Macro Overview
- UK Official Bank Rate: Remained at 5.25%, as expected, neutral impact on the crypto space.
- US Unemployment Claims: In line with expectations, neutral for the crypto market.
- 3iq Files for Solana ETP in Canada: 3iq Digital Asset Management announced a preliminary prospectus for a Solana Fund IPO. The SOL token underperformed this week.
- Konami Partners with Avalanche: Launched the “Resella” NFT platform to enhance Web3 services, positively impacting the Avalanche project.
- SEC Confirms Ethereum is Not a Security: The SEC has declared that ETH sales are not securities transactions, affirming its status as a commodity. This follows a request from ConsenSys after Ethereum ETFs were approved in May. Despite the positive news, ETH’s price remained largely unchanged.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| June 27 | 6:00 PM | US Final GDP q/q | Actual’ less than ‘Forecast’ is good for crypto |
| June 27 | 6:00 PM | US Unemployment Claims | Actual’ greater than ‘Forecast’ is good for crypto |
| June 28 | 6:00 PM | US Core PCE Price Index m/m | Actual’ less than ‘Forecast’ is good for crypto |
Note: “Events in red font signify severe impact, while those in yellow indicate moderate.”
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is neutral to bearish.
- This week, BTC continued to decline due to negative ETF flows and poor macro data from last week. BTC has fallen below the key level of $64k; if it closes below this, it may drop further to $60-$61k, as there is no support in between. Overall, price action remains choppy with low trading volume.
- Key support levels to consider are around $60,700 and $56,700. On the upside, resistance levels is at $67,100 & $71,650.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavors.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears neutral.
- This week, ETH remained strong even as BTC continued to fall, suggesting ETH is outperforming BTC. The ETH/BTC pair looks bullish and has bounced from a key level. ETH is expected to outperform BTC in the upcoming week. Currently, ETH is trading sideways and needs to clear either the range low or high for a clearer direction.
- Significant support levels include $3435, $3350 and $3250, while resistance levels to watch are at $3650, $3950 and $4080.
- These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
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