Macro Overview
- US Core PCE Price Index :The US Core PCE Price Index (m/m) came in at 0.2%, slightly above the expected 0.1%, signaling higher-than-anticipated inflation. This reading is considered negative for the market, as it may influence the Federal Reserve to maintain a more cautious stance on interest rate cuts. Markets reacted with mild caution following the release.
- US GDP :The US GDP QoQ came in at -0.5%, below the expected -0.2%, indicating a weaker-than-anticipated economy. While this could be seen as positive for markets—as it may increase the likelihood of Fed rate cuts to stimulate growth—the market reaction remained largely neutral, with no major movements following the release.
- US Weekly Jobless Claims :US Unemployment Claims for the week came in at 236,000, lower than the expected 244,000, indicating a stronger labor market. While typically seen as a positive economic signal, this reading is viewed as slight bearish (short term) because of negative relation with the crypto market.
Crypto Markets Overview
Top Altcoins Update
- First-Ever Staked Crypto ETF Set to Launch in U.S. :REX Shares and Osprey Funds will launch the first-ever staked crypto ETF in the U.S. on Wednesday, starting with a Solana-based ETF that tracks SOL’s price while also delivering staking yields to holders. The ETF, structured as a C-corporation, marks a new milestone by combining price exposure and onchain yield. The firms also plan a similar product for Ethereum. Following the announcement, SOL saw a quick upside move, though the gains were short-lived as the price later retraced.
- Aptos Labs CEO Avery Ching Joins CFTC Digital Asset Markets Subcommittee: Avery Ching, CEO and co-founder of Aptos Labs, has been appointed to the CFTC’s Digital Asset Markets Subcommittee under the Global Markets Advisory Committee (GMAC). He joins a diverse group of leaders from both crypto and traditional finance, including executives from Polygon Labs, CoinFund, Nasdaq, and Franklin Templeton. Ching’s appointment comes amid shifting leadership at the CFTC and increasing regulatory focus on the crypto sector, potentially paving the way for more crypto-friendly policies.
- Robinhood Launches ETH & SOL Staking in U.S., Expands Tokenized Products in Europe: Robinhood has begun offering Ethereum (ETH) and Solana (SOL) staking services to users in the United States, enabling them to earn rewards by supporting blockchain networks. The move comes even as major players like Coinbase and Kraken face SEC lawsuits over similar offerings, signaling Robinhood’s confidence in its regulatory approach. Meanwhile, in Europe, Robinhood has rolled out a suite of new products, including tokenized stocks and leverage-based crypto trading tools, catering to advanced investors seeking more flexible trading strategies.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Jul-1 | 7:30 PM | US JOLTS Job Openings | Actual’ less than ‘Forecast’ is good for crypto |
| Jul-3 | 6:00 PM | US Unemployment Rate | Actual’ greater than ‘Forecast’ is good for crypto |
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Bearish.
- Bitcoin is currently trading within a defined range and is now sitting near the range high, where it shows bearish signs based on technical indicators. A minor bounce from the $103,500 level is possible, but if that support breaks, it could trigger a significant drop toward the $99,000 zone. Traders should monitor this level closely as price action develops. On the upside, the $108,500 level is crucial—a break and hold above it would signal a potential trend reversal and invalidate the current bearish outlook.
- Key support levels to consider are around $103,500, $99,100 and $97,000. On the upside, resistance level is at $108,500 and $110,250.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavours.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears Neutral to Bearish.
- ETH is currently moving sideways and has made multiple failed attempts to reclaim the $2,500 range, signaling weakness amid a soft broader market. Despite outperforming BTC last week, Ethereum may face downside pressure if the range breaks down, with short-term targets near $2,300. However, if ETH reclaims and holds above $2,500, it could trigger a potential upswing and shift momentum back to the upside.
- Significant support levels include $2380, $2338 and $2175, while resistance levels to watch are at $2500, $2555 & $2683.
These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
Solana Technical Analysis
Summary:
- The current sentiment around SOL is Neutral to Bearish.
- SOL is currently trading within a downtrend channel, and even the positive news around the upcoming staked SOL ETF failed to spark sustained strength—highlighting underlying weakness. With the broader market also leaning bearish, there’s a high chance of continued downside toward the $120 level. This bearish outlook would be invalidated only if SOL breaks out of its current range to the upside with strong momentum.
- Key support levels to consider are around $138 and $122. On the upside, resistance level is at $160 and $185
It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent. - For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavours.
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