Weekly market recap (from Jun 21st to Jun 27th)
Another week has passed, and under the activities of American investment companies like Fidelity and BlackRock in the crypto-market, BTC started a new rise. Some tokens that are not defined as securities, such as BCH, have pumped significantly. Although some countries are driving away CEX such as Binance, the market has ignored this phenomenon and increased bullish sentiment.
After the last FOMC meeting, Powell said he thought two more rate hikes would be needed in 2023 unless the PCE showed a decline in core inflation. Therefore, the PCE for May released this Friday has a certain effect on the FOMC in July.
BTC
BTC performed as expected in our last recap. It rose above the given support level and the continued rise brought the price back to the 2023 high, 31000. During the pump last Tuesday and Wednesday, there was a noticeable increase in trading volume. Bullish power is significant.
Conclusion: There is a high probability that it will rise after the callback. 31000 is a strong resistance level. Not only is the April high, but it’s also an area where chips were piling up a year ago. It will offer bearish power. So we think it is difficult for the price to break through 31000 quickly. But the current bulls lead too much, and BTC is still bullish on a larger scale. The breaking is only a matter of time. We raised the resistance level to 31000 and converted the resistance level to 28000 to the support level this week. If 31000 is broken, the next resistance level will be 34000.
ETH
Although ETH has risen, it has not performed as well as BTC. The price hasn’t come back to the April high and it has fluctuated for 5 consecutive days. As we have said before, ETH has underperformed BTC in these weeks. On a volume basis, the trading volume has increased in favor of the bulls. The V-reversal also proves the strength of the bulls. Judging from the fluctuation last week, 19000 is a short-term resistance level, but it does not weaken the bullish trend a lot.
Conclusion: There is a high probability that it will rise after the callback. On a large scale, ETH remains neutral, the strength of the bulls has increased, and the current price has been stopped by the resistance of 1900, so we come to this conclusion. We maintain last week’s resistance level at 2000 and the support level at 1700.
SOL
Defined as security having a bad impact on SOL. If you pay attention to the trend of BTC and ETH, you can find that SOL has been very weak in the last week. The rise did not recover the loss of the previous decline and it continued to fluctuate for several days. On a large scale, SOL has turned into a bearish trend, so the strengthening of bulls is low.
Conclusion: Mostly fluctuation. The gap between bulls and bears is low. Although the market ushered in a wave of bullish trends, SOL is more like a rebound in the process of falling. We maintain last week’s resistance level at 19 and the support level at 14.
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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