As Bitcoin continues to consolidate, investors eye the next catalyst

Key takeaways:

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• 📉 Bitcoin goes sideways - after May’s pullback from $107K to $104K.
  
  
• 🏛️ JP Morgan makes a move - plans to allow BTC ETFs as collateral for loans.

• 📆 Macro eyes turn to data - with U.S. jobs and inflation reports on deck.
  
  

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Since slipping from $107,000 to $104,000 at the end of May, Bitcoin has been drifting sideways in sync with a broader stall in risk-on markets. The S&P 500 has also slowed to a crawl over the past week. Crypto’s total market cap dipped less than 1% overnight, while several altcoins posted deeper losses, giving up much of the ground gained in this week’s brief rally.

The question now is: what fills the sails again? While institutional engagement appears to be quietly building, as seen by JP Morgan’s plans to allow clients to post BTC ETFs as collateral for loans, the market is still firmly in “wait-and-see” mode. With no imminent crypto-native catalyst, attention has shifted back to macro.

All eyes are on tomorrow’s US nonfarm payrolls report and next week’s CPI data. These releases may reshape expectations for Fed policy, and by extension, sentiment across risk markets, crypto included. Until then, we wait and see if the next move in markets is off the back of the next data drop from the US.

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In the markets… 

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🌍 Total crypto market cap ⬇️

The global cryptocurrency market capitalisation is approximately $3.29 trillion, reflecting a 0.86% decrease over the last 24 hours. 

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🟠 Bitcoin (BTC) ⬇️

Price: Currently trading at around $104,623 marking a 0.69% decrease in the last 24 hours.
Daily high: Approximately $105,915
Daily low: Approximately $104,517

📈 S&P 500 ⬆️

The S&P 500 index is up by about 0.004% since yesterday. 

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😐 Fear & Greed Index

The Crypto Fear & Greed Index currently stands at 55/100, indicating a neutral sentiment among investors.

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📊 Bitcoin Relative Strength Index (RSI) (14)

The RSI for Bitcoin is approximately 42, with 70 and above indicating an overbought position, while 30 and below indicates that the asset is oversold.

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Data is correct as at 08:00 GMT

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‍Post Script…

Richard Teng on X: "The tide has turned. The SEC’s case against us is dismissed - justice, finally. Huge credit to Chairman Atkins and the Trump administration for standing up to regulatory overreach. The U.S. is back in the arena, ready to lead the world in blockchain innovation." / X

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BitcoinOS on X: "Litecoin is coming home to Bitcoin. 🟠🤝⚪️ BOS is officially activating @CharmsDev and ZK rollups on @litecoin, bringing its magical, programmable tokens and *bridgeless* bridging to Bitcoin’s silver twin. The UTXO renaissance is real—and it's uniting the old guard. 🧵👇 https://t.co/copF0S10k0" / X

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Conor McGregor on X: "I want to build on the amazing feats president @nayibbukele has achieved in El Salvador. Germany dropped the ball - Ireland will not. Using crypto, I plan on establishing a decentralised blueprint for sovereignty. One that others can also adopt to reclaim their nations. I" / X

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KULA on X: "Most projects launch first and worry about regulations later. Kula did the opposite. We built with compliance from day one. Legal frameworks, KYC, AML, all baked in, because real assets require real structure. That’s what makes Kula different. https://t.co/r8uopFwqcx" / X

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Cautionary Notes

‍‍It's definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.

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