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1. Monday: ① Data: Switzerlands June seasonally adjusted unemployment rate; Eurozones July Sentix investor confidence index, Eurozones May PPI month-on-month rate, Eurozones May retail sales month-on-month rate; US June S&P Global Services PMI final reading, US June ISM Non-Manufacturing PMI, US June Global Supply Chain Stress Index. ② Events: Speeches by Fed Governor Waller, ECB Executive Board member Schnabel, ECB Governing Council member Winsch, and Swedish Central Bank Deputy Governor Seim. 2. Tuesday: ① Data: Germanys May seasonally adjusted industrial production month-on-month rate; UKs June Halifax seasonally adjusted house price index month-on-month rate; Frances May trade balance; US ADP employment change week-on-week for the week ending June 20, US May trade balance; Chinas June foreign exchange reserves. ② Events: Turkey hosts the NATO summit until July 8; the US Trade Representatives Office holds a public hearing to consider a proposal to impose additional tariffs on 60 economies worldwide. 3. Wednesday: ① Data: US API crude oil inventories for the week ending July 3; Japans May trade balance; New Zealands RBNZ interest rate decision for the week ending July 8; US May wholesale sales month-on-month; US EIA crude oil inventories for the week ending July 3; US EIA Cushing, Oklahoma crude oil inventories for the week ending July 3; US EIA strategic petroleum reserves for the week ending July 3. ② Events: EIA releases its monthly Short-Term Energy Outlook report; RBNZ Governor Brehman holds a monetary policy press conference. 4. Thursday: ① Data: US 10-year Treasury auction - winning yield for the week ending July 8; US 10-year Treasury auction - bid-to-cover ratio for the week ending July 8; Chinas June CPI year-on-year rate; Germanys May seasonally adjusted trade balance; US initial jobless claims for the week ending July 4; US June existing home sales (annualized); US EIA natural gas inventories for the week ending July 3. ② Events: The Federal Reserve releases the minutes of its monetary policy meeting; the European Central Bank releases the minutes of its June monetary policy meeting; FOMC permanent voting member and New York Fed President Williams delivers a speech. 5. Friday: ① Data: Germanys final June CPI month-on-month rate; Frances final June CPI month-on-month rate; Switzerlands June consumer confidence index; Canadas June employment change; Chinas June M2 money supply year-on-year rate. ② Events: SK Hynixs American Depositary Receipts (ADRs) are tentatively scheduled to list on Nasdaq on July 10; 2026 FOMC voting member and Dallas Fed President Logan delivers a speech; the IEA releases its monthly oil market report. ③ Holiday: The New Zealand Stock Exchange is closed. 6. Saturday: ① Data: Total number of US oil rigs for the week ending July 10.Two Iraqi oil officials said that Iraqs total oil exports in June amounted to approximately 24.5 million barrels.July 5th - George Gonsalves, head of U.S. macro strategy at Mitsubishi UFJ Securities Americas, said that Warshs concise style makes the June meeting minutes more significant than usual, providing a valuable perspective on the differing positions among Federal Reserve officials. "The minutes will become even more important because, until now, we didnt know what the Fed was thinking," Gonsalves said. "It will be very enlightening to see how they debated and what they focused on." He added that some investors have questioned Warshs "hands-off" approach, and many want greater transparency. Many market participants are not used to reduced information and remain quite skeptical about how long the Fed can maintain this stance. Now we can only try to decipher the meaning between the lines.On July 5th, local time, Russian Presidential Press Secretary Dmitry Peskov stated in a broadcast that Ukrainian armed forces have intensified their attacks on Russian infrastructure due to the deteriorating situation on the front lines. The Russian military is establishing a secure buffer zone along the border, and concrete results are already visible. He also stated that Russian troops are steadily advancing according to plan in special military operations areas. Peskov stated that the EUs transformation into a military-political bloc has further exacerbated the Ukraine issue. Russia hopes the EU will not undermine the prospects for peace negotiations. Peskov also stated that Russia remains open to peace negotiations and looks forward to the US playing a mediating role. Russia has always welcomed visits from US Presidential Envoy Witkov and Trumps son-in-law Jared Kushner. Even with their extended absence, Russia continues to maintain contact with the US through existing channels.July 5 - According to sources from the Yemeni military and medical departments, Houthi rebels launched an attack on Hodeidah province on the Red Sea coast on July 4, killing at least 14 Yemeni government soldiers and injuring several others.

BTC Fear & Greed Index Remain Greedy Despite Stronger Headwinds

Jimmy Khan

Feb 22, 2023 16:08

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Bitcoin's (BTC) price dropped by 1.49% on Tuesday. BTC finished the day at $24,466, partially reversing a Monday's 2.27% gain. Despite the bearish session, BTC avoided trading below $24,000 and returned to the $25,000 handle for the sixth time in six sessions.


Following a strong start to the day, Bitcoin increased to a high of $25,227 at mid-morning. BTC, however, declined to a late low of $24,172 after failing to surpass the First Major Resistance Level (R1) at $25,345. Before completing the day at $24,466 for BTC, it briefly breached the First Significant Support Level (S1) at $24,093.

Fed apprehension overshadows optimism regarding the US economy

The US markets plunged BTC and the larger crypto market into negative territory after the vacation on Monday.


Investors bet on the Fed raising rates for a longer period of time to bring inflation to target as a result of better than anticipated private sector PMI readings, which boosted Fed Fear. The US services PMI increased in February from 46.8 to 50.5, exceeding expectations for a rise to 47.2.


The most recent data provide the Fed justification to pursue a more aggressive Fed rate path in order to bring inflation to target, given that the services sector makes up more than two-thirds of the US economy.


The NASDAQ Composite Index saw its worst session of 2023 as a result of the statistics and investor opinion regarding Fed monetary policy. The S&P 500 and Dow, which suffered losses of 2.06% and 2.00%, respectively, weren't much better off.


Although there was interest in the cryptocurrency announcement, nothing changed.


The news that Polygon Network was laying off employees was negative for the market, while plans to offer crypto trading to retail consumers in Hong Kong and the restart of withdrawals at FTX Japan were favorable. The implications of the protracted crypto winter, however, were emphasized by Coinbase's (COIN) quarterly earnings, which also reminded the markets of the difficult path ahead and the rising regulatory scrutiny.

The Coming Day

With the FOMC meeting minutes and FOMC member talk influencing the NASDAQ Index and the cryptocurrency market, it is yet another busier day. Following the Fed-driven sell-off on Tuesday, a more hawkish-than-expected Fed would test the market's willingness to buy. Williams, a FOMC member, might change the course of events later in the day.


The NASDAQ mini was down 20.25 points this morning, indicating a gloomy start to the American session.


Yet, it will be important to keep an eye on American legislative and regulatory activity. Investors should also keep an eye on the cryptocurrency news wires for developments from Silvergate Bank, FTX, and Binance that might shift the market.

Fear & Greed Index: Greedy Still Despite BTC becoming bearish

The BTC Fear & Greed Index decreased today, falling from 60/100 to 59/100. Despite the bearish Bitcoin session, the Index stayed within the Greed zone, indicating regulatory resilience in the face of heightened regulatory scrutiny and Fed Fear.


The market expectations for a more aggressive Fed interest rate trajectory could be confirmed by today's FOMC meeting minutes, which would put investor confidence to the test. The impact should be limited, though, as US economic indicators continue to depict a more positive US macroeconomic outlook.


To support a Bitcoin breakout from $25,000 to target $30,000, the Index must stay out of the Neutral zone after returning to the Greed zone. However, a return of the Index to the Fear zone would indicate a short-term reversal of the bullish trend.