Summing up the results of 90 days in the cryptocurrency market, we can notice a shake-up of investors and a clearing of the market after a series of bankruptcies of key players in the market - KickEX traders about events that will affect the situation in the cryptocurrency market and scenarios for the development of events.
Tesla's (NASDAQ: TSLA) latest report included the sale of 75% of Bitcoin worth $936M. But the market did not react to this in any way; the greed index is showing growth and currently stands at 33/100, which may indicate positive dynamics and, possibly, a continuation of the correction of the decline.
Market expectations are aimed at the publication of new rates next week, July 27. Most are inclined to raise the Fed interest rate by 75bps. Although, after the news about inflation of 9.1% was released, many were talking about 100bps.
Next week there is also no less interesting news from Tether about the sale of corporate bonds. It would be interesting to see the portfolio of one of the top stablecoins cleared, the trading pairs with which account for at least 80% of all exchanges.
Moving on to the local picture of the Bitcoin price chart, we can consider several development scenarios:
Scenario 1: Continuation of movement towards the key zone $25,500 - 26,600;
Scenario 2: Correction in the area of the control point - $20,800.
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Price analysis of Bitcoin, Ethereum, XRP on 07/10/2021
Buyers are stuck in the area of average prices and cannot yet continue their recovery, and at the end of the current week there is a high probability of a resumption of the bearish onslaught.
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Bitcoin showed a nice recovery on Monday and is trading at $3,591 at the time of writing. The price of the coin has increased by about 8% over the past 24 hours amid a recovery in the global cryptocurrency market, driven mainly by technical and speculative factors.
