Predictions for the Federal Reserve to act more aggressively have decreased as market participants prepare for a further 75 bps rate increase, which has restrained the strength of the US Dollar.
Fundamentals continue to be the primary determinants of market action for both cryptocurrencies and equities, which may help significantly push both Bitcoin (BTC) and the CAC outside of their existing trading band.
The 76.4% retracement of the 2011–2022 move is located at 6,275, and the preceding price difference from the 10–13 June move has been closed thanks to CAC bulls‘ success in pushing prices higher. Earlier in July, CAC bears were unable to break under the psychological support, but they have now succeeded in bridging the preexisting gap.
If 6,275 and 6,374 are broken, the June high, which is slightly under 6,600, might become the following significant mark if the uptrend continues.
After recovering from the $24,000 level the week before, Bitcoin (BTC) prices are presently trading lower.
Continued selling pressure may push prices back to $20,000 with a likely recurrence of the $18,000 level should risk aversion, or the strength of the US Dollar persist.