“Cryptocurrencies are worthless” By Investing.com


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Investing.com – Consolidation and short-term uncertainty remain the main themes after a weekend that saw the cryptocurrency hover around the key $30,000 mark, while risk sentiment remains mixed across the board. markets.

Recall that US stocks posted an eighth straight week of declines last week, keeping the cryptocurrency under pressure but not setting a new low. Early trading this week is positive for the and the S&P 500, according to futures contracts, but cryptocurrencies don’t seem to benefit from it yet.

Cryptocurrencies have no value according to Christine Lagarde

Apart from that, the main recent news about Bitcoin and cryptocurrencies in general refers to the statements of the President of the ECB, Christine Lagarde, during the weekend. At the same time that she announced that a July rate hike was likely, she stated:

“I have always said that crypto assets are highly speculative and very risky.”

He also added:

“My humble assessment is that it has no value. It’s not based on anything, there are no underlying assets to act as a safety anchor.”

Very tight economic agenda this week

For the rest of the week, there are several events on the economic calendar that are likely to influence Bitcoin, as well as other markets.

Among them, the speeches for and tomorrow night, the ones for Wednesday night and a new American from the first quarter on Thursday.

Check out all the important events for Bitcoin this week in our economic calendar.

Bitcoin technical analysis

Lastly, from a technical perspective, the short-term charts, especially the H4, allow us to spot a triangle within which Bitcoin has been consolidating since around May 10th.

Outside of this triangle, the first supports to watch are around $28,700, then $26,600 (2022 yearly low). To the upside, resistance is at $30,700/$31,000, and then $32,000 or so.

See Bitcoin technical signals for various timeframes here.

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