Investing.com – Consolidation and short-term uncertainty remain the main themes on the after a weekend of the cryptocurrency hovering around the key $30,000 threshold, as risk sentiment remains mixed across all markets.
Recall that the US stock markets posted an 8th consecutive week of decline last week, which kept the cryptocurrency under pressure, without causing a new low. The first trades this week are under futures contracts, but cryptocurrencies don’t seem to be taking advantage of that just yet.
Cryptocurrencies are worthless according to Christine Lagarde
Apart from that, the main recent information about Bitcoin and cryptocurrencies in general concerns statements by ECB President Christine Lagarde over the weekend. Along with announcing that a July rate hike is likely, she said:
“I have always said that crypto assets are highly speculative and very risky.”
She also added:
“My very humble assessment is that it’s worthless. It’s not based on anything, there are no underlying assets to act as a security anchor.”
Busy economic calendar this week
For the rest of the week, several events in the economic calendar are likely to influence Bitcoin, as well as other markets.
We will notably discuss speeches by Powell and Lagarde tomorrow evening, the Fed Minutes on Wednesday evening, as well as a new estimate of US Q1 GDP on Thursday.
Find all the important events for Bitcoin this week in our economic calendar.
Bitcoin technical analysis
Finally, from a technical point of view, the short-term charts, in particular H4, make it possible to detect a triangle within which Bitcoin has been consolidating since around May 10.
Outside this triangle, the first supports to take into account are located around $28,700, then $26,600 (annual low 2022). On the upside, resistance is found at 30,700/31,000$, then around 32,000$.
View Bitcoin technical signals for multiple timeframes here.