Bitcoin has begun an important week for its price performance with the $30,000 level fully intact at the weekly close. BTC price action continues to deliver on bulls’ expectations after weeks of sideways trading offered little relief. Can it continue?
That is the question on every trader’s mind this week. The $30,000 level held into the weekly close and beyond but, in a volatile crypto market, anything can happen. The macroeconomic climate during the final week of June offers some potential risk asset price catalysts but avoids several major data releases at once.
The weekend’s news out of Russia appears to have had little impact on market performance elsewhere, having mostly concluded before the start of the week’s trading. Turning to Bitcoin itself, a phase of taking stock appears to be here, with fundamentals conversely primed to shift down from all-time highs. Sentiment is volatile with $30,000 as a pivotal level.
The total crypto market was also on the radar for Michaël van de Poppe, founder and CEO of trading firm Eight, who eyed its potential reclaim of the 200-week moving average. This week’s macroeconomic events include commentary from Jerome Powell, Chair of the Federal Reserve, and the release of the latest U.S. Personal Consumption Expenditures (PCE) Index figures.
Interestingly, despite Bitcoin price gains, Bitcoin network fundamentals are cooling their own gains. According to the latest estimates from BTC.com, Bitcoin network difficulty is due to decrease at its upcoming readjustment on June 29.
In his latest research into Bitcoin’s RHODL Ratio metric, Philip Swift, the LookIntoBitcoin founder, argued that the BTC supply is beginning to move from hodler-based to speculative instrument. Swift’s RHODL looks at the realized value of coins in specific age bands and the RHODL Ratio looks at the 1-week band versus the 1-2 years band.
The Crypto Fear & Greed Index, which measures market mood composition, has fluctuated considerably in recent days as BTC/USD attempts to create new support.
Source: Cointelegraph
