Bitcoin and Ethereum Market Update: Support, Institutional Flows & Dollar Risk
Main Idea
Bitcoin and Ethereum are facing key resistance levels with cautious market sentiment, while institutional interest in cryptocurrencies remains strong despite short-term volatility.
Key Points
1. Bitcoin is testing support at $116,000 with resistance around $120,000, while Ethereum struggles near the $4,000 mark.
2. Analysts note long-term confidence in Bitcoin and Ethereum, evidenced by companies like SharpLink Gaming raising funds to buy these assets.
3. Daily net inflows into the ETH ETF are $218.64 million, indicating sustained institutional interest.
4. Short-term market caution is advised as positive news, such as crypto-friendly legislation and ETF progress, fails to drive significant growth, signaling potential market exhaustion.
5. Upcoming U.S. inflation and employment data will be critical for market direction in Q3, with the Fed expected to keep rates unchanged in July but potentially cutting in September.
Description
The price of Bitcoin, the first cryptocurrency, is stuck in a range between support at $116,000 and resistance around $120,000. The Ethereum rate is also losing momentum as it approaches the psychological mark of $4,000. This was reported by analysts at QCP Capital. In their opinion, in the medium term there remains a high probability of reaching new all-time highs. This is facilitated by institutional capital inflows and positive changes in regulation. Analysts noted that companies like SharpLi...
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