• Bitcoin (BTC) started the week in negative territory, but its upside prospects remain buoyed by a mix of fundamental and technical indicators.
• Ripple’s partial win against the U.S. Securities and Exchange Commission (SEC) drove last week’s crypto market rally, but altcoins corrected sharply on the next day.
• The Federal Reserve blackout period leading up to its rate decision may keep Bitcoin flat between now and next week’s meeting.
Bitcoin Open Negative on Weekly Session
Bitcoin (BTC) declined modestly on the first day of its new weekly session beginning on July 17. Nonetheless, a mix of fundamental and technical indicators raises the coin’s upside prospects in the coming days.
XRP FOMO Limits BTC Gains
Last week, Bitcoin wobbled between extreme gains and losses as traders assessed a weaker U.S. inflation print against Ripple’s partial win against the U.S. Securities and Exchange Commission (SEC). On July 13, the BTC price broke toward $32,000 after a federal judge ruled that XRP sales on public crypto exchanges did not break securities laws. Nonetheless, altcoins under SEC’s regulatory radar posted better profits than Bitcoin including Cardano (ADA), Solana (SOL), and XRP itself. But, the next day most altcoins corrected sharply in what appeared to be a profit-taking scenario pushing Bitcoin down to close at 0.5% profit for the week
Fed Blackout Period May Keep Prices Flat
This came amid a weaker U.S dollar index (DXY). The greenback weakened as softer U.S consumer price index (CPI) report prompted market participants to push back their expectations for Federal Reserve peak interest rates till the July 25-26 meeting . This Fed blackout period may keep Bitcoin prices flat until then with an expected range of $29,850-$31,500 for this week .
Breakout Scenario
In case of breakout scenarios , BTC/USD could gain up to $32,350 or decline further to reach $28,250 if it closes below $29,850 .
Key Takeaways
• Bitcoin opens this week in negative territory with potential upside prospects from a mix of fundamental and technical indicators • Last week’s crypto market rally was driven by Ripple’s win against SEC while altcoins faced sharp corrections afterwards • Fed blackout period leading up to its rate decision may keep BTC price flat between now and next central bank meeting
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