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Cryptocurrencies Price Prediction: Optimism, Ethereum & Bitcoin – European Wrap 29 June

FXStreet Team FXStreet

Optimism Price Forecast: OP eyes 22% recovery gains

Optimism (OP) price is relatively ahead of other altcoins in terms of recovery and could lead the rest of the pack. The bullish outlook can be seen across different momentum indicators. Optimism (OP) price retraced to the $1.21 support level after a 38% ascent between June 19 and 21. Due to the massive bullishness, the pullback is likely to serve as an opportunity for sidelined buyers.

Additionally, the Momentum Reversal Indicator (MRI) flashed a green“one buy signal on the four-hour chart, suggesting a potential trend reversal. This technical formation, the buy signal, forecasts a one-to-four up candlesticks for OP.

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC edges closer to recovery after sweeping Monday's low

Bitcoin (BTC) price seems to be edging closer to ending its ongoing sideways movement. This development comes after BTC swept this week's lows, suggesting that a potential rally in the opposite direction is likely not just for the big crypto but also for Ethereum (ETH), Ripple (XRP) and other altcoins.

Bitcoin (BTC) price remains still after its 26% ascent since June 15. After its recent uptick, BTC has set up a new high at $31,430 after taking out the previous local top at $30,968. The Relative Strength Index (RSI) has flipped above the mean line at 50, and the Awesome Oscillator (AO) has produced a green histogram bar above the zero line. This development is a clear sign that bullish momentum is on the rise.

Bitcoin sustains above $30,000 even as Biden calls to eliminate crypto tax loopholes

US President Joe Biden said Wednesday that loopholes in crypto taxation will be eliminated for traders and hedge fund managers, adding to previous comments from his administration that point to new taxation rules against crypto wash trading.

President Biden addressed the loopholes in the existing tax system and commented on changes for crypto traders on Wednesday in a speech in Chicago while presenting its economic plan. According to a transcript published by the White House, the US President said:

We’re going to make [the federal tax system] fair by eliminating loopholes for crypto traders, hedge fund managers.

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FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

Bitcoin derivatives reset as leverage cools amid subdued spot demand

Bitcoin's recent correction has reduced leverage across derivatives markets, creating a healthier structure amid weak spot trading activity, according to a report from CryptoQuant on Monday. The report stated that Bitcoin's decline over the past few weeks appears to reflect a broad futures market reset rather than the buildup of new speculative positions.

Ripple and Stellar outlook: Under selling pressure as cautious sentiment raises downside risks

Ripple and Stellar remain under selling pressure as cautious market sentiment continues to weigh on the broader crypto market. XRP struggles to reclaim the upper boundary of its falling channel, while XLM extends its decline for a fifth consecutive day.

Crypto Overview: Bitcoin holds steady as ETF outflows decline – DEXE and TIA extend gains

Bitcoin hovers above $64,000 holding steady after a roughly 4% drop last week. Data shows that institutional outflows are easing, suggesting broader market recovery potential, while DeXe and Celestia have emerged as frontrunners over the last 24 hours.

Ethereum Price Forecast: Ethlabs launches as new ecosystem steward funded by BitMine, SharpLink

Ethereum treasuries BitMine Immersion and SharpLink, alongside co-founder Joe Lubin, have partnered to fund Ethlabs, a new research and development lab for the smart contract blockchain.

Bitcoin: Recovery hopes fade after the Fed spoils the party

Bitcoin (BTC) is set to end the week in the red, trading near the 200-Week Simple Moving Average (SMA) at around $62,300 on Friday. Institutional selling persists, capping BTC’s recovery as spot Exchange Traded Funds (ETFs) point to a sixth consecutive week of outflows.