BTC update - 18/07/24
The markets have rallied impressively this week, with Bitcoin surpassing $60,000 USD early this week and altcoins following. The total crypto market cap has increased by 11% in the last seven days to to $2.32 trillion USD.
Ethereum has gained 5.3% this week amid growing speculation that US Exchange-Traded Funds (ETFs) are nearing a launch date, with some analysts predicting July 23rd.
US Economic Data Improving
US Federal Reserve Chair Jerome Powell spoke at the Economic Club of Washington, answering various questions from the audience. Below is one of the responses he gave when questioned about the current state of inflation:
“We didn’t gain any additional confidence in the first quarter, but the three readings in the second quarter, including the one from last week, do add somewhat to confidence,” Powell said Monday.
The Fed has consistently maintained that rate cuts can only occur once the committee is confident that inflation is headed back towards its 2% target. Has the pendulum now started to turn?
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Bitcoin Analysis
Bitcoin has successfully moved below and reclaimed the May Low in the early periods of this month, where it currently trades above the monthly open of $62,772 USD.
We are also at the midpoint range of this now 127-day consolidation period. Below are two potential outcomes now that we are at the midpoint of this range.
Bullish Scenario
Bulls continue to defend any lows, holding above the monthly open. This could result in a further advance above the current range midpoint.
Bearish Scenario
Failure to hold prices above the monthly open could see a decline closer to the May low region, where prices began to rally.
Ethereum has gained 5.3% this week amid growing speculation that US Exchange-Traded Funds (ETFs) are nearing a launch date, with some analysts predicting July 23rd.
US Economic Data Improving
US Federal Reserve Chair Jerome Powell spoke at the Economic Club of Washington, answering various questions from the audience. Below is one of the responses he gave when questioned about the current state of inflation:
“We didn’t gain any additional confidence in the first quarter, but the three readings in the second quarter, including the one from last week, do add somewhat to confidence,” Powell said Monday.
The Fed has consistently maintained that rate cuts can only occur once the committee is confident that inflation is headed back towards its 2% target. Has the pendulum now started to turn?
---
Bitcoin Analysis
Bitcoin has successfully moved below and reclaimed the May Low in the early periods of this month, where it currently trades above the monthly open of $62,772 USD.
We are also at the midpoint range of this now 127-day consolidation period. Below are two potential outcomes now that we are at the midpoint of this range.
Bullish Scenario
Bulls continue to defend any lows, holding above the monthly open. This could result in a further advance above the current range midpoint.
Bearish Scenario
Failure to hold prices above the monthly open could see a decline closer to the May low region, where prices began to rally.
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