Fundamental Development:-
Crypto community eyeing three macro events to tip crypto scales in July
The crypto community is looking into three key dates this month that could profoundly impact the trajectory of the crypto market and the wider United States macroeconomic environment this year. On July 13, the monthly Consumer Price Index (CPI) and data relating to inflation will be released to the public. On July 26-27, a decision will be made as to whether to hike interest rates further, while on July 28, the United States Q2 2022 Gross Domestic Product (GDP) estimates will tell us whether the country is in a technical recession.CPI is one of the benchmarks for gauging how inflation progresses by measuring the average change in consumer prices based on a representative basket of household goods and services.Continued rising inflation could impact demand for cryptocurrencies, with consumers needing to spend more to get by than before.Interestingly, while Bitcoin was created amid high inflation following the 2008 Global Financial Crisis, and touted as an inflation hedge due to its fixed supply and scarcity, recent years have seen the cryptocurrency perform in line with traditional tech stocks, being less than inflation-proof.The next scheduled release of the CPI is expected on July 13, 2022, by the U.S. Bureau of Labor Statistics.According to Trading Economics, the current consensus on the June inflation rate, or CPI, is 8.7%, slightly higher than May’s 8.6%.
Short Term Technical View: On daily time frame BTC is trading below 200&50 simple moving averages and trading between $20,400-$20,200 ranges.BTC is made low 20,130 and now consolidating within a range. Yesterday it made high near $20,100 and then it continue to climbed up to near 200 simple moving average. Bitcoin is struggling to gain momentum above $20,500.
Alternative Scenario: If Bitcoin fails to clear the $20,500 resistance zone, it could start another decline. An immediate support on the downside is near the $19,500 level.
Crypto community eyeing three macro events to tip crypto scales in July
The crypto community is looking into three key dates this month that could profoundly impact the trajectory of the crypto market and the wider United States macroeconomic environment this year. On July 13, the monthly Consumer Price Index (CPI) and data relating to inflation will be released to the public. On July 26-27, a decision will be made as to whether to hike interest rates further, while on July 28, the United States Q2 2022 Gross Domestic Product (GDP) estimates will tell us whether the country is in a technical recession.CPI is one of the benchmarks for gauging how inflation progresses by measuring the average change in consumer prices based on a representative basket of household goods and services.Continued rising inflation could impact demand for cryptocurrencies, with consumers needing to spend more to get by than before.Interestingly, while Bitcoin was created amid high inflation following the 2008 Global Financial Crisis, and touted as an inflation hedge due to its fixed supply and scarcity, recent years have seen the cryptocurrency perform in line with traditional tech stocks, being less than inflation-proof.The next scheduled release of the CPI is expected on July 13, 2022, by the U.S. Bureau of Labor Statistics.According to Trading Economics, the current consensus on the June inflation rate, or CPI, is 8.7%, slightly higher than May’s 8.6%.
Short Term Technical View: On daily time frame BTC is trading below 200&50 simple moving averages and trading between $20,400-$20,200 ranges.BTC is made low 20,130 and now consolidating within a range. Yesterday it made high near $20,100 and then it continue to climbed up to near 200 simple moving average. Bitcoin is struggling to gain momentum above $20,500.
Alternative Scenario: If Bitcoin fails to clear the $20,500 resistance zone, it could start another decline. An immediate support on the downside is near the $19,500 level.