Search
Search

Bitcoin And Crypto: These are the 2 Things to Focus on This Week

0
0

188 Listen to this article With the Ripple lawsuit making progress and US consumer (CPI) and producer (PPI) prices falling, […]

Latest News

Listen to this article

With the Ripple lawsuit making progress and US consumer (CPI) and producer (PPI) prices falling, the Bitcoin and cryptocurrency market saw significant price increases last week. Alternative currencies including Solana (SOL), Cardano (ADA), and Polygon (MATIC) saw double-digit rises as a result of Ripple’s positive court decision.

The leading cryptocurrency, Bitcoin, momentarily surpassed its previous yearly high at $31,840, but it was unable to maintain the positive burst. The week’s final trading session saw a majority of profit-taking despite positive US economic statistics. As a new trading week begins, attention is turned to the US Dollar Index (DXY) and its possible effects on Bitcoin and cryptocurrency markets. 

The DXY Is Highlighted

However, as the US dollar index is at a turning point this week, it is worthwhile to examine the smaller-scale data. For the first time until April 22, 2022, the DXY is beneath 100, and many analysts are predicting a sharp decline towards 90. Due to the negative connection, risk assets like Bitcoin and cryptocurrencies have traditionally been particularly beneficial if the DXY keeps falling and reaches new lows. 

Following this month, Pesole said, the Fed might not be prepared to call it quits on raising rates. The labour market is still extremely tight, and other indicators of the economy are also strong, he noted, even though core inflation has decreased. After surging back over 100.00, the DXY dollar index “may find some support,” continued Pesole.

Read Also:  Former BlackRock Exec Predicts SEC Approval of Bitcoin ETF Soon

This Week’s Critical Macro Data

The official US retail sales figures for June, which will be released by the US Census Bureau on Tuesday, July 18 (8:30 am EST), are an important piece of information to keep an eye on. A key measure for determining how private families feel about their consumption is retail sales. Analysts anticipate a +0.4% gain month over month for June, reflecting stabilisation in retail sales. If predictions are met or surpassed, it signals a strengthening of consumer confidence, which might accelerate the DXY’s reversal. 

The initial estimates of the US construction permit for June will also be made public on that day. The strength of the US real estate sector is largely determined by the number of building permits issued. Analysts expect the number of permits issued to drop slightly from 1.496 million in May to 1.495 million in June. The DXY may experience more losses if the projected losses are realized or exceeded.

The Philadelphia Fed’s most recent manufacturing index, which is seen as an early indicator for the significant ISM purchasing managers’ index, will be released on Thursday, July 20. Analysts anticipate an improvement from July’s -9.7 to the prior month’s -13.7. The financial outlook for US industrial enterprises would stabilize if projections were met or surpassed. 

The US equities market’s reaction would likely be positive, and there would be less of a chance that a recession was about to start. Surprisingly, the start of earnings season is also marked by reports from major financial institutions as well as major tech companies like Tesla, Netflix, and TSM. The senior economist and strategist of Market Securities, Christophe Barraud, predicted that the S&P 500 will experience a fall in earnings for the third consecutive quarter.

Read Also:  Dollar Retreats While Bitcoin Surges Pre-ETF Approval De Adline

Spot Bids For Bitcoin And Crypto

The conduct of investor markets should be this week’s second point of emphasis. The Bitcoin market currently appears to be “pretty short” again, especially on Binance, according to famous analyst Skew (@52Skew), who made this observation today through Twitter. Skew predicts profit-taking on price increases because the exchange’s spot supply is accumulating above price. 

The current trading range is between $29,800 and $31,500, with a large number of spot bids hovering between $30,000 and $29,500 at the same time. However, after over a month of consolidation, the founders of Glassnode were upbeat in their most recent study, expressing confidence that the price of Bitcoin is going to surge out of this range. The analysts write that “Bitcoin’s bullish trend remains in play, encouraging the possibility of difficult bottom levels to $28.7 and $29.5k,” but they also caution that “the spot CVD requires to hold the upward trend to break higher than the supply wall set at $32k, indicating that this breakdown above brings in fresh entrants willing to bid (buy, market orders) and propel the price higher.” At the time of publication, Bitcoin was trading at $30,274, remaining unchanged.

You Might Also Like

Read Also:  JPMorgan Chase Invests $760,000 in Bitcoin ETF, Reports Surface
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Get Latest Updates

Latest News

Web Stories

Latest News

0
Would love your thoughts, please comment.x
()
x
Scroll to Top
Crypto Whale Splurges $10.4 Million on Meme Coin PEPE SOL Price Nearing Support as On-Chain Activity Dips for Solana Penguiana Meme Coin’s Presale Achieves Success, Raising 290 SOL Solana to Bitcoin Bridge, Zeus Network, Set for Debut in Q3 2024 DeFi Lending Leader Aave Unveils V4 Protocol Overhaul MicroStrategy (MSTR) Incurs Losses in Q1 After Digital Asset Impairment Takes Toll Upbit Emerges as Top Five Crypto Exchange, Posing Challenge to Binance, Coinbase Tether’s TON Blockchain Entry Reaches $60M: CEO Content SHIB News: 700M Tokens Burned, Shiba Inu Targets $0.00004 Polkadot Relay Chain Upgrade Plan and 10M DOT Prize Initiative TON Network Surpasses $140M TVL as Toncoin Price Skyrockets Bitcoin Falls Below $60,000 After Israel’s Strike on Iran Ragnarok Joins Web3 via Ronin and Gravity Collaboration Worldcoin Announces “Human Centric” Blockchain: World Chain Dubai Flood Spurs Blockchain Life 2024 Airdrop ZachXBT Reveals Frauds on Ethereum Layer-2 Networks Winklevoss Twins Invest $4.5M BTC in Bitcoin Soccer Club VeChain and UFC Unveil Tokenized Gloves Collaboration Web3 Credentials Platform Galxe Goes Live with Mainnet Launch El Salvador’s Newest Hilton Leverages Tokenized Bitcoin Debt