Bitcoin worth has been holding regular above the essential degree of $30,000 for the previous few days as buyers await the FOMC assembly minutes for June. On the time of writing, Bitcoin was buying and selling greater than 1% decrease at $30,429.40 after flirting with the vital degree of $31K for a number of days. BTC’s whole market cap has slipped to $591 billion during the last day, with the entire quantity of the asset dropping by 8% to $13 billion.
Fundamentals
Bitcoin worth has been hovering round its multi-month excessive of $31,430 for the previous few days earlier than stumbling decrease in a while Tuesday. Bitcoin, the most important cryptocurrency by market cap, has been within the pink for 2 consecutive days forward of the Fed’s assembly minutes for June. The asset’s pullback has seen most cryptocurrencies, together with Ethereum, inch decrease.
The worldwide crypto market cap decreased by greater than 2% on Wednesday to $1.19 trillion, whereas the entire crypto market quantity remained nearly unchanged. Bitcoin’s dominance has elevated barely to 49.77% over the previous 24 hours. Even with the shallow pullback within the crypto market, market sentiment signifies that buyers have renewed their confidence within the trade.
The Concern and Greed Index, which is used to measure the feelings driving the market, exhibits that greed has taken over the market as buyers get too assured within the crypto market. Over the previous week, the greed index has climbed constantly above 50 to the present greed degree of 63. The shift within the crypto market sentiment has been buoyed by the exponential enhance within the institutional accumulation of Bitcoin and bullish on-chain metrics.
The US Federal Reserve assembly minutes for June are set to be launched later within the day, giving buyers an opportunity to hound for clues in regards to the central financial institution’s rate of interest path. The Fed introduced a reprieve in its fund price hike for June however signaled the chance of additional hikes this yr. Markets are pricing in an 88% probability of one other hike within the Fed’s July assembly. An setting of upper rates of interest will probably be bearish for cryptocurrencies.
Bitcoin Worth Outlook
The each day chart exhibits that the Bitcoin worth has been within the pink for the previous two consecutive days as macroeconomic considerations intensify. Even so, BTC has remained above the 50-day and 200-day exponential transferring averages, with the Transferring Common Convergence Divergence (MACD) pointing to a bullish trajectory. Its Relative Power Index (RSI) has dropped barely to 61.
Due to this fact, the Bitcoin worth is more likely to fall additional within the ensuing periods earlier than a worth reversal to the upside. Even so, I anticipate the BTC worth to stay above the essential $30,000 degree throughout this era. A transfer beneath the assist degree at $29,588.85 will result in extra draw back.
BTC Worth Chart