The crypto market is experiencing an upswing, with total market capitalization increasing by approximately 0.8% over the last 24 hours, reaching $2.28 trillion as of June 27. Leading crypto assets like Bitcoin and Ether (ETH) have seen gains of around 0.5% and 2.6%, respectively. Key factors driving the market’s upward momentum include ongoing inflows into U.S. spot Bitcoin exchange-traded funds (ETFs) and a strengthening market structure. These gains align with the resumption of inflows into the U.S.-based spot Bitcoin ETFs, which managed approximately $52.61 billion worth of BTC as of June 26, up from $47 billion at the beginning of May. This trend underscores the growing acceptance and adoption of Bitcoin and other crypto assets within the traditional financial sector, contributing to the overall rise in the crypto market’s valuation today.
During a 90-minute presidential debate between Donald Trump and Joe Biden, the price of Bitcoin surged by as much as 1.1%, coinciding with Trump’s improved standing on the crypto markets. Despite an unexpected dip in Bitcoin’s price, the absence of aggressive institutional selling suggests a potential silver lining for the asset. Even before the U.S. government began offloading BTC, spot traders had been liquidating their holdings. This influx of Bitcoin typically triggers a sell-off as traders anticipate increased supply. As expected, the market’s initial response has been sustained selling pressure, yet the overall reaction has been relatively subdued. Bitcoin’s ability to maintain key support levels will be crucial. The actions of the U.S. government and other significant holders will play a pivotal role in determining Bitcoin’s near-term price movement.
Ethereum (ETH) experienced a 1% decline on Wednesday following reports that the Securities & Exchange Commission (SEC) might approve spot ETH ETFs on July 4. Last week, prospective issuers of spot ETH ETFs filed their amended S-1 registration statements with the SEC in response to the agency’s comments. The SEC approved the issuers’ 19b-4 applications on May 23, but they still need to approve the S-1s before trading can commence. ETH is currently trading around $3,350, down nearly 1.2% in the past 24 hours. Total liquidations for ETH in this period have reached $21.82 million, with long positions accounting for 61% and shorts 39%. Additionally, ETH open interest (OI) has been gradually declining, now at $15.09 billion. This trend indicates increased caution among traders, as broader bearish sentiment appears to overshadow the potential bullish impact of the upcoming spot ETH ETF launch.
Additionally, Markets opened with improved sentiment after the U.S. Q1 gross domestic product (GDP) exceeded expectations, registering a growth of 1.4%, as reported by the Bureau of Economic Analysis on June 27. This marks the slowest quarterly growth since spring 2022. In contrast, the real GDP saw a 3.4% increase in the fourth quarter of 2023. Initially, the U.S. Commerce Department had forecasted a 1.3% GDP growth rate for the period between January and March. Despite higher interest rates, the U.S. economy has shown resilience. The Federal Reserve raised its benchmark rate 11 times throughout 2022 and 2023, reaching a 23-year high to control the highest inflation levels seen in 40 years.
Technical Outlook:
BITCOIN:
Bitcoin after correcting almost 23% from its all-time high of $73,777 dropped to $56,552. The lower shadow around the crucial support level of $56,000 indicated buying from these levels and the prices rallied up to $71,979. However, the bulls did not succeed in breaking the all-time high and the asset struggled to sustain above the $70k mark. The asset saw another correction and the prices dropped and made a weekly low of $58,402. However, it did not give a daily closing below the support of $60,000. BTC has a strong support at $60,000 whereas $66,500 will act as a strong resistance.
ETH:
ETH after giving a breakout above the ‘Descending Triangle’ pattern rallied up to $3,977 and started to consolidate in a range from $3,900 to $3700. The asset failed to cross the crucial level of $4,000 and it gave a range breakout on the downside. The prices witnessed a sharp correction and dropped to $3,240. ETH has been trading in red for the fifth consecutive week. However, it has not given a daily closing below the support level of $3,350. If it holds and sustains above $3,350 then we can expect the bulls to resume the up move.
BNB:
BNB was consolidating and was trading in a range from $560 to $620. The asset finally gave a breakout above the range and made a new all-time high of $721. Post this move, BNB witnessed some profit booking at higher levels and failed to give a weekly close above the previous all-time high of $691. The prices corrected almost by 23.5% and dropped to $551. BNB has a strong support at $550. If it holds the support then we may expect the bulls to resume the up move.
Weekly Snapshot:
| USD ($) | 20 Jun 24 | 27 Jun 24 | Previous Week | Current Week | |||
| Close | Close | % Change | High | Low | High | Low | |
| BTC | $64,829 | $61,605 | -4.97% | $67,295 | $64,067 | $65,007 | $58,602 |
| ETH | $3,511 | $3,445 | -1.88% | $3,648 | $3,366 | $3,543 | $3,244 |
| BNB | $587.11 | $580.80 | -1.07% | $611.94 | $575.76 | $592.77 | $552.94 |
| Crypto | 1w – % Vol. Change (Global) |
|---|---|
| BitCoin (BTC) | -4.52% |
| Ethereum (ETH) | -14.77% |
| Binance Coin (BNB) | -8.87% |
| Resistance 2 | $73,777 | $4,000 | $1.00 | $691 |
|---|---|---|---|---|
| Resistance 1 | $66,500 | $3,700 | $0.75 | $625 |
| USD | BTC | ETH | Matic | BNB |
| Support 1 | $60,000 | $3,350 | $0.6 | $550 |
| Support 2 | $56,000 | $3,000 | $0.5 | $500 |
Market Updates:
- Financial services firm T-Rex Group has filed for a leveraged MicroStrategy (MSTR) exchange-traded fund in the United States — with one analyst describing it as a “ghost pepper” of ETFs due to its potential volatility.
- VanEck, one of the first issuers of spot Bitcoin exchange-traded funds (ETFs) in the United States, has filed for a new Solana ETF.
- Jesse Powell, the co-founder of Kraken, has announced on X that he has personally donated $1 million, mostly in Ether, to Donald Trump’s 2024 presidential campaign.
