As we enter July, the Bitcoin and crypto market has faced some unexpected challenges that have hindered the bullish momentum that was previously anticipated. One significant event was the delay in the debut of the Spot Ethereum ETFs on July 2nd. Additionally, reports have surfaced about significant sell-offs of BTC by governments such as the US and Germany. These events have contributed to a sense of uncertainty in the market.
Despite the recent setbacks, there is hope for a positive shift in the Bitcoin and crypto market, particularly with the upcoming release of the CPI data on July 11. Crypto analyst CrypNuevo has expressed optimism about the potential impact of this data on the market. According to CrypNuevo, a rate cut could be on the horizon based on the anticipated lower inflation data. Historically, rate cuts have had a positive effect on the Bitcoin price, leading to potential market growth.
CrypNuevo’s analysis of the BTC 1-Day chart has revealed interesting insights, including a significant wick at $53,400 that is expected to be filled. While the price briefly dropped to $54,000 over the weekend, CrypNuevo believes that there is still room for further movement. There is a possibility of the price filling the entire wick, which could act as a bullish indicator and potentially lead to a price bounce.
In the event that the price falls further after filling the wick, CrypNuevo identifies $51,700 as a critical support level for Bitcoin. If this level holds, a recovery could propel the price towards $60,000. However, it is important to note that $60,000 is now seen as a resistance level for Bitcoin, meaning that further upward movement may face challenges at this point.
The current state of the Bitcoin and crypto market is marked by uncertainty, but there is potential for a positive shift in the near future. The upcoming CPI data release and the analysis provided by CrypNuevo offer valuable insights into the possible direction of the market. Traders and investors should closely monitor market developments and be prepared to adapt to changing conditions in order to navigate the challenges and opportunities presented by the volatile nature of the crypto market.
Leave a Reply