Weekly Market Recap(From 17th of Jul to 23th of Jul)
The rise from the excellent CPI lasted for 10 days, and Biden’s quit from the next presidential election continues the bull trend. The pricing for CPI has ended. The market has once again entered a macro cooling period. We don’t think PCE on Friday will change anything. The next important macro event will be the FOMC release at the end of the July. Although it is almost impossible for the next FOMC to cut interest rates, bulls need to find reasons to maintain strength from the FOMC statement and Powell’s speech.
Also worth paying special attention to in the coming week is the Bitcoin 2024 conference. Trump will take the stage to give a speech on the last day. If he really includes BTC as a strategic reserve of the United States as he said before, then BTC will be crazy about it.
On the other hand, the ETH ETF was officially approved a few hours ago, and will officially trade in the next session. This is a bullish event for ETH in the long term, but in the short term, the market reaction is not ideal. We believe that the trend of ETH may be the same as that of BTC through ETF. Take a break and then go up.
As mentioned in our last recap, BTC bulls advanced further, touching 68000. This turns the ME indicator into a bullish trend. On the WTA indicator, although the bulls performed strongly, more power came from shrimps, and the participation of whales was not obvious.
To sum up, we believe that BTC will remain volatile for most of this week, but we need to pay attention to the impact from Bitcoin 2024. BTC is more likely to rise further than to fall. We maintain our resistance level 74000 and support level 58000.
ETH encountered bearish strength after hitting 3500. The performance over the past seven days has been weaker than that of BTC. The ME indicator continues to maintain its bullish trend. But judging from the WTA indicators, like BTC, whale participation has been low in the past seven days, and even the transaction volume has continued to decrease.
In summary, we believe that ETH may remain fluctuating this week. The probability of rising is greater than falling. The approval of ETF will benefit ETH in the long term, and the ETH/BTC rate will rise. We maintain the resistance level 4000 and support level 2800.
Disclaimer: Nothing in the article constitutes investment advice. The article objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions based on the information contained in the article 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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