CryptoPCEWatch

According to Cointelegraph: Bitcoin sentiment is facing significant pressure as BTC price weakness has driven it to six-week lows. As the last week of June begins, Bitcoin is edging closer to retesting its lower price range, approaching the critical $60,000 support level.

1. BTC Price Hits New Six-Week Lows

Current Price Levels:
- Latest Movement: Bitcoin has dropped another 1.25% since the June 24 daily close, reaching around $62,823.
- Lowest Since May 15: BTC/USD hit $62,128 on Bitstamp, marking the lowest level since May 15.

BTC/USD 1-day chart. Source: TradingView

Market Reaction:
- Bullish Nerves Tested: Bulls are now facing the challenge of a 7% loss month-to-date, with key moving averages already given up.

BTC liquidation heatmap (screenshot). Source: CoinGlass

Trader Sentiments:
- Crypto Ed: “BTC looks weaker than I expected and should see some more downside.”
- Daan Crypto Trades: He highlights critical levels within Bitcoin’s multi-month trading range, emphasizing the importance of the "golden pocket" Fibonacci retracement level for a potential bounce.

BTC/USDT perp chart. Source: Daan Crypto Trades

2. PCE Week and Fed Liquidity

Key Economic Data:
- Upcoming Releases: U.S. unemployment data (June 28), revised Q2 GDP figures, and the Personal Consumption Expenditures (PCE) index.
- Impact on BTC: Previous sensitivity to employment data and the PCE’s influence as the Fed’s preferred inflation gauge could significantly impact Bitcoin’s direction.

Fed target rate probabilities for September meeting. Source: CME Group

Market Expectations:
- Kobeissi Letter: Emphasizes the importance of these data releases in deterring stagflation fears.
- Matthew Dixon: Predicts a lower-than-expected PCE read, potentially turning Bitcoin and other risk assets higher.

3. Stocks Outperform Crypto

Stock Market Performance:
- S&P 500 and Nasdaq: U.S. stocks have hit new highs, contrasting with crypto’s recent weakness.
- Inverse Correlation: Highlighted by Kobeissi, who notes strong market risk appetite despite crypto’s decline.

S&P 500 vs. total crypto market cap chart. Source: TradingView

Fed’s Influence:
- Liquidity Levels: Market commentator Tomas points out a $140 billion drop in Fed liquidity last week as a potential reason for Bitcoin's underperformance, although he suggests liquidity may be near local lows, implying a possible rebound.

4. Focus on Bitcoin Whales

Whale Activity:
- Order Book Spoofing: Recent weeks have seen spoofing activities driving prices towards liquidity, creating artificial volatility.
- Accumulation Trends: Data shows mixed whale behaviour, but confidence is growing that current price levels around $62K are attracting whales.

Market Impact:
- MartyParty: Argues that whales have been buying the dip in record numbers, speculating on market manipulation by market makers.

Bitcoin whale orders data. Source: MartyParty

- CryptoQuant Analysis: Indicates an uptick in inflows to accumulation addresses since June 20.

BTC inflows to accumulation addresses. Source: CryptoQuant

5. Decline in Crypto Sentiment

Sentiment Indices:
- Crypto Fear & Greed Index: Dropped to 51/100, nearing 2024 lows, indicating a shift towards fear from extreme greed a week ago.

Crypto Fear & Greed Index (screenshot). Source: Alternative.me

Market Commentary:
- Santiment: Notes a rare level of fearmongering among BTC market participants.
- Jelle: Describes the worsening sentiment as typical prelude to an all-time high run, similar to previous cycles.
- IncomeSharks: Attributes low sentiment to overtrading in tough conditions, leading to losses.

Bitcoin sentiment data. Source: Santiment

Bitcoin faces a critical week ahead as it approaches $60,000, with sentiment and whale activity under the microscope. The impending economic data releases and Fed liquidity levels are expected to play pivotal roles in determining whether BTC can maintain its support and potentially set the stage for a rebound in the near future.

Binance, a popular cryptocurrency exchange, just got approval from Dubai to operate legally there. This means that UAE residents using Binance will need to update some information to keep using the service.
Here's what you need to know:
Good News for Binance: Dubai's government gave Binance a license to operate a local exchange called Binance FZE. This means Binance can now follow Dubai's rules and offer cryptocurrency services there.
Update Your Info: If you live in the UAE and use Binance, you'll get an email asking you to update some personal information. This helps keep Binance secure for everyone. You'll need to submit the information by December 15, 2024.
What This Means for You: With this license, Binance can offer more secure and trusted services in Dubai. It also shows that Binance is following the rules set by Dubai.
What to Do: If you live in the UAE and use Binance, keep an eye out for an email with instructions on how to update your information. Make sure to do it before December 15th so you can keep using Binance.
Overall, this is a positive development for both Binance and cryptocurrency users in Dubai. It allows Binance to operate legally and securely, and it gives users more confidence using Binance's services.
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#CryptoTradingGuide
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#CryptoPCEWatch

### How to Deposit HAMSTER to Binance: A Step-by-Step Guide

With HAMSTER now listed on Binance, here's a comprehensive guide to help you deposit HAMSTER into your Binance account using the TON network.

#### Prerequisites:
- A verified Binance account
- A HAMSTER wallet (e.g., Trust Wallet, Atomic Wallet)

#### Step-by-Step Guide:

1. **Log in to Your Binance Account**
- Go to the Wallet section in your Binance account.

2. **Select "Deposit"**
- Choose the Deposit option and search for HMSTR.

3. **Choose the TON Network**
- Select the TON network for your HAMSTER deposit.

4. **Copy Your Binance Deposit Address and Memo**
- Binance will generate a deposit address and memo. Copy both.

5. **Open Your HAMSTER Wallet**
- Access your wallet where your HAMSTER tokens are stored.

6. **Select "Send"**
- Start the transfer process by selecting Send in your wallet.

7. **Enter the Binance Deposit Address and Memo**
- Paste the copied deposit address and memo from Binance.

8. **Review and Confirm the Transaction**
- Double-check all the details before confirming the transaction.

#### Troubleshooting Tips:
- **Pending Transactions:** If the transaction is pending, try resetting the Withdraw Option or re-entering the deposit details.
- **Network Congestion:** Be patient during periods of heavy network traffic.

#### Conclusion:
By following these steps, you can easily deposit HAMSTER into your Binance account. Always double-check deposit addresses and memos to avoid mistakes.

#### Additional Tips:
- **Security:** Use strong passwords and enable 2FA for your accounts.
- **Network Fees:** Keep an eye on fees to ensure you have enough balance for the transaction.
- **Patience:** Allow time for transactions to be processed on the network.

Following this guide will help you deposit HAMSTER smoothly and start exploring Binance's trading and investment opportunities. Stay tuned for more updates!
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