
Also in the US, one senator is putting forward a brilliant idea for solving the national debt problem. Collect Bitcoin, then announce purchases of BTC for reserve, it soars to 1 million - profit. We support such ideas.
