Is Bitcoin’s $63K Rebound a Bull Trap or the Real Deal? 📈 (Weekly Outlook)
Hey Square fam! Let’s talk about that beautiful green start to July.
After dropping into extreme fear territory and hovering dangerously below $60K last week,
$BTC just pull off a massive 5-day winning streak, breaking past $63,200. If you caught that technical rebound from the $57.7K lows, congrats on holding your nerves!
The question on everyone's mind right now: Where are we heading this week?
Here is what my radar is catching:
1. The Macro Spark 📉
The massive catalyst behind this pump was last week's awful US jobs report (NFP), which added way fewer jobs than expected. Bad news for the economy means good news for risk assets—it drastically bumped up the market's expectation for a Fed rate cut.
2. Crucial Week Ahead (July 8) 🗓️
Keep your eyes glued to the charts this Wednesday, July 8, when the Fed releases its FOMC meeting minutes. Options traders are heavily betting on the upside right now (we're seeing a lot of call-heavy open interest), but macro volatility could easily shake things up.
3. Technical Levels to Watch 🎯
The Bull Case: We've successfully reclaimed the 20 and 50-day EMAs. If BTC can convincingly turn $63,000 into solid support, the next major target the market is eyeing is $67,000.
The Bear Case: Don't forget that June saw massive spot ETF outflows, and big banks like Citi just revised down their mid-term price targets due to weakening institutional inflows. If the FOMC minutes turn hawkish, we might retest the $60K–$58K zone to build a stronger floor.
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