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MTGOX repayments are starting, and the indicated date was July, but BTC made a good start. Risks are sold, expectations are bought, and events are priced early in crypto. For now, it is unknown what the potential of large-volume sales will bring us, but BTC seems to be in a recovery trend. Perhaps the weakness that has been ongoing for months has finally ended with the last major liquidations.
Bitcoin (BTC) Commentary
BTC, which has been lingering between $56,552 and $73.77 for a long time, is now expecting a real breakout. The good news is that it formed a higher low around $58,500, and if history repeats, we might see a rise again in July. According to data compiled by CoinGlass, as June closed negatively, BTC started July on a good note.
MTGOX repayments seem to be the biggest issue for July because for investors who bought BTC 10 years or more ago, even a price of $60,000 or $50,000 means the right time to sell. On June 30, BTC reclaimed $62,500 and was above $63,400 at the time of writing, targeting the key level of $64,602.
If the bulls succeed, targets of $66,476 and $72,000 will come into play. After the last resistance, the level to be targeted is the all-time record price of $73,777. Those who bought the dip at $64,602 might sell in large volumes, and here, the risk of $56,552 will emerge after $62,500 and $60,000. This will extend the date when it will break its narrow range upwards (if it manages to do so).
Ethereum (ETH)
Experts expect Spot ETH ETF listings by mid-month. June passed with anticipation, but the listing did not come; further delays are unlikely. July 8 is the last date for S-1 Form submission. Investors might want to jump on the train early for the potential rise in July. To trigger greater excitement, we need to see closures above $3,538. Thus, $3,730 and $4,094 could come into play.
What if it falls? We will see how strong the psychological supports of $3,200 and $3,000 are.
