Decentral Block Post

Bitcoin (BTC) starts the first week of July with a sigh of relief for traders as $30,000 support holds. 

BTC price action refuses to succumb to bears after 20% gains in Q2, with weekly and monthly timeframes looking strong. What’s next?

A quiet week is expected on TradFi markets, with Wall Street gearing up for the Independence Day holiday and little in store in terms of United States macroeconomic data.

Bitcoin thus needs volatility triggers from elsewhere if bulls are to have a shot at breaching resistance in place for several months.

Views among market participants are mixed on the topic, as some believe that $32,000 and higher is easily achievable, while others consider this month the peak of Bitcoin’s 2023 recovery.

The stock market can offer valuable insights into possible Bitcoin (BTC) price movements, with a significant potential trigger expected this month.

Q2 earnings numbers due this month

Notably, Q2 earnings numbers are expected from some of the largest companies in the world in July, including:

The S&P 500 companies account for an aggregate $36.5 trillion in market capitalization, so it makes sense to expect a positive impact on Bitcoin’s price if the earnings season sustains modest growth.

In other words, investors’ appetite for risk-on assets will increase if the odds of an imminent recession are reduced.

Leverage to be avoided given the level of uncertainty

Traders calling for a global economic slowdown will have a chance to profit if those companies fail to deliver earnings growth, further adding uncertainty to the economies. Governments rely heavily on taxes from companies and consumers, so a weak earnings season represents a serious threat.

Bitcoin (BTC) has been trading in a narrow range for the past few days but that doesn’t take away the sheen from its stunning 84% rally in 2023. The strong recovery in Bitcoin’s price has boosted buying in several altcoins, which have risen sharply from their yearly lows.

As the second half of the year begins, the major question on every investor’s mind is, will the rally continue? CoinGlass data shows that July has seen only three negative monthly closes since 2013 and the biggest decline was 9.69% in 2014. This suggests that bulls have a slight edge.

A large part of the latest leg of the rally in Bitcoin and altcoins was fuelled by hopes that the United States Securities and Exchange Commission will approve one or more applications for a spot Bitcoin exchange-traded fund. Any adverse news on this front could turn the sentiment bearish and result in a sharp sell-off.

However, for now, Bitcoin and select altcoins are showing strength. Let’s analyze the charts of the top-5 cryptocurrencies that may continue their up-move over the next few days.

Bitcoin price analysis

Bitcoin continues to trade near the stiff overhead resistance at $31,000. This suggests that the bulls are in no hurry to book profits as they anticipate another leg higher.

Bitcoin (BTC) has been trading in a narrow range for the past few days but that doesn’t take away the sheen from its stunning 84% rally in 2023. The strong recovery in Bitcoin’s price has boosted buying in several altcoins, which have risen sharply from their yearly lows.

As the second half of the year begins, the major question on every investor’s mind is, will the rally continue? CoinGlass data shows that July has seen only three negative monthly closes since 2013 and the biggest decline was 9.69% in 2014. This suggests that bulls have a slight edge.

A large part of the latest leg of the rally in Bitcoin and altcoins was fuelled by hopes that the United States Securities and Exchange Commission will approve one or more applications for a spot Bitcoin exchange-traded fund. Any adverse news on this front could turn the sentiment bearish and result in a sharp sell-off.

However, for now, Bitcoin and select altcoins are showing strength. Let’s analyze the charts of the top-5 cryptocurrencies that may continue their up-move over the next few days.

Bitcoin price analysis

Bitcoin continues to trade near the stiff overhead resistance at $31,000. This suggests that the bulls are in no hurry to book profits as they anticipate another leg higher.

Bitcoin (BTC) witnessed a volatile trading session on the last day of the quarter. The bulls were trying to maintain Bitcoin’s price above $31,000 but they received a jolt on a Wall Street Journal report which stated that the United States Securities and Exchange Commission (SEC) had returned applications for the Bitcoin spot-price exchange-traded fund (ETF). 

Although there was a knee-jerk reaction to the news, the downside was limited because it turned out that the ETF applications were returned due to a technical issue. The regulators said the asset managers could refile after providing the necessary clarifications.

Bitcoin’s failure to cross above $31,000 seems to be making the short-term speculators jittery. A Glassnode research report released on June 28 shows that short-term holders (STHs), entities holding coins for 155 days or less, have sent more than 35,000 coins to the exchanges.

Any adverse news is likely to witness a negative reaction from SThs. What are the important support and resistance levels that need to be watched on Bitcoin and altcoins in the near term? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin continues its tight consolidation near the overhead resistance at $31,000. This shows that the bears are trying their level best to stall the up-move but the bulls have kept up the pressure.