7-Day Market Moves
Last week, Bitcoin (BTC) went up by 2.85% and Ethereum (ETH) gained 5.23%. This morning, Bitcoin hit a high of $31,371, the highest it's been since June 2022.
The investment company BlackRock, revised their application for a Bitcoin Exchange Traded Fund (ETF) this week. The original application didn't meet the SEC's expectations, prompting BlackRock to make necessary amendments. They've enlisted Coinbase to monitor the market activity of the ETF. Despite recent legal actions by the SEC against Binance.US and Coinbase, other companies are still keen to get their Bitcoin ETFs approved.
Among altcoins, Polygon's Matic token made notable gains of 10.18% over the past week. This growth comes despite the upcoming removal of Polygon and other tokens from the Revolut digital bank platform for U.S. users.
Zooming out, the June PMI marks the eighth month in a row of contraction, coming in lower than the projected 47.0 and raising concerns about a potential recession, according to Reuters.
As for U.S. economic policy, New York Federal Reserve President John Williams is set to give a speech on Wednesday, potentially providing insights into the Fed's inflation perspective. The Fed's next rate meeting is scheduled for July 26, with the CME FedWatch Tool predicting an 89.9% chance of a 25-basis-point rate increase. Meanwhile, the probability of no rate increase has shrunk to 10.1%.
BTC and ETH are HODLing
Bitcoin has been showing some strong resilience, maintaining stability above the $30,500 support level and initiating a slow but steady climb above the $30,820 resistance. The momentum even pushed BTC to break through the $31,000 barrier, and it's currently trading above $30,850.
A key trend in the BTC chart to note is a bullish trend line forming, suggesting BTC may be preparing for another rally. Currently, BTC faces resistance near the $31,350 level. However, if it manages to clear this hurdle, we could see it soar, with $32,000 being the next significant resistance point. A successful break above this could see BTC aim for $32,500 or even $33,200.
Ethereum (ETH) has been holding strong above the $1,850 support level and has recently started a fresh upward trend, even outperforming Bitcoin. Currently, ETH is wrestling with the resistance at $1,975, but if it can break through, it could shoot towards the $2,000 level. If Ethereum slips below the support at $1,950, we could see it drop towards $1,930, and if the decline continues, $1,900 or even $1,880 might be in the cards.