Market
Key US Economic Data This Week
The US economic data and calendar remain on the watchlist of crypto market participants. Key events are lined up that can affect portfolios, and the country’s political climate still plays an integral role in driving markets.
The United States has one of the biggest economies in the world, and approximately 52 million Americans own crypto.
US Economic Events To Watch This Week
After Tesla’s second quarter (Q2) earnings report, the crypto community remains interested in several other US economic data and events.
- July 25: Q2 2024 GDP data
- July 25: Jobless claims
- July 25 – 27: The Bitcoin 2024 Conference in Nashville
- July 26: June PCE Inflation data
- GDP
First, investors wait Thursday for the Commerce Department’s Census Bureau’s Q2 gross domestic product (GDP). A slowdown in GDP growth would suggest a potential economic cooling, potentially influencing investor sentiment. This change in sentiment could lead to increased interest in Bitcoin and crypto in general as alternative investments.
2. Initial Jobless Claims
Initial jobless claims coming in slightly better than June could indicate more economic stability, which would benefit Bitcoin and crypto. Higher jobless claims would introduce some uncertainty, potentially negatively influencing investor confidence.
As investors attempt to balance stability in traditional markets with cautious sentiment, crypto could take a choppy turn.
3. PCE Inflation
Friday’s June Personal Consumption Expenditures (PCE) index is also worth watching. It marks the last report on inflation before the Federal Reserve (Fed) gathers for its next meeting at the end of July. Amid anticipation for interest-rate cuts, the data will show whether inflation continued to slow in June.
As BeInCrypto reported, the Fed demonstrated growing confidence that inflation is approaching the 2% target. Policymakers, having set interest rates at decades-high levels to curb recent inflation spikes, are now awaiting more positive news on price levels before considering any rate reductions.
“The lower-than-expected CPI reading today signals a more significant slowdown in inflation. This could reinforce the market’s expectation of a rate cut in September. Fed Fund futures put the probability at 70% currently, boosting both equities and cryptocurrencies by increasing liquidity and risk appetite,” Jag Kooner, Head of Derivatives at Bitfinex, told BeInCrypto.
Read more: How to Protect Yourself From Inflation Using Cryptocurrency
There is speculation that the Fed will wait until its September meeting to cut interest rates. Others also hope the central bank should move on a rate cut in July. Nevertheless, Friday’s inflation report could strengthen that case for officials.
Ultimately, the Fed will not issue any guidance this week. This is amid an ongoing blackout period preventing public comment ahead of next week’s Federal Open Market Committee (FOMC) meeting.
Bitcoin 2024 Conference
The Bitcoin 2024 Conference will start on Thursday and through to Saturday. Multiple billionaires have lined up on the speaker list, including Donald Trump, among the headliners. Based on recent reports, US Vice President Kamala Harris could ascend the list to scoop some crypto votes.
David Bailey, CEO of Bitcoin Magazine and one of the organizers of The Bitcoin Conference, confirmed the news.
“We’re in talks with Kamala Harris’s campaign for her to speak at the conference. Would be very savvy of her to reset the democrat positioning on the fastest-growing voter block in the country. They’re making up their minds today,” said Bailey in an X post.
Read more: How Can Blockchain Be Used for Voting in 2024?
However, critiques challenge that “Kamala Harris only wants to speak at The Bitcoin Conference because she’s desperate to avoid losing this election, said Wayne Vaughn, adding, “Democrats want some of that sweet money raised by pro-crypto Super PACs.”
As BeInCrypto reported, Donald Trump set $844,600 (13.20 BTC) as the price for a roundtable at Nashville’s Bitcoin Conference. The package includes photos with Trump for $60,000 per person, or $100,000 per couple, as a part of fundraising.
As markets watch the USE economic data, these highlights underscore the need to stay informed and analyze market trends. They also reflect the importance of understanding the interconnectedness between traditional economic indicators and the cryptocurrency market. Ultimately, the key principles for navigating market fluctuations are diversification, risk management, and a long-term investment perspective.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
XRP price started a fresh decline below the $2.050 zone. The price is now consolidating and might face hurdles near the $2.10 level.
- XRP price started a fresh decline below the $2.120 and $2.050 levels.
- The price is now trading below $2.10 and the 100-hourly Simple Moving Average.
- There is a short-term declining channel forming with resistance at $2.0680 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might extend losses if it fails to clear the $2.10 resistance zone.
XRP Price Attempts Recovery
XRP price extended losses below the $2.050 support level, like Bitcoin and Ethereum. The price declined below the $2.00 and $1.980 support levels. A low was formed at $1.960 and the price is attempting a recovery wave.
There was a move above the $2.00 and $2.020 levels. The price surpassed the 23.6% Fib retracement level of the downward move from the $2.235 swing high to the $1.960 low. However, the bears are active below the $2.10 resistance zone.
The price is now trading below $2.10 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.070 level. There is also a short-term declining channel forming with resistance at $2.0680 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $2.10 level. It is near the 50% Fib retracement level of the downward move from the $2.235 swing high to the $1.960 low. The next resistance is $2.120.
A clear move above the $2.120 resistance might send the price toward the $2.180 resistance. Any more gains might send the price toward the $2.2350 resistance or even $2.40 in the near term. The next major hurdle for the bulls might be $2.50.
Another Decline?
If XRP fails to clear the $2.10 resistance zone, it could start another decline. Initial support on the downside is near the $2.00 level. The next major support is near the $1.960 level.
If there is a downside break and a close below the $1.960 level, the price might continue to decline toward the $1.920 support. The next major support sits near the $1.90 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $2.00 and $1.960.
Major Resistance Levels – $2.10 and $2.120.
Reason to trust
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum price attempted a recovery wave above the $1,820 level but failed. ETH is now consolidating losses and might face resistance near the $1,840 zone.
- Ethereum failed to stay above the $1,850 and $1,840 levels.
- The price is trading below $1,840 and the 100-hourly Simple Moving Average.
- There is a short-term bearish trend line forming with resistance at $1,810 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $1,820 and $1,840 resistance levels to start a decent increase.
Ethereum Price Dips Further
Ethereum price failed to stay above the $1,800 support zone and extended losses, like Bitcoin. ETH traded as low as $1,751 and recently corrected some gains. There was a move above the $1,780 and $1,800 resistance levels.
The bulls even pushed the price above the 23.6% Fib retracement level of the downward move from the $1,955 swing high to the $1,751 low. However, the bears are active near the $1,820 zone. The price is now consolidating and facing many hurdles.
Ethereum price is now trading below $1,820 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,810 level. There is also a short-term bearish trend line forming with resistance at $1,810 on the hourly chart of ETH/USD.
The next key resistance is near the $1,840 level or the 50% Fib retracement level of the downward move from the $1,955 swing high to the $1,751 low at $1,850. The first major resistance is near the $1,880 level.
A clear move above the $1,880 resistance might send the price toward the $1,920 resistance. An upside break above the $1,920 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,000 resistance zone or even $2,050 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $1,850 resistance, it could start another decline. Initial support on the downside is near the $1,765 level. The first major support sits near the $1,750 zone.
A clear move below the $1,750 support might push the price toward the $1,720 support. Any more losses might send the price toward the $1,680 support level in the near term. The next key support sits at $1,620.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $1,750
Major Resistance Level – $1,850
Reason to trust
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin price started a recovery wave from the $81,200 zone. BTC is consolidating losses and facing hurdles near the $83,500 resistance level.
- Bitcoin started a decent recovery wave above the $82,200 zone.
- The price is trading below $83,200 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $83,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it clears the $83,500 zone.
Bitcoin Price Faces Resistance
Bitcoin price extended losses below the $82,500 support zone and tested the $81,200 zone. BTC formed a base and recently started a decent recovery wave above the $82,200 resistance zone.
The bulls were able to push the price above the $82,500 and $83,000 resistance levels. The price even tested the 23.6% Fib retracement level of the recent decline from the $89,042 swing high to the $81,177 low. However, the price is struggling to continue higher.
Bitcoin price is now trading below $83,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $83,200 level. The first key resistance is near the $83,500 level. There is also a connecting bearish trend line forming with resistance at $83,500 on the hourly chart of the BTC/USD pair.
The next key resistance could be $84,500. A close above the $84,500 resistance might send the price further higher. In the stated case, the price could rise and test the $85,500 resistance level. Any more gains might send the price toward the $86,000 level or 61.8% Fib retracement level of the recent decline from the $89,042 swing high to the $81,177 low.
Another Decline In BTC?
If Bitcoin fails to rise above the $83,500 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $82,200 level. The first major support is near the $81,200 level.
The next support is now near the $80,500 zone. Any more losses might send the price toward the $80,000 support in the near term. The main support sits at $78,800.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $82,200, followed by $81,200.
Major Resistance Levels – $83,500 and $85,000.
Why Recency Bias Is Amplifying Fear Around Bitcoin’s Price
XRP Battle Heats Up—Can Bulls Turn the Tide?
Ethereum Price Losing Ground—Is a Drop to $1,550 Inevitable?
Bitcoin Price Still In Trouble—Why Recovery Remains Elusive
What to Expect After March’s Struggles
Ethereum Faces ‘Hyperinflation Hellscape’—Analyst Reveals Key On-Chain Insights
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Market20 hours agoIP Token Price Surges, but Weak Demand Hints at Reversal
-
Market23 hours agoEthereum Price Recovery Stalls—Bears Keep Price Below $2K
-
Market16 hours agoBitcoin’s Future After Trump Tariffs
-
Altcoin21 hours agoBinance Issues Key Announcement On StakeStone TGE; Here’s All
-
Altcoin20 hours agoMovimiento millonario de Solana, SOLX es la mejor opción
-
Ethereum20 hours agoEthereum Trading In ‘No Man’s Land’, Breakout A ‘Matter Of Time’?
-
Altcoin22 hours agoVanEck Seeks BNB ETF Approval—Big Win For Binance?
-
Market17 hours agoEDGE Goes Live, RSR Added to Roadmap
