Welcome to Extreme Investor Network, where we provide unique insights and analysis on the stock market, trading, and all things Wall Street. Today, we’re diving into the latest updates on US BTC-spot ETFs and BTC, along with key factors that could impact the market in the coming days.
Later today, Fed Chair Powell will testify on Capitol Hill, addressing important topics like the labor market, inflation, and the timing of a Fed rate cut. These insights could potentially sway buyer demand for US BTC-spot ETFs and BTC. Keep an eye out for his remarks, as they may have a significant impact on the market.
However, the real game-changer could come on Thursday, July 11, with the release of US inflation numbers. If these figures turn out to be softer than expected, investor expectations of a September Fed rate cut could rise, leading to increased demand for BTC.
In Summary
Despite initial concerns about oversupply from Mt Gox, US BTC-spot ETF inflows have helped calm investor nerves. However, market sentiment surrounding the Fed interest rate trajectory remains a key influencer of buyer appetite for US BTC-spot ETFs and BTC. In the upcoming days, keep a close watch on US inflation numbers and US BTC-spot ETF inflows, as they could offset the effects of the Mt. Gox supply.
As always, it’s crucial for investors to stay alert and adapt their trading strategies based on real-time data and expert commentary. Keep yourself informed with our latest updates and insights to successfully navigate the ever-changing crypto market landscape.
Technical Analysis
Bitcoin Analysis
Looking at the technical side, BTC is currently below the 50-day and 200-day EMAs, signaling a bearish trend.
If BTC manages to break above the 200-day EMA, we could see a push towards the $60,365 resistance level. A breakout from this level might even pave the way for a challenge at the 50-day EMA.
Keep an eye on Fed Chair Powell’s testimony, Mt. Gox-related news, and US BTC-spot ETF market trends as they could heavily influence market movements on Tuesday, July 9. On the flip side, a drop below the $52,884 support level could open the door for bears to test the $50,000 mark.
With a 33.47 14-Daily RSI reading, BTC might dip towards the $54,000 handle before entering oversold territory. Stay vigilant and be ready to act accordingly in the face of changing market dynamics.