7-Day Market Moves
After a gory week, BTC is back in the green, recording a 3.44% gain over the past week. The leading cryptocurrency tested resistance at $27,000, signalling a potential upward trend. ETH saw a modest gain of 0.86% to reach $1,734, while Solana emerged as the top performer in the top 10, boasting an impressive 4.95% gain for the week. Binance's native token, BNB, experienced a slight dip of 0.25% but managed to hold onto a weekly gain of 5.38%.
In other news, digital asset investment products witnessed a $5.1 million outflow, marking the ninth consecutive week of outflows. This data comes after BlackRock, the world's largest asset manager, filed for a Bitcoin ETF, potentially signalling a significant shift in crypto trader behaviour.
Meanwhile, U.S. interest rates have reached their highest levels since 2006, currently ranging between 5% and 5.25%. The Federal Reserve's upcoming meeting on rates, scheduled for July 26, has a 25.6% chance of rates remaining unchanged, while a 74.4% chance exists for a 25-basis-point rate hike, reflecting increased expectations compared to earlier this week
Better Days Ahead
Bitcoin (BTC) shows promising signs of a bullish trend as it forms a "Three White Soldiers" pattern on the price chart. This pattern, characterized by three consecutive bullish candlesticks, suggests a potential reversal from a downtrend to an uptrend. BTC has also successfully crossed above a significant downward trendline at $26,400, strengthening its bullish case.
Technical indicators such as the relative strength index (RSI) and moving average convergence divergence (MACD) support a positive outlook for Bitcoin's price. Traders and investors eagerly anticipate BTC's next target as it continues its upward trajectory.