7-Day Market Moves
BTC delivered a 12.89% gain over the past week, according to CoinMarketCap. ETH trailed but still held up a 7.18% weekly increase. Most of the top 10 non-stablecoin cryptos slipped except for Tron, which saw a 0.63% uptick in the last day. Solana took the hardest hit, dropping 5% and reducing its weekly gain to 1.52%.
Analysts are forecasting a sunny July for BTC. Looking at past performance, they anticipate the cryptocurrency could hit between $33,000 and $36,000 by August.
This week's U.S. macro indicators include home sales, consumer confidence reports, and jobless claims. All ears will be on the Fed’s Jerome Powell, who's scheduled to speak at the European Central Bank Forum and the Banco de España Fourth Conference on Financial Stability. With U.S. interest rates at 5% to 5.25% (the highest since 2006), investors are holding their breath for potential rate hikes. Powell reinforced this sentiment last week, affirming consensus for more increases this year.
The CME FedWatch Tool adds fuel to this fire, predicting a 75.6% likelihood of another 25-basis-point rate hike, and a 24.4% chance rates will stay the course at the next meeting on July 26. Get ready for a long week ahead!
The Push and Pull at the Top
Bitcoin (BTC), now at $30,273, is wrestling with a double top resistance at $31,000, stirring worries of a possible price correction. Despite a minor 1% dip in the last day, BTC's market cap remains at $587 billion.
Current technical indicators suggest weakened bullish momentum, hinting at a potential drop towards $29,600 or possibly $28,250. However, a break above $31,000 could propel BTC towards $32,500 or even $34,000. Both RSI and MACD are in neutral territory, signalling a balanced market condition.