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Bitcoin and Ethereum have paused their upward movement following yesterday's weak fundamental data, indicating a slowdown in the U.S. economy's growth.
However, this wasn't the primary driver behind the pause. The markets are already significantly overbought, which affects interest and demand for risk assets, including Bitcoin. There are noticeably fewer willing buyers at the $108,000 level than there were at $100,000, which is justified by Bitcoin's proximity to its historical high. We'll discuss the technical picture in more detail below.
One of the potential growth drivers for the cryptocurrency market, according to U.S. "crypto czar" David Sacks, could be the GENIUS bill. He believes July will be a pivotal month as the Stablecoin Bill is expected to be signed into law, and the CLARITY Act is anticipated to be submitted to the Senate for review and approval.
Sacks' optimism is based on several key factors:
First, if passed, the stablecoin bill would provide the necessary regulatory clarity for this segment of the cryptocurrency market. This, in turn, would attract more institutional investors and boost confidence in stablecoins as a reliable means of saving and exchange.
Second, the CLARITY Act, which aims to establish a clear legal status for digital assets, could be a turning point for the entire cryptocurrency industry. Eliminating legal uncertainty will attract more entrepreneurs and innovation to the sector, contributing to its further development and market growth.
As for the intraday strategy, I will continue to rely on large pullbacks in Bitcoin and Ethereum, aiming for further growth within the medium-term bullish market trend, which remains intact.
For short-term trading, the strategy and conditions are detailed below.
Scenario #1: I will buy Bitcoin today at an entry point near $107,400, targeting a rise toward $108,200. I plan to exit long positions near $108,200 and open short positions immediately on the rebound.
Before breakout buying, ensure that the 50-day moving average is below the current price and that the Awesome Oscillator is in the zone above zero.
Scenario #2: Bitcoin can also be bought from the lower boundary of $100,400 if there is no market reaction to its breakout, aiming for a rebound back to $107,400 and $108,200.
Scenario #1: I will sell Bitcoin today at an entry point of around $107,000, targeting a drop to $106,200. I plan to exit short positions near $106,200 and buy immediately on the rebound.
Before breakout selling, ensure that the 50-day moving average is above the current price and that the Awesome Oscillator is in the below-zero zone.
Scenario #2: Bitcoin can also be sold from the upper boundary of $107,000 if there is no market reaction to its breakout, targeting a move back toward $107,000 and $106,200.
Scenario #1: I will buy Ethereum today at an entry point near $2,461, targeting a rise to $2,513. I plan to exit long positions near $2,513 and sell immediately on the rebound.
Before breakout buying, make sure the 50-day moving average is below the current price and that the Awesome Oscillator is above zero.
Scenario #2: Ethereum can also be bought from the lower boundary of $2,432 if there is no market reaction to its breakout, targeting a return to $2,461 and $2,513.
Scenario #1: I will sell Ethereum today at an entry point near $2,432, targeting a decline to $2,374. I plan to exit short positions near $2,374 and buy immediately on the rebound.
Before breakout selling, ensure the 50-day moving average is above the current price, and the Awesome Oscillator is in the below-zero zone.
Scenario #2: Ethereum can also be sold from the upper boundary of $2,461 if there is no market reaction to its breakout, aiming for a move back to $2,432 and $2,374.
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