Sentiment changes quickly. What will happen to Bitcoin in the coming week
An analyst gave a Bitcoin price forecast for the week from June 26 to July 2
The expert analyzed the market situation and told how it could change in the short term
On Sunday, June 25, bitcoin (BTC) is trading at $30.6 thousand and its price went up by 15% during the last week. The specialist analyzed the market situation and estimated the prospects of Bitcoin in the next seven days.
30 738 +44 (0,14%)
Bitcoin ends the week with the best result since March 2023. At the time of writing, the weekly return is 16.6% versus 27% in March. The weekly candle is not yet closed, so the value will be different. The high of the week is fixed at $31,431. Several factors have increased Bitcoin's attractiveness to investors:
- BlackRock has applied to launch a spot crypto ETF. The U.S.-based investment company was founded in 1988 and is one of the largest asset managers in the world with more than $9 trillion in assets at the end of 2021.
- Following BlackRock, four other organizations filed with the SEC: Fidelity, Invesco, Wisdom Tree, and Valkyrie.
- The launch of the EDX Market digital asset platform. Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp. invested in developing the platform.
- The SEC and Binance.US reached an agreement to avoid an asset freeze.
- The U.S. Supreme Court decided to stay the Securities and Exchange Commission's (SEC) lawsuit against cryptocurrency exchange Coinbase.
The key event of the week was a two-day speech by US Federal Reserve Chairman J. Powell. Speaking to Congress on Thursday, he reiterated his view that further rate hikes are necessary to curb inflation. The strengthening dollar had no effect on Bitcoin dynamics. Investors have resigned themselves to the prospect of further interest rate hikes.
The U.S. dollar began to recover amid risk aversion. Next week its recovery may continue as investors will become more cautious and avoid risky investments. They will be watching inflation data in the U.S. and Europe as well as speeches by central bankers at the ECB forum.
One of the key reports to be released in the U.S. next week is the Personal Consumption Expenditures (PCE) report on Friday (June 30). The core PCE is expected to rise 0.4% in May and the annual rate is expected to remain at 4.7%. In addition, we will get personal spending and income data. Although the GDP data to be released on Thursday is an update, market participants may ignore it. Jobless claims will also provide new clues about the state of the labor market
Buyers were able to raise the cryptocurrency price to the $31k level of April 14, 2023, which is very good for them, as it opened the road to the $34k level.
The technical picture on the hourly timeframe indicates a possible correction to $29,650, which may start after updating the high at $31,850. In general, buyers have a fighting mood.
The growth phase will last until the third decade of July. However, sentiment on the crypto market changes quickly, so fixing on long positions is possible if news becomes negative. In this case, it will take until August to reach the target area.
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