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A ceasefire in the Middle East has significantly reduced tensions, leading to a notable decline in oil prices to early June levels, easing pressure on global markets. This shift has also impacted gold prices and volatility indices, which have seen a decline, signaling a decrease in risk aversion. The reduced volatility and lower commodity prices create a favorable environment for risk assets, including cryptocurrencies and stocks.
The Federal Reserve Chair Jerome Powell's ongoing testimony suggests that a rate cut in July is unlikely, with September appearing as a more probable window for potential rate adjustments. This stance aligns with the Federal Open Market Committee's (FOMC) conservative outlook, which might be slightly bearish for the short term but provides clarity for long-term planning.
In the crypto market, Bitcoin is targeting a range of $107.5K–$109K, with a likely scenario of an initial pullback followed by a bullish upward move. XRP, highly correlated to BTC, is expected to follow a similar pattern, while Ethereum (ETH) has a weaker setup and may lag behind in bullish momentum, potentially becoming a short candidate if markets turn bearish again.
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