Bitcoin initially consolidated near the $60K handle throughout the weekend before dipping toward $59K on Monday, Asia time. Concurrently, Ethereum maintained stability, holding firm at the $1,500 level, indicating a risk-off, oversold posture.
The biggest macro is still the higher-for-longer rate expectations and the Fed’s steady policy in the first meeting chaired by Kevin Warsh, which kept pressure on speculative assets. Additionally, the market also spotted Bitcoin ETF outflows and fading institutional demand as a major drag on BTC, highlighting the struggle to recover in shorter periods.
CoinMarketCap’s Crypto Fear and Greed Index remains stable at 16, slightly declined from last week at 21.
What Traders Should Watch Out for This Week
The most significant macro drivers continue to center on data sensitive to the Federal Reserve, as market participants assess how such reports might influence potential rate cuts or further policy tightening, keeping pressure on Bitcoin and the broader altcoin market. On the regulatory front, developments regarding stablecoins and tokenization may provide a tailwind for equities in the exchange, custody, and blockchain sectors, even as spot prices remain volatile.
Here are the major economic indicators to watch out for this week:
- June 30: Consumer confidence, Chicago PMI, and job openings & labor turnover survey
- July 1: ADP national employment report, US manufacturing PMI, and ISM report on business manufacturing PMI
- July 2: Weekly jobless claims, employment report, unemployment rate, avg hourly earnings, Y/Y%
