Crypto Price Analysis 7-16: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, ARBITRUM: ARB, FILECOIN: FIL, JUPITER: JUP
The crypto market has recovered after Tuesday’s decline as Bitcoin (BTC) tests key support levels. As a result, the overall market cap has risen 1.34% to $3.71 trillion. The flagship cryptocurrency fell nearly 2% on Tuesday, settling at $117,682 after dropping to an intraday low of $115,701. The current session sees BTC marginally up, trading around $117,868.
Meanwhile, Ethereum (ETH) has made a strong recovery after Tuesday’s correction. The world’s second-largest cryptocurrency is up nearly 6% and has reclaimed $3,000, trading around $3,137. Ripple (XRP) is up 1.54%, trading around $2.92, while Solana (SOL) is up nearly 2%, trading around $163. Dogecoin (DOGE) is up over 3%, while Cardano (ADA) is up 2.50%, trading around $0.743. Stellar (XLM), Chainlink (LINK), Hedera (HBAR), Toncoin (TON), Litecoin (LTC), and Polkadot (DOT) also registered notable increases.
Dow Jones Plunges On CPI Data
US stocks had a mixed day, coinciding with an increase in a key inflation metric. The Dow Jones registered a drop of over 300 points (0.72%) while the S&P 500 fell 0.13%. On the other hand, the tech-heavy Nasdaq Composite rose 100 points or 0.53%, thanks to Nvidia’s robust performance. Markets remained focused on the latest escalation in US tariffs, while June consumer price index (CPI) numbers showed the first signs of tariff-induced inflation. June CPI rose 2.7% on an annual basis and 0.3% month over month, indicating rising inflation, likely due to tariffs on major trading partners.
However, the latest round of tariffs did not trigger the type of reactions seen in April, due to skepticism that President Trump would follow through with the tariffs.
Key Crypto Bills Stall
Key crypto bills backed by President Trump stalled in the US House of Representatives after failing to clear a key procedural step. Trump had urged Republican lawmakers to “get the first vote done” on legislation regulating payment stablecoins as part of a larger effort to pass crypto legislation before the August recess. The President took to Truth Social to order Republicans to vote “yes” on the GENIUS Act, designed to create a regulatory framework for stablecoins.
Democratic lawmakers have attempted to counter the “Crypto Week” narrative by launching their own event, called Crypto Corruption Awareness Week. Representatives Maxine Waters, Stephen Lynch, and others are attempting to push for clauses that would bar sitting Presidents from participating in or profiting from crypto businesses.
However, President Donald Trump claimed he has convinced most Republican lawmakers who did not support the bill to vote in favor when the House convenes on Wednesday. Trump said he met with 11 of the 12 Republican representatives and convinced them to vote in favor of the legislation.
“I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act, and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule.”
Republicans wanted the GENIUS Act to be bundled in with the other two crypto bills up for a vote later this week, the Anti-CBDC Surveillance Act and the CLARITY Act. House Speaker Mike Johnson took to X to thank President Trump for stepping in, stating,
“I’m thankful for President Trump getting involved tonight to ensure that we can pass the GENIUS Act tomorrow, and agreeing again to help us advance additional crypto legislation in the coming days.”
Ripple To Pursue MiCA License
Ripple has confirmed plans to apply for a MiCA license to expand its crypto and stablecoin offerings across the European Union (EU). A spokesperson for the company stated that Ripple plans to become MiCA-compliant, recognizing the “significant opportunities in Europe.” The development comes after Ripple completed the registration of Ripple Payments Europe SA in Luxembourg in Late April. According to reports, Ripple applied for an electronic money institution license in Luxembourg. However, the company is yet to comment on or confirm the reports.
Kraken Launches Regulated Crypto Derivatives Trading Feature
Kraken is offering a new derivatives feature that integrates the exchange’s Kraken Pro platform, which gives users access to cryptocurrency futures listed on the Chicago Mercantile Exchange. Kraken noted in a press release,
“With this launch, Kraken clients in the US can now trade futures alongside one of the world’s most liquid cryptocurrency spot markets. It’s a meaningful step in giving traders broad market access and increased capital efficiency within a regulated and high-performance environment.”
The feature allows Kraken Derivatives US customers to access instant funding and enables seamless transfer of assets used as collateral. It will also provide customers with a unified interface that they can tap into as they explore advanced trading strategies. Kraken is also planning to expand support to include commodities, fixed income, foreign exchange, and equity futures.
“Kraken Derivatives US further enriches our unified trading experience, where digital and traditional assets can be accessed side by side without compromising on features, performance, or liquidity.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has registered a marginal recovery during the ongoing session after testing a key support level on Tuesday. The flagship cryptocurrency ended the weekend in positive territory, rising nearly 2% to settle at $118,624. Bullish sentiment intensified on Monday as BTC raced past $123,000 to an all-time high of $123,091 before losing momentum and settling at $119,714. Selling pressure returned on Tuesday as traders began locking in their profits. As a result, the price plunged to an intraday low of $115,701 before settling at $117,682, ultimately registering a drop of nearly 2%.
Despite Tuesday’s decline, analysts believe BTC won’t enter a downward trend anytime soon, with on-chain data supporting a continuation of its bullish trajectory. 21Shares crypto research strategist Matt Mena stated,
“The structural imbalance between surging demand and a rapidly vanishing supply base makes a prolonged correction increasingly unlikely. There are far more positives than negatives right now.”
Mena also pointed out that BTC supply on crypto exchanges and over-the-counter (OTC) desks remained at an all-time low, while the price of the asset soared.
“On the supply side, the fundamentals remain even more skewed.”
However, he stressed that macro risks could jeopardize the uptrend, and that a reversal could not be completely ruled out.
“It is certainly possible that Bitcoin consolidates, or even sees a pullback. If Trump’s proposed tariffs end up being more severe than markets currently anticipate, or if Powell signals that rate cuts are further off than expected, we could see risk assets broadly reprice lower, including Bitcoin.”
He predicted the uptrend would resume once summer liquidity returned.
“Once summer ends and liquidity returns, we expect upside momentum to resume. What’s truly remarkable is that Bitcoin is setting new all-time highs during the most illiquid, seasonally weak part of the year.”
BTC crossed $110,000 on Thursday (July 3) but lost momentum after reaching this level and fell 1.41% to $108,097 on Friday. The price recovered over the weekend, rising 0.19% on Saturday and nearly 1% on Sunday to settle at $109,231. Despite the positive weekend, BTC was back in the red on Monday, dropping almost 1% to 108,273. It recovered on Tuesday, rising 0.62% and settling at $108,942. Buyers retained control on Wednesday as the price rose over 2% to cross $111,000 and settle at $111,255. Bullish sentiment intensified on Thursday as BTC registered a 3.51% increase and moved to $115,160.
Source: TradingView
The price continued pushing higher on Friday, rising 1.50% and settling at $116,885. Despite the positive sentiment, BTC lost momentum on Saturday, registering a marginal decline and settling at $116,616. It recovered on Sunday, rising nearly 2% to cross $118,000 and settle at $118,624. BTC raced to a new all-time high on Monday, surging past $123,000 to $123,091. However, it lost momentum after reaching this level and settled at $119,714, ultimately rising 0.92%. Selling pressure returned on Tuesday as traders locked in their profits. As a result, BTC plunged to a low of $115,701 before settling at $117,682, down nearly 2%. The current session sees BTC marginally up as buyers and sellers struggle to establish control.
Ethereum (ETH) Price Analysis
Ethereum (ETH) registered a sharp decline on Tuesday as the crypto market slipped into bearish territory. However, the world’s second-largest cryptocurrency rebounded, rising from a low of $2,932 to reclaim $3,000 and ending Tuesday at $3,410, up over 4%. The current session sees buyers retaining control, with ETH up nearly 1%, trading around $3,163. The rally has seen ETH outperform BTC, as it pushes towards the $3,200 mark.
ETH has crossed the resistance around $3,100, and could test the resistance around $3,220. A break above this level could send ETH towards $3,500. However, if buyers lost momentum, the price could drop towards $3,000. If this level is breached, ETH could fall to $2,800.
ETH reached an intraday high of 2,636 on Thursday (July 3) but lost momentum on Friday, dropping over 3% to 2,509. The price recovered over the weekend, rising 0.35% on Saturday and over 2% on Sunday to settle at $2,572. Despite the positive weekend, ETH was back in the red on Monday, dropping 1.12% to $2,543. It recovered on Tuesday, rising nearly 3% to cross $2,600 and settle at $2,616. Buyers retained control on Wednesday as the price rose almost 6% and settled at $2,770. Bullish sentiment intensified on Thursday as ETH rose 6.51% to cross $2,900 and settle at $2,951.
Source: TradingView
With sellers active at higher levels, ETH began losing momentum. As a result, it registered a marginal increase on Friday and settled at $2,956. The price fell 0.49% on Saturday but recovered on Sunday, rising nearly 1% and moving to $2,970. ETH started the current week in positive territory, rising 1.50% to cross $3,000 and settle at $3,015. It plunged to an intraday low of $2,932 on Tuesday as sellers attempted to retake control. However, ETH bounced back from this level to reclaim $3,000 and settle at $3,140, ultimately registering an increase of over 4%. The current session sees ETH up almost 1%, trading around $3,164.
Solana (SOL) Price Analysis
Solana (SOL) faced substantial selling pressure on Tuesday, plunging to an intraday low of $157. However, it rebounded from this level to reclaim $160 and settle at $165, ultimately registering an increase of 1.08%. The current session sees SOL up nearly 1%, trading around $165. With SOL holding the $150 level, bulls are eying $200. Analysts believe a breakout towards $200 is possible if the price crosses the $170 resistance. However, if sellers retake control, SOL could revisit $150 and drop even lower.
Solana (SOL) faced volatility and selling pressure on Thursday (July 3), ultimately registering a marginal decline. Selling pressure intensified on Friday as the price fell over 3%, slipping below $150 and settling at $147. SOL registered a marginal decrease on Saturday before rising nearly 3% on Sunday to reclaim $150 and settle at $151. Despite the positive sentiment, SOL was back in the red on Monday, dropping 1.97% to $148. The price recovered on Tuesday, rising nearly 2% to reclaim $150 and settle at $151. Buyers retained control on Wednesday as SOL rose 3.54%, crossing the 50-day SMA and settling at $157.
Source: TradingView
Bullish sentiment intensified on Thursday as the price soared past $160, reaching an intraday high of $165 before settling at $164. SOL lost momentum on Friday after encountering selling pressure and volatility. As a result, it fell nearly 1% to $162. Sellers retained control on Saturday as SOL fell 1.37% and settled at $160. The price recovered on Sunday, registering a marginal increase and moving to $161. SOL reached an intraday high of $168 on Monday as buyers attempted to overwhelm sellers and push above $170. However, the price lost momentum and fell to $162, ultimately registering a 0.68% increase. SOL plunged to an intraday low $157 on Tuesday as selling pressure intensified. However, it recovered from this level to reclaim $160 and settle at $164, ultimately registering an increase of 1.08%. The current session sees SOL up nearly 2%, having crossed the 200-day SMA and trading around $166.
Arbitrum (ARB) Price Analysis
Arbitrum (ARB) started the previous weekend in bearish territory, dropping nearly 6% on Friday and settling at $0.324. However, it recovered over the weekend, rising 1.20% on Saturday and almost 2% on Sunday to settle at $0.334. The price was back in the red on Monday, dropping nearly 2% and settling at $0.329. Despite a bearish Monday, ARB was back in positive territory on Tuesday, rising almost 3% and settling at $0.338. Buyers retained control on Wednesday as the price rose over 5%, crossing the 50-day SMA and settling at $0.355. Bullish sentiment intensified on Thursday as ARB rallied, rising over 11% and settling at $0.396.
Source: TradingView
ARB raced to an intraday high of $0.433. However, it lost momentum after reaching this level and settled at $0.405, ultimately rising 2.27%. Price action was mixed over the weekend as ARB fell 1.38% on Saturday before rising nearly 3% on Sunday and settling at $0.410. The price reached an intraday high of $0.433 on Monday before losing momentum and dropping to $0.402. Buyers returned to the market on Tuesday as ARB rallied 8.49% and moved to $0.436. The current session sees the price marginally up as buyers and sellers struggle to establish control.
Filecoin (FIL) Price Analysis
Filecoin (FIL) registered a sharp drop on Friday (July 4) as it started the previous weekend in the red. The price fell nearly 6%, slipping below the 20-day SMA and settling at $2.25. Sellers retained control on Saturday, FIL dropped 0.29%. However, it recovered on Sunday, rising 1.38% and settling at $2.28. FIL was back in the red on Monday as it registered a marginal decline. It recovered on Tuesday, rising 1.59% and settling at $2.31. Bullish sentiment intensified on Wednesday as the price rose 5.53% and moved to $2.43. Buyers retained control on Thursday with FIL rising over 6%, crossing the 50-day SMA and settling at $2.58.
Source: TradingView
FIL faced volatility and selling pressure on Friday as sellers attempted to overwhelm buyers. As a result, the price fell nearly 1% to $2.56. Sellers retained control on Saturday as FIL dropped 1.02% to $2.53. However, it recovered on Sunday, rising almost 1% to end the weekend at $2.55. FIL reached an intraday high of $2.68 on Monday. However, it could not stay at this level and settled at $2.79, ultimately registering an increase of 0.79%. The price plunged to a low of $2.45 on Tuesday as selling pressure intensified. It recovered from this level, rising nearly 3% and settling at $2.64. The current session sees FIL down 1.54%, trading around $2.60.
Jupiter (JUP) Price Analysis
Jupiter (JUP) fell over 5% on Friday (July 4) and settled at $0.434. The price recovered on Saturday, registering a marginal increase and moving to $0.436. Buyers retained control on Sunday as JUP rose over 2% and settled at $0.445. Despite the positive weekend, JUP was back in the red on Monday, dropping 2.06% and settling at $0.436. Sellers retained control on Tuesday as the price fell nearly 1% to 0.432. JUP recovered on Wednesday, rising over 5% and settling at $0.454. Bullish sentiment intensified on Thursday as the price rallied, rising nearly 7% to cross the 50-day SMA and settle at $0.485.
Source: TradingView
JUP reached an intraday high of $0.511 on Friday. However, it lost momentum after reaching this level and dropped to $0.487, ultimately registering a marginal increase. Despite positive sentiment, JUP lost momentum on Saturday, dropping over 3% to $0.472. The price recovered on Sunday, rising nearly 7% to end the weekend at $0.504. JUP reached $0.531 on Monday but lost momentum and fell 1.19% to $0.498. The price plunged to an intraday low of $0.474 on Tuesday. However, it recovered from this level, rising nearly 3% and settling at $0.513. The current session sees JUP up 2.52%, trading around $0.526.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
source : https://cryptodaily.co.uk