Macro Overview
- US Final GDP q/q: Met expectations, neutral for the crypto market.
- US Core PCE Price Index m/m: Also met expectations, neutral for the crypto space. Despite volatility during the announcement, the market remains healthy post-announcement.
- VanEck Files for Solana ETF in the US: VanEck has filed for a new Solana ETF with the U.S. SEC, aiming to leverage Solana’s decentralized nature, high utility, and economic feasibility. This marks the first Solana ETF filing in the United States, announced by Matthew Sigel, VanEck’s head of digital assets research.
- Konami Embraces Avalanche: Game series maker Konami partnered with Avalanche (AVAX) to launch an NFT platform called “Resella,” marking Konami’s first foray into blockchain technology and increasing Avalanche’s acceptance.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| July 2 | 7:00 PM | US Fed Chair Powell Speaks | More dovish than expected is good for crypto |
| July 2 | 7:30 PM | US Job Openings (Monthly) | Actual’ less than ‘Forecast’ is good for crypto |
| July 3 | 6:00 PM | US Unemployment Claims | Actual’ greater than ‘Forecast’ is good for crypto |
| July 3 | 11:30 PM | US FOMC Meeting Minutes | More dovish than expected is good for crypto |
| July 5 | 6:00 PM | US Unemployment Rate (Monthly) | Actual’ greater 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.
- This week, BTC dropped significantly due to the German government’s BTC transfers to exchanges and the Mt. Gox repayment news. BTC has tested and bounced from the 20 EMA weekly support and range low. The high time frame (HTF) price action is mixed, and it will take a few daily candles to determine a clear direction. Inflows remain low but have been net positive from last few days.
- Key support levels to consider are around $60,500, $58,000 and $56,700. On the upside, resistance levels is at $64,400 , $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, despite ETH giving negative returns, it outperformed BTC as the ETH/BTC pair remains strong. Currently, ETH is in a downtrend channel and needs to break this trend to continue its upside move. If it doesn’t, ETH may drop further. Overall, price action remains choppy and mixed.
- Significant support levels include $3370 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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