Jul.23-Jul.29(BTC)Weekly market recap
Trump inspires crypto market at Bitcoin 2024. He stated that if he enters office, it will remove Gary Gensler from SEC leadership as soon as possible. And the US government will not sell BTC holdings, whether currently held or potential future purchases, as a special way for strategic reserve. The market was attracted by his promise and BTC began to rise away from ETH, touching 70000. If Trump is elected and keeps his promise, BTC will start a new bullish channel after November.
On the other hand, this week is a big data week. The FOMC will be held on Thursday. Although we all know that there will be no interest rate cuts, as long as there are no hawkish views in Powell conference and the FOMC statements, the market will price in further interest rate cuts. On this Friday, the U.S. Department of Labor will release employment data for July. Likewise, as long as the employment data does not strengthen significantly, the rise will not be interrupted.
Looking at the candle charts, overall trading volume was low last week. The only hot spot is that Bitcoin 2024 attracted retail investors on Saturday, which made the trading volume on Saturday significantly higher than previous weekend levels. Judging from the WTA indicator, there were no whales involved in trading last week. From the ME indicator, the purple wavy area gradually widens, and the market turns to an upward trend.
In summary, we believe that though short sellers have hindered the rise, BTC still has the possibility of standing above 70000 this week. We maintain the previous resistance level 74000 and support level 58000.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
On the other hand, this week is a big data week. The FOMC will be held on Thursday. Although we all know that there will be no interest rate cuts, as long as there are no hawkish views in Powell conference and the FOMC statements, the market will price in further interest rate cuts. On this Friday, the U.S. Department of Labor will release employment data for July. Likewise, as long as the employment data does not strengthen significantly, the rise will not be interrupted.
Looking at the candle charts, overall trading volume was low last week. The only hot spot is that Bitcoin 2024 attracted retail investors on Saturday, which made the trading volume on Saturday significantly higher than previous weekend levels. Judging from the WTA indicator, there were no whales involved in trading last week. From the ME indicator, the purple wavy area gradually widens, and the market turns to an upward trend.
In summary, we believe that though short sellers have hindered the rise, BTC still has the possibility of standing above 70000 this week. We maintain the previous resistance level 74000 and support level 58000.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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