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“The market calmed down quickly.” What will happen to bitcoin next week.

The week from June 26 to July 2 turned out to be calm. Trading in the BTC/USDT pair was in the range of $29,500 – $31,282. Increased volatility was observed at the end of the week on Friday. There were reasons for this, but the market quickly calmed down, so the consolidation in a limited range causes some optimism about the continuation of the uptrend until July 22.

In the first half of the week, the sellers tried to sort out the support of $29,900 against the backdrop of statements by the head of the US Federal Reserve, J. Powell, at the forum of the European Central Bank about a possible increase in interest rates twice this year, but did not work. The price rebounded to the level of $31,282. The publication of GDP data for the first quarter supported the dollar, but did not affect the crypto market. Bitcoin has risen in price on the news that the management company Fidelity Investments has filed an application to create a bitcoin spot fund (ETF). She joins other asset managers including BlackRock, WisdomTree, Invesco and Bitwise who have previously filed for Bitcoin ETFs this month. In addition, CME Group announced the launch of new futures for the ETH / BTC ratio, which also had a positive effect on the entire market, leveling Powell’s speech.

On Friday, the market experienced increased volatility. The bitcoin exchange rate fell sharply by 5.26% to $29,500 in 15 minutes. For the crypto market, such a strait is a common thing, since the price may well fall by 15-20% on negative news. The US Securities and Exchange Commission (SEC) told the Nasdaq and Cboe exchanges that recent filings from BlackRock, Fidelity and others for spot Bitcoin ETFs were not “clear and comprehensive.” This was reported by The Wall Street Journal, citing familiar people. The SEC returned the applications because they did not contain sufficient information regarding the so-called joint surveillance agreement or the details of this mechanism. The drop has been limited because companies can update wording and resubmit applications.

On Sunday, July 2, Bitcoin (BTC) is trading at around $30.5 thousand, its price is at the level of the end of last week. CFO of the ASTL investment project Konstantinas Sizovas analyzed the situation on the market and assessed the prospects for the movement of the bitcoin rate for the next seven days. US markets close early on July 3rd and will be closed on July 4th due to the national holiday – Independence Day. Minutes from the latest US FOMC meeting will be released on Wednesday (July 5) and nonfarm payroll data will be released on Friday (July 7). These are the highlights for the week. We also follow the news from the SEC and companies that have previously applied for Bitcoin spot ETFs.

Sellers managed to remove protective stops on long positions below $29,800 – $29,900. After falling to $29,500, the price rebounded to $30,748 and stabilized around $30,400. The ETH/USDT pair jumped to $1,948 after falling to $1,825.

According to our estimates, in general, the technical picture is favorable for the continuation of the upward movement to $34 thousand. The growth phase should last until July 22. Then until September there will be a downward correction, or a sideways movement. The S&P500 index is recovering well, and there is room for growth within 6%. Buyers still have time to move up before the US Federal Reserve meeting.

In the current situation on the cryptocurrency market, the Litecoin (LTC) coin looks like an attractive object for purchase. There are several reasons for this. First, the launch in the US of a new exchange for institutional investors, EDX Markets. In terms of funding, this exchange was supported by such well-known professional participants as Citadel Securities, Fidelity, Charles Schwab, Sequoia Capital, Virtu Financial. The exchange allows trading in a limited list of cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). Growth can be expected from Litecoin, as the value crept up to the annual maximum. If we draw an analogy with BCH, then it was after the upward breakdown of a significant maximum that the upward dynamics began to accelerate. On the LTC/USDT chart, there is an upward trend, a break above $106 could serve as a starting point for an accelerated uptrend. The nearest target is the level of $150. Secondly, the continued appetite for risk on global stock markets. A number of public companies have already fully won back last year’s decline, and some even renewed their historical highs.

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