Crypto markets remained relatively flat over the weekend with low volatility and total capitalization hovering around $2.3 trillion.

Nevertheless, military action in the Middle East has continued with the US Central Command reporting on Sunday that it was conducting a new wave of strikes against Iran for the ninth consecutive night.

“The strikes will continue degrading Iranian military capabilities used to attack commercial vessels and civilian mariners transiting the Strait of Hormuz,” it stated.

Meanwhile, crude oil prices jumped again, with WTI hitting $85 and Brent topping $90, and US stocks continued to cool last week as inflationary pressures returned.

Economic Events July 20 to 24

There are no economic reports due on Monday or Tuesday, and weekly jobless claims are out on Thursday. Friday sees the release of the S&P Purchasing Manager’s Index (PMI) reports for manufacturing and services, which generally reflect changes in economic growth conditions.

This week’s data will signal whether the economy remains as robust as some recent figures have shown, following last week’s below-forecast CPI inflation reports.

“It appears that the disinflationary trend that began in 2023 has indeed remained intact,” Elmar Voelker, analyst at LBBW, said in a note, according to the WSJ. “Given this context, there is little to suggest that US monetary policymakers will decide to raise the benchmark interest rate at their next meeting.”

The CME Fed Watch Tool currently predicts an 85.6% probability that rates will remain unchanged during the central bank’s next meeting on July 29.

This week also has some big tech earnings reports with Alphabet (Google) and Tesla releasing second-quarter figures.

Crypto Market Outlook

Crypto markets have moved very little over the past 24 hours, with Bitcoin hovering around $64,700. The asset remains tightly range-bound between support at $62,000 and resistance just above $65,000.

Ethereum prices have also done very little, hovering around $1,870 but not giving up recent gains. BTC closed another weekly candle above the 200-week moving average, its long-term trend indicator.

“To really get this interesting, you want to see a strong push higher now to retrace that last leg down and get back above the Weekly 200 EMA,” said analyst ‘Daan’. “Until then, we’re just caught in this $60K choppy price range.”

Source: CryptoPotato