Crypto Today: Bitcoin bull run is around the corner, says analyst, altcoins extend gains

Bitcoin (BTC) and Ethereum (ETH), the two largest assets by market capitalization, sustained above key support levels early on Friday. 

Crypto update:

• BTC/USDT trades at $61,100, early on Friday, the asset has wiped out over 5% of its value in the past week, per TradingView data. According to VanEck’s Head of Digital Assets, Matthew Sigel, there is a likelihood of a bull run in Bitcoin as observed by recent indicators. 

Bitcoin Weekly Forecast: BTC price correction could end in July, according to seasonal data

• ETH/USDT trades at $3,438, on June 28, wiping out 2% value in the week, per TradingView. The optimism surrounding Spot Ethereum ETF has failed to push prices higher in the past week. Reuter’s report suggests that a Spot Ethereum ETF approval is likely by July 4. 

Three key factors that could propel Ethereum to new heights

• XRP/USDT trades at $0.4801, hovering under key resistance at $0.50. With no new development in the US Securities and Exchange Commission (SEC) vs. Ripple lawsuit, Ripple President Monica Long’s statement is a market mover for the altcoin, early on Friday. 

XRP holds steady above $0.47 as Ripple President breaks silence on Real USD stablecoin

Among top crypto token categories in Q2 2024, meme-coins offered the highest returns to traders while Gaming Finance tokens ranked lowest as worst performing assets. 

Chart of the day:

AVAX/USDT daily chart 

Avalanche (AVAX) is trading at $28.49 at the time of writing. The Moving Average Convergence Divergence (MACD) momentum indicator shows bullish signs, with the MACD line crossing over above the signal line and the green histogram bars above the neutral line. 

AVAX could extend gains to resistance at $31, an 8.77% rally for the asset. AVAX could find support at the Fair Value Gap between $26.66 and $27.66, as seen in the chart. 

Market update:

• Exchange Traded Fund (ETF) issuer VanEck filed an application for a Solana ETF on Thursday. The news catalyzed gains in SOL and its ecosystem tokens, including meme coins. 

• Colin Wu, an Asian journalist, noted that a wallet address identified as the US government made a transfer of 11.84 Bitcoin, worth $726,000, to another address late on Thursday. It is likely that this is a small test before a large transfer. 
• The wallet in question holds seized funds of Estonian crypto entrepreneurs Potapenko and Turogin. Previously, Sergei Potapenko and Ivan Turõgin were accused of operating a $575 million crypto Ponzi scheme involving the fraudulent crypto mining service Hashflare.
• Matthew Sigel, VanEck Head of Digital Assets, said that he got renewed bullish on Tuesday noting capitulation indicators like realized losses by short-term holders. The metric is used to identify when traders sell their BTC at a loss. 
• Another key metric, Bitcoin volatility, dipped to a relatively low level at this point in the ongoing cycle. The metrics turned Sigel bullish and the executive predicts a bull run in Bitcoin, in his recent interview. 

Industry update:

• The US Supreme Court ruled in a 6-3 vote that when the Securities and Exchange Commission seeks penalties for fraud, the defendant is entitled to a jury trial in a court, as opposed to the “in-house” legal proceedings. 

• Coinbase partnered with Stripe to add USD Coin (USDC) on Base to their crypto payouts product. Stripe transactions are now relatively faster and cheaper and users can send USDC to over 150 countries, post the partnership. 

• Nine Spot Bitcoin ETFs decreased 548 Bitcoin worth $33.86 million on June 27, outflows pick up pace as Bitcoin hovers around $61,000, per Lookonchain data. 

Crypto market capitalization surged 1.5%, crossing $2.413 trillion, as seen on CoinGecko.