- Bulls and bears have clashed as groundbreaking developments have rocked the crypto landscape.
- Explore community sentiment and its impact on the cryptocurrency market.
- Discover key support and resistance levels for insightful market analysis.
The industry has been hit with a wave of important news as the current landscape is witnessing an intense confrontation between the bulls and the bears, setting the stage for a captivating showdown. To provide insights into these groundbreaking developments, we bring you the Bi-Weekly DailyCoin Regular on Bitcoin, expertly crafted by our expert on the subject, Kyle Calvert.
News and Events: Understanding Impacts
BlackRock files to list a spot Bitcoin ETF
The world’s largest asset manager, BlackRock, has filed to list a spot Bitcoin exchange-traded fund (ETF). This is a major development for the crypto industry, as it could lead to increased institutional investment in Bitcoin.
Bitcoin turned volatile before and after US CPI report
Bitcoin price turned volatile on Wednesday the 14th after the US Bureau of Labor Statistics released the Consumer Price Index (CPI) report for May and Federal Reserve Chairman Jerome Powell announced that the central bank would be pausing its interest rate hikes for June.
SEC shakes up the industry with lawsuits against Binance and Coinbase
The US Securities and Exchange Commission (SEC) has filed lawsuits against two major cryptocurrency exchanges, Binance and Coinbase. The SEC alleges that Binance and Coinbase have violated securities laws by selling unregistered securities. These lawsuits are a major setback for the crypto industry, as they could lead to increased regulatory scrutiny.
Bulls need Bitcoin price at $26,500 to avoid a $100 million options loss.
Bitcoin bulls need the price of Bitcoin to reach $26,500 by June 25 to avoid a $100 million loss. This is because many Bitcoin options contracts are set to expire on that date, and if the price of Bitcoin is below $26,500, these contracts will expire worthless. This would result in a $100 million loss for the option sellers.
Current Outlook
Market participants shrugged off a series of conflicting macroeconomic indicators emanating from the United States. Diligent observers of BTC prices maintain a sense of cautious optimism, actively working to prevent a possible downward spiral that could result in a notable plunge to $23,000.
Bitcoin’s time of writing value stands steady at $25,510, exhibiting a decrease of approximately 6% throughout July, 4.5% of that decline experienced within the past week alone. Bitcoin recovered by 2%, surmounting its recent low of $24,800.
In recent weeks, the Bitcoin community has been enveloped in a prevailing sense of bearish sentiment. The recent price decline and the persisting haze of regulatory uncertainty has cast a shadow over the outlook.
Despite these challenges, noteworthy developments, such as El Salvador’s audacious $1B Volcano Energy Project and the highly anticipated Bitcoin halving event, offer glimpses of positivity within the ecosystem.
Keeping a watchful eye on the price action, the well-known trader Skew diligently monitored activities on the prominent exchange Binance. Notably, concerted buying endeavors emerged as the price dipped to its lows. Nonetheless, sellers promptly intervened as the value approached the $26,000 mark.
In the realm of BTC/USD trading on shorter timeframes, traders maintained a vigilant stance, apprehensive about potential further declines. Van de Poppe and the renowned trader Crypto Tony concurred that the crucial support level near $24,500 must remain intact.
Quick Fire Targets
Level up your understanding of market dynamics with these key levels to keep an eye on. Monitoring these levels allows you to gain valuable insights into the market sentiment and potential price movements.
Support
First on our list is the initial support level at $25,020. Moving on, we have the second support level at $24,590. Lastly, we have the third support level at $24,365. These support levels are subject to change based on market conditions and should be used as a reference for analysis rather than definitive predictions.
Resistances
First on our list is the initial resistance level at $25,680. Moving on, we have the second resistance level at $25,905. Lastly, we have the third resistance level at $26,340. These resistance levels are subject to change based on market conditions and should be used as a reference for analysis rather than definitive predictions.
Fear and Greed
The way people feel significantly impacts the cryptocurrency market. To navigate these emotions, the Fear and Greed Index plays a crucial role. This index is built upon two fundamental concepts:
- Extreme fear suggests a potential buying opportunity.
- Excessive greed signals an overheated market.
The index ranges from zero to 100, with zero representing extreme fear and 100 indicating extreme greed.
Today’s Fear and Greed Index stands at 47, indicating a slight decrease of 3 points compared to the reading from two weeks ago. It is crucial to note that the Fear and Greed chart undergoes daily fluctuations; therefore, it is essential to stay updated by regularly monitoring it.
On the Flipside
- Despite the prevailing bearish sentiment in the Bitcoin community, notable developments like El Salvador’s $1B Volcano Energy Project and the upcoming Bitcoin halving event offer glimpses of positivity within the ecosystem.
- The Fear and Greed Index, standing at 47, indicates a moderate level of sentiment in the market, with slight decreases compared to previous readings suggesting a balanced outlook rather than extreme fear or greed.
- The fluctuating nature of the market and the ongoing regulatory uncertainties create a challenging environment for Bitcoin. Still, market participants continue to monitor price movements and market dynamics for potential opportunities closely.
Why This Matters
Staying informed about the latest developments in the cryptocurrency market is crucial for investors and enthusiasts alike. By keeping updated with news and market dynamics, individuals can gain valuable insights into potential price movements and market sentiment. Stay vigilant for our next bi-weekly article to ensure you don’t miss important updates.
