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Crypto Market Overview:

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Total MarketCap 1.19T
Fear & greed index: 51 Neutral
BTC dominance: 48%
DOW: 35,175 (+0.15%)
S&P 500: 4,468(+0.03%)
NASDAQ: 13,738 (+0.12%)




• BTC: $29,420
• ETH: $1,850
• SOL: $24.5

Bitcoin

is currently struggling to breach a key horizontal resistance level on the weekly timeframe. The Ichimoku cloud & MA 100 are adding to resistance at this level. The price remains above an ascending trendline support so A successful breach of the horizontal resistance could signal a bull run, while further breach of the ascending trendline may imply a market correction. The recent CPI data release had minimal impact on the crypto market, with BTC maintaining its value at $29.5K & ETH at $1855. The broader altcoin market displayed relatively subdued movement. Notably, RLB has sustained the gains achieved a couple of days ago. A marginal decline in Bitcoin's dominance to 50.46% suggests potential for further adjustments in this metric.

The ongoing trend appears to center around heightened on-chain activity during the summer season, particularly evident in utility and meme coins. This prevailing focus on on-chain trading, often associated with more speculative interests, could contribute to Ethereum's stability with comparatively lower volatility. Anticipating this dynamic, it is plausible that lesser-established coins (often termed "shitcoins") might continue to thrive, albeit potentially fostering an environment where swift changes in value are prevalent.

<https://www.coingecko.com/>