Jun.26-Jul.1(BTC)Weekly market recap
The PCE of May was better than the previous value, and the power of shorts has slowed down. This Friday will usher in important NFP. This will restart the medium-term trend. Many financial markets pulled back after rise in NFP in last month. Although we all know that the increase in NFP is likely to come from political needs and the increase in illegal immigration. Therefore, there is a divergence between it and the unemployment rate. However, with the market's full interpretation, we believe that as long as NFP is not significantly higher than expected, the market may ignore NFP and price a new round of interest rate cuts.
The SEC recently returned some applicants’ S-1 documents regarding ETH ETF and required them to submit documents again within July 8. ETH ETF is getting closer. The formal approval of the BTC ETF is after the U.S. stock market closes, so the ETH ETF may also be within this time point. Economic data aside, the ETH ETF will be key over the next 10 days.
Although Mt. Gox brought FUD, the BTC ETF has turned to net inflows for 5 consecutive days, which shows that institutions have reopened BTC.
As we predicted last week, BTC rebounded after approaching its lows. Of course, this is also related to the bottom-buying sentiment prompted by the MBF indicator last week. Judging from the WTA indicator, the blue column representing the whale does not appear. Last week's trading volume was consistent with previous weeks. Bulls strengthened, but overall remain on the sidelines. The long-term fluctuation weakened the bullish trend of the ME indicator, and the wavy area further narrowed.
To sum up, we believe that the trend of BTC this week will be determined by multiple events, and before that, it may remain fluctuating. We maintain our original resistance level 74000 and support level 58000.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
The SEC recently returned some applicants’ S-1 documents regarding ETH ETF and required them to submit documents again within July 8. ETH ETF is getting closer. The formal approval of the BTC ETF is after the U.S. stock market closes, so the ETH ETF may also be within this time point. Economic data aside, the ETH ETF will be key over the next 10 days.
Although Mt. Gox brought FUD, the BTC ETF has turned to net inflows for 5 consecutive days, which shows that institutions have reopened BTC.
As we predicted last week, BTC rebounded after approaching its lows. Of course, this is also related to the bottom-buying sentiment prompted by the MBF indicator last week. Judging from the WTA indicator, the blue column representing the whale does not appear. Last week's trading volume was consistent with previous weeks. Bulls strengthened, but overall remain on the sidelines. The long-term fluctuation weakened the bullish trend of the ME indicator, and the wavy area further narrowed.
To sum up, we believe that the trend of BTC this week will be determined by multiple events, and before that, it may remain fluctuating. We maintain our original resistance level 74000 and support level 58000.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script 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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