China Slashes Interest Rates To Boost It's Economy 🙏

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📅 Today

🔍️ Market Outlook

• Overall Bias - Bullish🙏

• BTC has now closed above it’s 200 Daily Moving Average & the 20 Weekly Moving Average, and closed the week above $67,500 which is quite bullish.

• This level was the weekly supertrend resistance (10, 1.5), which was crucial to break.

• Moving forward, the outlook for BTC is now bullish.

• It seems like the phase of consolidation is coming to an end, and prices could rally significantly higher, based on historic analysis.

• The invalidation level for this would be a weekly close below $58,500, after which the bias will shift to bearish.

China Cuts Interest Rates 🙏 

China surprised markets by lowering a string of major short and long-term interest rates, in an effort to boost growth, after reporting weaker-than-expected second-quarter economic data

The People's Bank of China lowered seven-day reverse repo rate, the one-year loan prime rate (LPR), the five-year LPR and cost of standing lending facility by 10 basis points each.

The yuan has lost 2.4% against the dollar year-to-date.

For bitcoin & crypto, this is a good sign over the long-term, as QE & rate cuts are usually bullish for risk-on assets.

Bitcoin ETF Inflows Accelerate 📈 

The recent streak of Bitcoin ETF inflows accelerated last week, with Spot Bitcoin ETFs in the USA combining for net-inflows of $1.24 billion, or ~19,000 BTC in total.

This demand came in just a few weeks after the German government finished selling 50,000 seized BTC, and the Mt. Gox bankruptcy trustee moved 48,600 BTC to Kraken for distribution to creditors over the next 1-2 weeks.

The ETF’s have now seen 11 consecutive days of net-inflows since June 5th.

The price of BTC rallied 12% over the week, and closed above the crucial resistance of $67,500. As mentioned earlier, we believe that this could trigger the next leg up of the bull market.

📕 Educational

Top Beta Plays for leading altcoins 👇️ 

👉️ Natix Network vs. Hivemapper

Natix Network, a drive-to-earn platform incentivizing users to share driving data, is positioning itself as a dynamic competitor to the established decentralized mapping platform, Hivemapper. It aims to create a global mapping network of smart cameras, and has already partnered with giants like Dimo.

👉️ Azuro vs. Polymarket

Azuro, a growing decentralized betting protocol, aims to bring transparency and liquidity to the betting market, making it a promising alternative to the well-known prediction market, Polymarket.

Polymarket has been one of the most successful consumer facing dApps of the past few months, and recently hit $200 million in monthly trading volume. Decentralized Betting is emerging to be a leading narrative for this cycle, and Azuro is positioning itself to take advantage of the same.

👉️ Mobile vs. Helium

MobileCoin, a token on the Cardano blockchain is providing decentralized internet services to users in Africa, standing out as a new player in the same space as Helium's decentralized wireless network.

👉️ Octo Gaming vs. Nakamoto Games

Octo, an innovative gaming platform built on Solana, offers simple and hyper-casual games with a dual -token reward system, presenting a fresh option next to the leading decentralized gaming ecosystem, Nakamoto Games. It currently partnered with meme token $BONK.

👉️ Aioz Network vs. Filecoin

Aioz Network, a developing decentralized content delivery network leveraging blockchain technology, emerges as a viable competitor to Filecoin's robust decentralized storage network

📊 Stat

📈 Chart of the day

• Ascending triangle breakout and re-test.

• Stochastics oversold, and RSI in buy zone.

• A bullish confirmation candle on the 4H at the $0.34 support can be a good entry.

• Bullish RSI divergences on the 1H timeframe on the re-test will be additional confirmation for the same.

• Source : Cointraction

• Note : None of the content here is Financial Advice. Everything in this newsletter is for Educational Purposes only.

🤣Meme of the day

Accurate 🤣

That concludes our update for today!

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Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research before investing.