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▲ Bitcoin (BTC), Ethereum (ETH), XRP (XRP)/ChatGPT generated image ©
According to investment media FXStreet on July 2 (local time), indirect peace negotiations between the United States and Iran showed positive progress, partially restoring risk asset preference, and Bitcoin (BTC), Ethereum (ETH), and XRP (Ripple) continued their rebound for two consecutive days. Bitcoin recovered $60,000, Ethereum surpassed $1,600, and XRP maintained its rebound above $1.06.
CNN reported that indirect negotiations between the U.S. and Iran, mediated by Qatar, made "positive progress" on issues related to a Memorandum of Understanding (MoU), and both sides agreed to continue discussions. The U.S. and Iran are also continuing working-level discussions under the mediation of Qatar and Pakistan, and U.S. Vice President J.D. Vance expects discussions surrounding the nuclear issue to begin soon. However, Iran warned of an immediate and strong response to any Israeli attack and urged the U.S. to restrain Israel.
As geopolitical tensions eased somewhat, investment sentiment in the cryptocurrency market also improved. The Crypto Fear & Greed Index remained in the 'Extreme Fear' zone, but its value rose from 11 to 19. FXStreet assessed that while it is still a cautious level, investors' preference for risk assets is gradually recovering, which is a sign of increasing market rebound potential. Simon-Peter Massabni, Business Development Manager at XS.com, analyzed that the current situation is not the end of a long-term bull market but a process of price readjustment due to changes in the macroeconomic environment.
Technically, Bitcoin recovered $60,000 after confirming the $58,000 support level early this week. The Moving Average Convergence Divergence (MACD) turned positive on the daily chart, suggesting a potential rebound, but the Relative Strength Index (RSI) remained at 39, indicating that strong upward momentum is still limited. However, the Parabolic SAR was located at $62,523, showing that the current rebound is still occurring within a downtrend. Key resistance levels were presented as the 50-day Exponential Moving Average (EMA) at $66,157, the 100-day EMA at $69,963, the downtrend line at $75,208, and the 200-day EMA at $75,923.
Ethereum rebounded from the $1,500-$1,600 support zone and traded at $1,623. MACD turned positive, but RSI remained at 41, indicating limited demand recovery so far. The 50-day EMA at $1,808 was presented as the first resistance level, followed by the downtrend line ($1,936), the 100-day EMA ($1,987), and the 200-day EMA ($2,256) as additional resistance zones. XRP maintained $1.06 above the psychological support level of $1.03. MACD showed a stable signal with a slight positive value, but RSI remained at 38, indicating that buying pressure was not yet strong. The upper resistance levels are the 50-day EMA at $1.19 and the 100-day EMA at $1.30, and the media predicted that the current bearish trend could ease only if the 200-day EMA at $1.52 is broken.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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