The top 10 cryptocurrencies fall as much as 4% this Monday and investors anticipate a week of little movement. Bitcoin is close to $30,000 and threatens to pierce its key value while ethereum stands at US$1.9000. The main descents are made by Solana (SOL), Ripple and Dogecoin.
The cryptocurrency reina is trading again in the range in which it has been moving in recent weeks after suffering a harsh correction in the last hours of last Friday. The reigning cryptocurrency, which reached a new yearly high of $31,814.52 after Ripple’s partial victory against the Securities and Exchange Commission (SEC, for its acronym in English), falls to the point of losing $ 30,000.
Joe DiPasquale, CEO of BitBull Capital, points out that this correction was something to be expected after the “overheating” experienced after the ruling in the case of Ripple. However, this expert believes that it is “unlikely” that the cryptocurrency will trade “below $27,000 for a long time” after this correction, so one would expect the market to “consolidate around the current area “.
Similarly, Molina stresses that “the accumulation of small and medium-sized investors continues, with 69% of the offer that has not moved in the last year, the wait for the Blackrock ETF, which can generate massive inflows of flows and the doubts that remain about the SEC and the ‘security tokens'”.
“If prices are able to exceed US$31,000, the medium-term structure would change and we would propose a very bullish scenario with a first target of US$36,000 and US$41,000 as the next reference. However , not being able to exceed $31,000, returns the scenario to the bottom whose main support passes through $25,000 if $29,500 is lost first and $28,000 as second support,” he says.
Cryptocurrencies: why no price advances are expected this week
The experts agree is that this week there could not be big movements due to the lack of big scheduled events or the publication of important macroeconomic references. In fact, the focus of the market is on the earnings seasonwhich kicked off last week, for which the consensus expects “a year-on-year drop in the second quarter of 7%, which will be the largest since the second quarter of 2020 and the third consecutive quarter of falls”, Molina points out.
“As of today, 6% of the companies in the S&P 500 have reported results for the second quarter of 2023. 80% have presented earnings per share above expectations and on average, they are seeing benefits of 8.8 % on the estimates. It will be very important to observe this data of “surprises” and what is the forecast that is given. That is what will really impact the stock markets”, he stresses, while indicating that “there is great dispersion according to the sectors that are contemplated”.
In this sense, Johnny Teng, a researcher at LBank Labs, believes that bitcoin’s movements will be influenced by “open interest levels, which reflects operator sentiment and trending topics such as memes and artificial intelligence.” . “As retail traders may have missed last week’s price movement, their enthusiasm to participate in the market is likely to increase,” he adds.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
