Israel-Iran Tensions Weigh on Markets

At Tuesday’s (today’s) opening, the Dow Jones Industrial Average started the day with a loss of over 100 points; the S&P 500 fell by 0.3% and the Nasdaq dropped by 0.5%.

One of the main reasons for this decline was the weakening expectations of a quick end to the conflict. US President Donald Trump’s remarks and social media posts on the matter overshadowed the possibility of a swift ceasefire in the region.

Trump said in a post on his social media Truth Social:

“French President Emmanuel Macron mistakenly claimed that I left the G7 Summit early and returned to Washington to work on a ceasefire between Israel and Iran. Wrong! This has nothing to do with a ceasefire. Macron got it wrong, as usual.”

Following these statements, markets reacted quickly. Oil prices rose by 2%, while cryptocurrencies lost value. Bitcoin (BTC) price dropped from $108,000 to around $105,500.

Despite missile attacks last week, US stock markets showed resilience, but now are signaling weakness this week. Especially the S&P 500 managed to stay above the 6,000 point level after the rise on June 16.

US Retail Sales Fall Below Expectations

Negative signals are also evident in economic data. According to the latest figures released on June 17, US retail sales declined by 0.9% in May. This drop exceeded analysts’ expectations of a 0.6% decrease and indicated a slowdown in consumer spending.

Eyes on the FED Meeting

Meanwhile, the US Federal Reserve (Fed) started its two-day monetary policy meeting on Tuesday. Markets focused on the FOMC statement to be announced on Wednesday, June 18, and remarks by Fed Chair Jerome Powell. Analysts generally expect the Fed to keep interest rates steady at this meeting.

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The post Israel-Iran Tensions Weigh on Markets: US Opens Lower appeared first on Coin Engineer.

Currently, Bitcoin has a band level between 30.000$ and 30.400$. USA exchanges will open for trading within the week. This factor may affect Bitcoin price positively. Additionally, some events also which will happen next week may affect the market structure and movement.

You might also like: Binance lays off over 1,000 employees. CZ declared.

A list of some important events for the crypto market in the next week in the USA and Europe:

United States:

1. NY Empire State Manufacturing Index – 17 July 16:30 (Forecast: -4.3; Prior: 6.6)
2. Retail Sales Ex Gas/Autos MoM – 18 July 16:30 (Forecast: -; Prior: 0.4)
3. MBA 30-year Mortgage Rate – 19 July 15:30 (Forecast: -; Prior: 7.07)
4. Continuing Jobless Claims – 20 July 16:30 (Forecast: 1730K; Prior: 1729K)

Europe:

1. Inflation Rate MoM&YoY Final 19 July 13:00 (Forecast: 5.5; Prior: 6.1%)
2. Core Inflation Rate YoY Final 19 July 13:00 (Forecast: 5.4; Prior: 5.3%)

Note: Every date has a UTC clock type.

Bitcoin and Some Main Altcoins’ State

Bitcoin’s (BTC) price is about 30.300 at the writing moment. On the last day, Bitcoin price dropped by %3.5 and a hit of daily low. Hence, the resistance level for BTC is located at 30.870-32.100$. But the support level on the 29.800$ – 29.620$.

Ethereum’s (ETH) price dropped by %0.04 and reached to 1931$ level. In this manner, resistance levels are $1975 – $2023. Additionally, support lines are drawing from $1821 to $1776.

Solana’s (SOL) price is increased by %2.08. Right now Solana’s price is $28. The resistance levels for SOL are $29.05 – $ 34.07. The support levels are $25.94 – $21.57.

Ripple (XRP) price is increased by about %60 this week. XRPs price is $0.74. The resistance level for XRP is $0.76 – $0.77. The support levels are $0.68 – $0.71.

Bitcoin and Cryptocurrencies price is almost stable this weekend. If you are an active trader or thinking about buying them should follow the economic calendar and support-resistance levels.

If you want to buy Bitcoin or these altcoins you can use cryptocurrency exchanges. Furthermore, if you want to get a %20 discount on the fee payments, don’t forget to interact with the link and sign up on these exchanges.

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The post The Latest State on Bitcoin and Cryptocurrencies Price – 16 July appeared first on Coin Engineer.