Market Trends: BTC Extends the Winning Streak to Four on Market Optimism
On Monday, July 15, BTC surged by 6.63%. Following a 3.06% rally on Sunday, July 14, BTC ended the session at $64,777. Significantly, BTC extended its winning streak to four sessions.
Demand: US BTC-Spot ETF Market on an Extended Inflow Streak
The US BTC-spot ETF market extended its net inflow streak to seven sessions on Monday. According to Farside Investors, the US BTC-spot ETF market saw total net inflows of $183.7 million (excl. flow data from iShares Bitcoin ETF (IBIT)).
Fed Chair Powell cemented investor bets on a September Fed rate cut. Powell reportedly said that recent US inflation readings provided confidence that the US economy is returning to the Fed’s 2% target.
According to the CME FedWatch Tool, the probability of a September Fed rate cut increased from 96.3% on Friday, July 12, to 100% on Monday, July 15.
Fed rate cuts could reduce borrowing costs and boost demand for riskier assets.
Bitcoin Price Forecast
Every new Bitcoin analysis as it publishes, today's technical signal and key levels, live price — on one page.
See all Bitcoin forecastsUS Politics: Trump Extends His Lead in the Election Polls
On Monday, Donald Trump extended his lead in the US Presidential Election polls from 1.9 percentage points (pp) on Sunday to 2.3 pp. According to 538, Trump had 42.4% of the vote. Market experts attribute the improving chance of a Trump victory to the assassination attempt over the weekend.
A Trump win could mean a looser crypto regulatory environment. Significantly, Trump would likely end SEC Chair Gary Gensler’s term and place a crypto-friendly SEC Chair to support innovation.
On Monday, Trump removed doubts about his commitment to cryptos. He announced JD Vance as his running mate in the 2024 Presidential Election, giving US voters a pro-crypto ticket. Vance is pro-crypto and a critic of SEC Chair Gary Gensler’s assault on digital assets.
Amidst rising hopes of a crypto-friendly White House, US ETH-spot ETF-related news also drew interest.
SEC Approval of US ETH-Spot ETFs Is Imminent
On Monday, Bloomberg Intelligence Senior ETF Analyst Eric Balchunas commented on the status of the US ETH-spot ETF applications. He said,
“[…] Hearing SEC finally gotten back to issuers today, asking them to return FINAL S-1s on Wed (incl fees) and then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH. This is provided no unforeseeable last min issues of course!”
ETH surged 7.37% on Monday, closing the session at $3,487. A US ETH-spot ETF market could broaden the investor base and boost demand for ETH.
Investors should remain alert despite the positive sentiment. Monitor real-time data and expert commentary to adjust your trading strategies accordingly. Stay up-to-date with our latest news and analysis to manage crypto market risk.
Technical Analysis
Bitcoin Analysis
BTC sat above the 50-day and 200-day EMAs, sending bullish price signals.
A BTC breakout from $65,000 could signal a move toward the $69,000 resistance level.
On Tuesday, US retail sales and US BTC-spot ETF market flow data require consideration.
On the other hand, a break below the $64,000 support level would bring the 50-day EMA into play.
With a 60.95 14-Daily RSI reading, BTC may climb to the $69,000 resistance level before entering overbought territory.
Ethereum Analysis
ETH hovered above the 50-day and 200-day EMAs, sending bullish price trends.
A break above the $3,471 resistance level could signal a move toward the $3,835 resistance level.
US ETH-spot ETF market-related updates also require consideration.
Conversely, an ETH break below the 50-day EMA could give the bears a run at the $3,244 support level.
The 14-period Daily RSI reading, 59.75, suggests an ETH rise to the $3,835 resistance level before entering overbought territory.
