The cryptocurrency market has recently shown a significant uptick, backed by positive macroeconomic indicators. Bitcoin surged close to the $65,000 mark but failed to maintain this level. A notable performer was PEPE, which saw a remarkable 37% increase in just one day, drawing considerable attention.
What’s Driving the Crypto Market?
Spot Ethereum ETFs are set to launch on July 23, as per Bloomberg ETF analyst Eric Balchunas. Discussions with the SEC have been renewed, targeting a launch next Tuesday. Additionally, Donald Trump’s appointment of Senator J.D. Vance as Vice President for the upcoming elections has had a positive impact on the crypto market, given Vance’s favorable stance on cryptocurrencies.
The market also witnessed a surge in ETF inflows, increasing the total market value to $2.30 trillion. This influx of over $136 billion in the last 24 hours broke the $2.29 trillion resistance, aiding the market’s recovery. However, if this support fades due to profit-taking or market cooling, a decline to $2.20 trillion could occur.
Bitcoin Chart Insights
Bitcoin displayed robust performance, rising from $60,800 to $65,000. Yet, it failed to secure $63,740 as a support level, increasing the risk of a sell-off. Currently, Bitcoin is navigating within an expanding wedge. Breaking out of this pattern could see the crypto asset hitting new all-time highs, provided it turns $67,000 into support.
PEPE Chart Analysis
Memecoin PEPE led the gains, witnessing a price surge of nearly 37% to $0.00001207. If PEPE maintains this momentum, it could break the $0.00001369 resistance and continue its upward trend. Failure to sustain this rise might result in the consolidation of existing support and resistance levels.
Key Takeaways
- Spot Ethereum ETFs are launching on July 23, potentially boosting market sentiment.
- Donald Trump’s appointment of a pro-crypto Vice President candidate positively impacts the market.
- Bitcoin needs to establish $67,000 as support to aim for new highs.
- PEPE’s 37% surge could continue if it breaks the critical resistance level.
In conclusion, the crypto market is experiencing a positive phase, driven by various favorable developments. However, maintaining these gains requires overcoming critical resistance levels and sustaining support bases to avoid potential downturns.