Altcoin Resurgence and Federal Rate Speculations

In contrast to Bitcoin, altcoin prices saw gains on Monday as they recouped some of the severe losses experienced in June.

• Ethereum, the second-largest cryptocurrency, increased by over 2.5% to $3,475, buoyed by speculation that the SEC might approve an Ether-based ETF soon.
• Other altcoins such as Solana (SOL), Ripple (XRP), and Cardano (ADA) also enjoyed gains between 1.5% and 4.5%, albeit on low trading volumes.
• Even meme tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) rose over 2% and 1%, respectively.

Nonetheless, the overall sentiment in the crypto market remains wary ahead of upcoming U.S. economic data and insights into interest rate adjustments.

This week is particularly crucial with Federal Reserve Chair Jerome Powell scheduled to speak and the release of the Fed’s June meeting minutes and nonfarm payroll data, which could provide further direction on interest rates.

Traders are increasingly betting on a potential rate cut by the Fed in September, which has also lent some support to the cryptocurrency market.

Bitcoin‘s price has seen a modest increase, currently trading at $63,083, marking a 0.44% rise. As we examine the 4-hour chart, the pivotal point is set at $62,755. Bitcoin faces immediate resistance at $63,881, with subsequent barriers at $64,735 and $65,589.

Support levels are critical to monitor, with immediate support at $61,829. Further support is found at $60,695 and $59,901, areas that could stabilize price dips.

Technical indicators offer a bullish signal with the Relative Strength Index (RSI) at 60, suggesting a healthy upward momentum. The 50-day Exponential Moving Average (EMA) stands at $62,140, reinforcing the trend above the pivot point.

Should Bitcoin break below $62,755, however, it could trigger a significant selling trend, indicating a shift in market sentiment.

Altcoin Resurgence and Federal Rate Speculations

In contrast to Bitcoin, altcoin prices saw gains on Monday as they recouped some of the severe losses experienced in June.

• Ethereum, the second-largest cryptocurrency, increased by over 2.5% to $3,475, buoyed by speculation that the SEC might approve an Ether-based ETF soon.
• Other altcoins such as Solana (SOL), Ripple (XRP), and Cardano (ADA) also enjoyed gains between 1.5% and 4.5%, albeit on low trading volumes.
• Even meme tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) rose over 2% and 1%, respectively.

Nonetheless, the overall sentiment in the crypto market remains wary ahead of upcoming U.S. economic data and insights into interest rate adjustments.

This week is particularly crucial with Federal Reserve Chair Jerome Powell scheduled to speak and the release of the Fed’s June meeting minutes and nonfarm payroll data, which could provide further direction on interest rates.

Traders are increasingly betting on a potential rate cut by the Fed in September, which has also lent some support to the cryptocurrency market.

Bitcoin‘s price has seen a modest increase, currently trading at $63,083, marking a 0.44% rise. As we examine the 4-hour chart, the pivotal point is set at $62,755. Bitcoin faces immediate resistance at $63,881, with subsequent barriers at $64,735 and $65,589.

Support levels are critical to monitor, with immediate support at $61,829. Further support is found at $60,695 and $59,901, areas that could stabilize price dips.

Technical indicators offer a bullish signal with the Relative Strength Index (RSI) at 60, suggesting a healthy upward momentum. The 50-day Exponential Moving Average (EMA) stands at $62,140, reinforcing the trend above the pivot point.

Should Bitcoin break below $62,755, however, it could trigger a significant selling trend, indicating a shift in market sentiment.