Weekly market recap (from Jun 28th to Jul 4th)

Last Friday, the SEC rejected the application documents for the BTC spot ETF. The reason is the documents for the Bitcoin spot ETF were not clear and comprehensive. But then most institutions updated the documents and resubmitted them. The new documents stated that Coinbase will provide market monitoring as an SSA exchange.

On the other hand, the US PCE data for May was released last Friday, with a value of 4.6%. Although it has decreased compared with the previous value, the decline is not obvious. It is certain that the FOMC in July will raise interest rates by 25bp. And the U.S. employment data for June will be released this Friday, but it has a lower influence than PCE.

For the crypto market, the BTC spot ETF is critical. If it can be passed smoothly, the short-term market will be boosted.

BTC

BTC(1D)

As we expected, the price rose after the pullback. It is above the given resistance level, but the bulls is not confirmed. The bears was weak last week and the price made a callback in the form of fluctuation. Even so, the strengthening of the bulls on Monday was not significant. Whether it is the length of the green candle or the trading volume, it is difficult to regard it as a new start of rise. BTC remain bullish on the large scale, while bulls have a slight lead on the small scale.

Conclusion: Mostly fluctuation. 31000 is a very critical level. It will take a certain amount of time for the bulls to stand above 31000. There is a high probability that prices will remain volatile this week. We raised resistance level to 32000 and support level to 28000 based on weekly considerations. We still think there will be strong resistance at 31000 and the price will go back below it again.

ETH

ETH(1D)

ETH also followed our judgment. However, in the process of ETH’s callback, the short performance was stronger than that of BTC, so in the process of rise, ETH was stronger. From the perspective of trading volume, except for the obvious increase in trading volume on Friday, it is normal at other times . On a large scale, ETH remains neutral. But on a small scale bulls increased.

Conclusion: Mostly fluctuation. The gap between bulls and bears is not clear and ETH does not have the support of a bullish trend on a large scale. We maintain last week’s resistance level at 2000 and support level at 1700.

SOL

SOL outperformed BTC and ETH in the last week. While not clearly bullish in terms of trading volume, the price has risen rapidly. Currently the price has broken the given resistance level. The strength of the bulls has not diminished, and the bears have disappeared in the process of rising. On a large scale, the trend of SOL has changed from bearish to neutral.

Conclusion: The high probability rise has not ended. The bulls is in control. There is no strong resistance level above 19, so we draw this conclusion. We raised resistance level to 22 and support level to 16.

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.

📟 If you want to know more about Sypool, follow us on Twitter, join us on Telegram, and join us on Discord.