Current trend

Last week, the BTC/USD pair resumed growth within the general market trend, recovering losses after a significant drop, and is currently trading around 63000.00 with the support of monetary factors.

June data on inflation in the US recorded its decline: the consumer price index adjusted from 3.3% to 3.0% YoY, and the core indicator – from 3.4% to 3.3%, which, combined with the slowdown in national economic growth and the cooling of the labor market, creates the necessary conditions for the US Fed to begin cutting interest rates already in September. It increases investor interest in assets alternative to the dollar and puts pressure on the American currency. Investors are actively redirecting their capital to the fund: over five sessions last week, the inflow to the Bitcoin ETF amounted to 1.047B dollars.

In addition, the upward dynamics in the BTC/USD pair were supported by reports of an assassination attempt on US Republican presidential candidate Donald Trump, which took place at a campaign rally in Butler. Experts believe that the incident may increase the likelihood of his re-election since the rating of the current head of the White House is actively declining again against this background, and the new administration will be more loyal to the cryptocurrency market.

Support and resistance

The trading instrument is trying to consolidate above 62500.00 (Murrey level [4/8]), which will allow it to leave the long-term downward channel and continue to grow to the area of ​​65625.00 (Murrey level [5/8]), 68750.00 (Murrey level [6/8]), and 71875.00 (Murrey level [7/8]). In case of a downward breakout of 59375.00 (Murrey level [3/8]), supported by the middle line of Bollinger Bands, the negative dynamics may resume to ​​56250.00 (Murrey level [2/8]) and 53125.00 (Murrey level [1/8]).

Technical indicators allow for a further increase in the quotes. Bollinger Bands are moving horizontally after a decline, Stochastic is directed upward, and the MACD histogram is decreasing in the negative zone.

Resistance levels: 62500.00, 65625.00, 68750.00, 71875.00.

Support levels: 59375.00, 56250.00, 53125.00.

Trading tips

Long positions may be opened from 63300.00, with the targets at 65625.00, 68750.00, 71875.00, and stop loss 61600.00. Implementation period: 5–7 days.

Short positions may be opened below 59375.00, with the targets at 56250.00, 53125.00, and stop loss 61900.00.