 | Get all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day's top stories directly to your inbox. Sign up here! |
(Kitco News) - Crypto prices resumed their uptrend in trading on Monday after multiple firms refiled their spot Bitcoin (BTC) exchange-traded fund (ETF) applications to name Coinbase as the exchange partner for surveillance-sharing agreements. The refilings came in response to reports that the U.S. Securities and Exchange Commission returned the applications, saying they were “inadequate.”
Stocks also saw slight gains on the shortened trading day ahead of the 4th of July holiday in the U.S. At the close of markets, the S&P, Dow and Nasdaq all finished in the green, up 0.12%, 0.03%, and 0.21%, respectively.
Crypto-related stocks in particular made notable gains as the ETF re-filings helped spark a renewed interest in Coinbase (COIN), Microstrategy (MSTR), Marathon Digital Holdings (MARA), and Riot Platforms (RIOT).
BTC/USD vs. COIN vs. MSTR vs. MARA vs. RIOT vs. Nasdaq. Source: TradingView
Data provided by TradingView shows that Bitcoin spiked from a daily low of $30,600 to a high of $31,432 in the afternoon, with bulls looking as though they plan to continue to push the price action higher while bears struggle to defend resistance at $31,500.
BTC/USD Chart by TradingView
July Bitcoin futures prices were firmer in early U.S. trading on Monday, according to Kitco senior technical analyst Jim Wyckoff.
Bitcoin futures 1-day chart. Source: Kitco
“The current pause and choppy trading at higher price levels is not bearish and suggests the bulls are storing up energy for another push higher in the near term,” Wyckoff said. “The bulls have the solid overall near-term technical advantage.”
According to Gunter Lackmann, an analyst at MN Trading, “From a higher timeframe chart perspective nothing has changed structurally since last week,” with Bitcoin continuing to follow the sideways consolidation pattern it has been in since June 21.
BTC/USD 1-day chart. Source: MN Trading
The note from Lackmann, which was posted before reports of BlackRock’s refiling circulated, said that “All it would probably take to now to break the 31 - 31.5k barrier would be news that Blackrock and others comply with the SEC’s demand and provide the additional information that’s being requested.”
The news had precisely that effect, with BTC climbing above $31,000 in the afternoon and bulls looking to continue the push higher.
“As long as 30k is not lost (no consecutive daily candle closes below), I am leaning toward this being a bullish consolidation,” Lackmann said. “The shakeout on Friday may just have been the first of several, but I took the opportunity to position myself long and would reconsider my positioning if we get confirmation of 30k support loss. My target areas, if the ETF narrative will be utilized, are 34 - 35k and 40 - 44k.”
Altcoins on the move
The altcoin market also continued its uptrend on Monday, which led to a slight decline in Bitcoin dominance as the percentage gains for alts outpaced that of BTC.
Daily cryptocurrency market performance. Source: Coin360
Verge (XVG) led the top 200 with a gain of 80.1% to trade at $0.0072, followed by a 20.5% increase for Celo (CELO) and a gain of 19.78% for Filecoin (FIL).
The overall cryptocurrency market cap now stands at $1.22 trillion, and Bitcoin’s dominance rate is 49.6%.
