Key takeaways
- BTC is buying and selling beneath $109k and will retest the $107k area earlier than rallying excessive.
- Market analysts imagine Trump’s new commerce negotiation date of August 1 will make Bitcoin much less unstable.
The cryptocurrency market was bullish over the weekend, with the most important cryptos at present within the inexperienced. Bitcoin climbed above $109k on Sunday however has barely retraced and will dip decrease within the coming hours.
Regardless of that, analysts stay optimistic about Bitcoin’s medium-term efficiency forward of Trump’s commerce deal negotiations in August.
Analysts count on a much less unstable July for Bitcoin
July may very well be a quiet month when it comes to commerce offers as U.S. Treasury Secretary Scott Bessent introduced Sunday that tariffs, initially revealed in April, will take impact on Aug. 1.
The tariffs will take impact for international locations and not using a commerce settlement with the U.S. Bessent warned that the tariff stage will revert to April’s charges if negotiations fail earlier than that date.
Whereas talking to The Block, Jeff Mei, COO at BTSE commented that,
“Merchants beforehand had been involved about volatility main as much as the July 9 tariff deadline on Wednesday. It seems like markets are rallying after it was revealed international locations could have extra time to barter earlier than tariffs take impact initially of August.”
In accordance with Mei, the upcoming launch of the U.S. shopper value index on July 15 will give traders an perception into whether or not inflation is low sufficient for the Federal Reserve to decrease rates of interest.
An rate of interest reduce can be doubtlessly constructive for Bitcoin and will spur it to surpass its present all-time excessive value of $111k.
BTC may refresh its document highs quickly amid bullish sentiments
The BTC/USD 4H chart is bullish and environment friendly because the bulls are at present answerable for the Bitcoin market. The technical indicators counsel that Bitcoin may rally to a brand new all-time excessive quickly.
The RSI of 53 reveals that consumers are regaining management, whereas the MACD traces are at present within the constructive zone, suggesting a robust shopping for sentiment. Nevertheless, BTC may retest the low of $107,850 earlier than rallying increased within the close to time period.
If Bitcoin continues its upward momentum, it may prolong the rally towards the Could 22 all-time excessive at $111,980. An prolonged rally would permit Bitcoin to succeed in a brand new all-time excessive value.
On the flipside, failure to defend the help stage at $107,850 may see BTC retest the consolidation zone and Transactional Liquidity (TLQ) space at $105,333.
