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Bitcoin made another attempt to return to the $108,000 level, but failed to hold it and corrected lower, falling below the $107,000 mark, a move that could lead to a larger sell-off in the instrument.
Meanwhile, many experts believe that Bitcoin could soon surpass its previous all-time high of $112,000, especially given that the Iran-Israel conflict appears to be over for now.
Another supportive factor is the easing of inflation concerns, along with the prospect of U.S. tariff relief. These developments are adding additional pressure on Federal Reserve Chair Jerome Powell to cut rates. And the lower the rates, the more access to cheap money, which continues to fuel demand for risk assets. The next FOMC meeting is scheduled for the end of July, and the CME Group's FedWatch tool currently shows a 20.7% probability of a 25 basis point rate cut.
Meanwhile, Bitcoin's Fear & Greed Index currently shows "Greed," indicating that bullish sentiment may persist in the near term.
As for intraday strategy on the crypto market, I plan to continue buying major dips in Bitcoin and Ethereum, relying on the ongoing development of a medium-term bull market, which remains intact.
Short-term trading strategy
Bitcoin
Buy scenario
Scenario 1: I will buy Bitcoin today upon reaching the entry point around $107,200, targeting a rise to $107,800. At $107,800, I'll exit long positions and sell on the rebound. Before buying on a breakout, make sure the 50-day moving average is below the current price, and the Awesome Oscillator is above zero.
Scenario 2: An alternative buy opportunity is from the lower border of $106,600, provided there is no strong market reaction to a breakout below this level. Target levels: $107,200 and $107,800.
Sell scenario
Scenario 1: I will sell Bitcoin today at the entry point near $106,600, targeting a drop to $106,200. I'll exit short positions and buy on the rebound at $106,200. Before selling on a breakout, make sure the 50-day moving average is above the current price, and the Awesome Oscillator is below zero.
Scenario 2: Another sell opportunity is from the upper border of $107,200, provided there is no market reaction to a breakout, targeting $106,600 and $106,200.
Ethereum
Buy scenario
Scenario 1: I will buy Ethereum today at the entry point of $2,465, targeting a move up to $2,513. I'll exit long positions and sell on the rebound at $2,513. Before buying on a breakout, ensure the 50-day moving average is below the current price and the Awesome Oscillator is above zero.
Scenario 2: Buy Ethereum from the lower border of $2,432 if there is no strong market reaction to a breakout below. Target levels: $2,465 and $2,513.
Sell scenario
Scenario 1: I will sell Ethereum today at the entry point of $2,432, targeting a decline to $2,374. I'll exit short positions and buy on the rebound at $2,374. Before selling on a breakout, ensure the 50-day moving average is above the current price and the Awesome Oscillator is below zero.
Scenario 2: Sell Ethereum from the upper border of $2,465 if there is no market reaction to a breakout, targeting $2,432 and $2,374.
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