Macro approach:
- Bitcoin prices recovered slightly following US crypto regulatory developments despite continued ETF outflows.
- The Clarity Act's next version is reportedly expected by next week or late Jul, keeping optimism alive. However, continuing ETF outflows of 95.3 mln USD suggest capitulation amid the absence of positive catalysts.
- Subdued sentiment may keep bitcoin prices under pressure amid the absence of catalysts.
Technical approach:
- After retesting the broken descending trendline, confluenced with the support at around 61850, BTCUSD strongly bounced. The price is above both diverging bullish EMAs, indicating a potential shift to a bullish trend.
- If BTCUSD clears above 64750, the price may head toward the broader swing high at 67250.
- On the contrary, remaining below 63750 may prompt a retest of both EMAs.
Analysis by: Quoc Dat Tong, Senior Financial Markets Strategist at Exness
- Bitcoin prices recovered slightly following US crypto regulatory developments despite continued ETF outflows.
- The Clarity Act's next version is reportedly expected by next week or late Jul, keeping optimism alive. However, continuing ETF outflows of 95.3 mln USD suggest capitulation amid the absence of positive catalysts.
- Subdued sentiment may keep bitcoin prices under pressure amid the absence of catalysts.
Technical approach:
- After retesting the broken descending trendline, confluenced with the support at around 61850, BTCUSD strongly bounced. The price is above both diverging bullish EMAs, indicating a potential shift to a bullish trend.
- If BTCUSD clears above 64750, the price may head toward the broader swing high at 67250.
- On the contrary, remaining below 63750 may prompt a retest of both EMAs.
Analysis by: Quoc Dat Tong, Senior Financial Markets Strategist at Exness
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