Bitcoin (BTC) News Today: Crypto Court Rulings and Trump’s Crypto Support

Did four consecutive days of net inflows into US BTC-spot ETFs signal a change in fortune for bitcoin (BTC)?

BTC Retakes $62,000: Dip Buyers or Renewed Investor Optimism?

On Sunday, June 30, bitcoin (BTC) gained 2.88%. Following a 0.95% rise on Saturday, June 29, BTC closed June with a 7.07% decline, settling at $62,741.

Investors brushed aside the US Personal Income and Outlays Report that signaled a sticky inflation outlook. An unexpected jump in personal income could fuel consumer spending and demand-driven inflation. The Fed may keep rates higher to ensure inflation stabilizes around the 2% target.

BTC ended the Friday, June 28, session down 2.07%.

However, the US BTC-spot ETF market extended its net inflow streak to four sessions on Friday, with total net inflows of $73.0 million. While reporting total net outflows for the third week ($37.3 million), selling pressure subsided significantly. In the week ending June 21, the US BTC-spot ETF market had total net outflows of $544.1 million.

Notably, hopes of a September Fed rate hike lingered despite the personal income numbers. According to the CME FedWatch Tool, the probability of the Fed leaving interest rates unchanged increased modestly from 35.9% to 37.4% on Friday.

In contrast, the US Personal Income and Outlays Report highlighted sticky inflation in May, affecting investor bets on a September Fed rate cut. The CME FedWatch Tool reflected the effects of the data, with the chances of a September Fed rate cut falling from 50.2% to 46.2%.

While US economic indicators continue to influence BTC price trends, the US Presidential Debate likely contributed to the BTC gains over the weekend.

President Joe Biden Race for the White House in Question

US President Joe Biden and Republican Party front-runner Donald Trump went head to head on Thursday, June 28, in the highly anticipated Presidential Debate.

Reports of Democratic Party members considering whether Joe Biden should step down as the candidate for US President resonated.

According to the latest poll from 538, Trump leads with 41.7% vs. 40.4% for President Biden as of June 30. Before the debate, Trump had a narrower lead of 41.1% to 40.9%.

Disarray in the Democratic Party camp could give pro-crypto Presidential candidate Trump a better chance of winning the Presidential Election.

A Trump victory could be a boon for the crypto market.

In May, Trump included support for crypto in his Presidential Election campaign, stating,

“If you like crypto in any form…and it comes in many forms…if you’re in favor of crypto, you better vote Trump.”

Trump targeted more than 52 million Americans who own crypto, a significant voting pool.

A pro-crypto presidential candidate ahead in the polls and more SEC losses in the US courts paint a rosier picture for the US digital asset space.

Will SEC vs. Crypto Court Rulings Diminis SEC Authority Over Cryptos?

Last week, Judge Amy Berman Jackson rejected the SEC’s assertion that secondary market transactions of Binance’s BNB token meet the criteria for securities under the Howey test.

Significantly, Judge Jackson referred to the July 2023 Programmatic Sales of XRP ruling, surmising,

“Judge Torres in SEC v Ripple got it right – XRP, in and of itself, is not a security. Other Courts are recognizing her decision for what it is – consistent with the law of the land.”

The Binance court ruling and the Programmatic Sales of XRP ruling, coupled with a Trump victory, could give the Commodity Futures Trading Commission oversight of the US digital asset space.

Is it too early for BTC to target $100,000?

Technical Analysis

Bitcoin Analysis

BTC sat below the 50-day EMA but remained above the 200-day EMA. The EMAs affirmed the bearish near-term signals but bullish longer-term signals.

A BTC break above the $64,000 resistance level could support a move to the 50-day EMA. A breakout from the 50-day EMA could give the bulls a run at the $69,000 resistance level.

US politics, SEC vs. crypto case-related updates, and US BTC-spot ETF flow trends require consideration.

On the other hand, a drop below the $60,365 support level could signal a fall to the 200-day EMA.

With a 43.86 14-Daily RSI reading, BTC could break below the 200-day EMA before entering oversold territory.

Ethereum Analysis

ETH remained below the 50-day EMA while holding above the 200-day EMA. The EMAs confirmed the bearish near-term but bullish longer-term price trends.

A breakout from the 50-day EMA and the $3,480 resistance level would support a move to the $3,600 handle. Selling pressure could intensify at the $3,480 resistance level. The 50-day EMA is confluent with the resistance level.

US ETH-spot ETF-related chatter needs consideration.

Conversely, an ETH break below the $3,244 support level could give the bears a run at the 200-day EMA and the $3,033 support level.

The 14-period Daily RSI reading, 46.43, indicates an ETH break below the $3,244 support level before entering oversold territory.