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Was Sub-$60K a Bear Trap? 5 Things to Know in Bitcoin This Week

Bitcoin hints at a bull market resurgence as it secures $60,000 support during the weekly, monthly, and quarterly close. Key metrics and market movements suggest potential bullish momentum.

• Main Points:

  • Bull Market Continuation: Bitcoin aims to regain lost ground after recent consolidation.

  • Key Support and Resistance: $60,000 support holds strong; $64,000 is critical resistance.

  • Macroeconomic Impact: US unemployment data and Fed comments to drive volatility.

  • Miner Situation: Miners face continued pressure, with signs of potential recovery.

  • Market Sentiment: Crypto sentiment improves, indicating possible bullish trends.

• Detailed Insights:

  • Bull Market Continuation: Bitcoin starts Q3 2024 with a promising move above $60,000. The combined weekly, monthly, and quarterly close at $62,500 shows resilience. BTC/USD hit local highs of $63,724 but has yet to secure a decisive bull market return.

  • Key Support and Resistance: Bitcoin's price maintained the crucial $60,000 support level. However, significant resistance lies at $64,000, where multiple trendlines converge. Traders are cautious, looking for a close above the 21-week moving average to confirm a bullish trend.

  • Macroeconomic Impact: Upcoming US unemployment data and comments from Fed Chair Jerome Powell are expected to influence market volatility. Powell's speech on July 2 and the release of Fed meeting minutes on July 3 will be closely watched.

  • Miner Situation: Bitcoin miners continue to struggle post-halving, with a forecasted 5% drop in network difficulty. The Hash Ribbons metric indicates miner capitulation, but decreased miner selling suggests a potential turnaround in profitability.

  • Market Sentiment: The Crypto Fear & Greed Index has moved towards "greed," reflecting improved market sentiment. Bitcoin's Relative Strength Index (RSI) at 36 suggests it is oversold, indicating a potential bounce.

Related: Bitcoin Price Gets 'Interesting' with Triple Candle Close at $61.5K

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American Billionaire Unsure of Bitcoin’s Future but There’s a Catch

Former PayPal CEO and billionaire venture capitalist Peter Thiel expresses uncertainty about Bitcoin's future price trajectory. While skeptical about its long-term potential as a financial freedom tool, Thiel still holds a small position in BTC.

• Main Points:

  • Skepticism on Bitcoin's Vision: Thiel questions if Bitcoin has fulfilled its original cypherpunk and libertarian ideals.

  • Current Holdings: Despite doubts, Thiel continues to hold a small amount of Bitcoin.

  • Market Volatility: Thiel acknowledges Bitcoin's potential to rise but predicts a volatile journey.

  • Analyst Insights: Market analysts indicate Bitcoin is at a critical juncture, with potential for further downside.

• Detailed Insights:

  • Skepticism on Bitcoin's Vision: Peter Thiel, in a recent interview with CNBC, expressed doubts about Bitcoin’s ability to live up to its cypherpunk, crypto-anarchist, and libertarian financial freedom roots. He questioned whether Bitcoin truly operates as envisioned, citing FBI comments that suggest law enforcement prefers tracking Bitcoin over cash.

  • Current Holdings: Thiel revealed that he still holds a small position in Bitcoin. He admitted regret over not buying more but maintained that his investment could still appreciate, albeit with significant volatility.

  • Market Volatility: Thiel foresees a bumpy ride ahead for Bitcoin prices. Despite his reservations, he believes there is still room for price increases, though they may not be as dramatic as in previous years.

  • Analyst Insights: Market analyst 'Game of Trades' highlighted that Bitcoin is currently at a critical level, having re-entered a rising channel. The analyst warned of potential downside risks, with Bitcoin possibly falling to $44,000 while still remaining within this channel.

Related: Bitcoin Miner Capitulation Reaches December 2022 Levels – What's Next?

Analyst Updates Spot Ether ETF Launch Date Prediction Amid SEC Delays

Bloomberg's senior ETF analyst, Eric Balchunas, revises his prediction for the launch of spot Ether ETFs due to delays in the SEC's review process during the holiday week. The SEC's approval of 19b-4 filings for eight Ether ETFs in May still requires the S-1 registration statements' approval.

• Main Points:

  • Delayed SEC Review: The SEC's review of S-1 registration statements is slower due to the holiday week.

  • Updated Launch Prediction: Balchunas now expects spot Ether ETFs to launch shortly after July 8.

  • SEC Progress: Despite delays, SEC Chair Gary Gensler confirms smooth progress for Ether ETFs.

  • Additional ETF Filings: Asset managers Vaneck and 21Shares file for spot Solana ETFs.

• Detailed Insights:

  • Delayed SEC Review: Eric Balchunas shared on social media platform X that the SEC's review process for the S-1 registration statements of spot Ether ETFs is experiencing delays due to the Fourth of July holiday week. The SEC requires minor tweaks from issuers, but responses have been slower than expected.

  • Updated Launch Prediction: Initially predicting a July 2 launch, Balchunas now expects the SEC to resume its review process on July 8. Consequently, he anticipates that spot Ether ETFs will launch shortly after this date.

  • SEC Progress: The SEC approved the 19b-4 filings for eight Ether ETFs in May, marking a significant step forward. SEC Chair Gary Gensler testified before the U.S. Senate Appropriations Subcommittee on Financial Services, stating that spot Ether ETFs are expected to launch this summer and that the review process is moving smoothly.

  • Additional ETF Filings: Besides Ether ETFs, asset managers Vaneck and 21Shares have filed registration statements with the SEC to launch spot Solana ETFs, indicating growing interest and developments in cryptocurrency ETFs.

Related: Ethereum Spot ETF Launch Delayed by Bloomberg Analyst

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results