Over the past week, major TradFi such as BlackRock, WisdomTree, and Invesco filing for Bitcoin ETF product. This announcement sparked positive emotion in the bullish market, propelling the Bitcoin (BTC )price up 14% and the total crypto market up 12% in one week, with market capitalization growing by $150 million. All indicators for BTC are currently overbought, with resistance near $32,000.
Meanwhile, Federal Reserve Chair Jerome Powell made aggressive remarks, reiterating the bank's intention to hike interest rates later this year. The Fed ended a nearly year-long series of rate increases earlier this month.
Another macroeconomic news coming from the Bank of England that boosted interest rates by half a percentage point on Thursday. Mortgage holders will bear the brunt of the suffering, and property prices will continue to fall.
On the other hand, with a staking rate of 16.43%, the quantity of Ethereum staked exceeded 20 million coins, or nearly $38.25 billion. The net increase in stakes since the Shanghai upgrade has exceeded 3.66 million ETH. The annualized staking return rate had reached 5.98% as of the end of June 2023.
Following recent bullish movement, Bitcoin (BTC) is currently in a consolidation phase around the $30,000 level. Despite the temporary pause, there is anticipation that surpassing the $32,000 mark would signify a highly bullish signal for the overall market. However, it's important to note that BTC has experienced rejection above the $30,000 level from an intraday timeframe perspective. This suggests that there might be some resistance and selling pressure in that range.
A breakthrough above $32,000 could potentially reignite bullish momentum, while a failure to surpass the resistance at $30,000 might indicate a continuation of the consolidation phase.
Ethereum (ETH) is hovering near $1,900 resistance level. Despite its relatively strong position, ETH appears to be displaying less bullish sentiment compared to Bitcoin (BTC).
However, there is a possibility that if BTC experiences a bullish price surge, it could potentially trigger a notable positive response in ETH within the coming days.
While ETH's resistance at $1,900 is quite strong, the market sentiment surrounding BTC's bullish movement could potentially uplift ETH and ignite a more significant upward trend.
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