Current Market Status
Prior to Thursday, cryptocurrency markets mostly consolidated to start the month, as traders digested various data points from the United States.
The Bad News:
- Non-farm payrolls fell below expectations, coming in at 205,000.
- Inflation also slipped, dropping to a two-year low of 3.0%.
The Good News:
- BTC broke out of a ceiling at $31,000 this week.
July Outlook
Bitcoin (BTC) surged to an intraday peak of $31,862 on Thursday, which was its strongest level since May 2022.
The Breakdown:
- BTC broke out of a resistance level at $31,400.
- Bulls have so far been unable to sustain this breakout.
- BTC is currently trading at $30,342.71.
- Price briefly fell below $30,000 during Saturday’s session.
- The relative strength index (RSI) of 14 weeks fell to a floor at 61.00.
If the floor at 61.00 holds, bitcoin bulls will likely target a breakout above the next key ceiling at $32,400.
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Hot Take
The cryptocurrency market has been experiencing some ups and downs, with BTC showing signs of a potential breakout. While there have been some negative data points for the US economy, the recent breakout in BTC is a positive development. However, it remains to be seen if BTC can sustain this momentum and break through the next key ceiling. Keep an eye on the market and stay updated with weekly price analysis to make informed decisions.
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