Global Market Highlight
The consumer confidence index, which serves as a key indicator of consumer spending and economic activity, declined by 0.9 points to 100.4 in June. This slight decrease suggests a potential weakening in consumer sentiment and could impact future economic trends and consumer behavior.
New home sales fell by 11.3% to a seasonally adjusted annual rate of 619,000 units last month, marking the lowest level since November. This percentage-based decline is the largest since September 2022. The housing market has been particularly affected by the Federal Reserve's significant interest rate increases since March 2022. Crude oil inventories increased by 3.6 million barrels last week, contrary to analysts' expectations of a 2.9-million-barrel decrease.
Real GDP growth for Q1 was revised upward by 0.1 percentage points (ppt) to an annualized rate of 1.4%, following a robust 3.4% increase in Q4 2023. Initially estimated at 1.3%. Initial claims for state unemployment benefits dropped 6,000 to a seasonally adjusted 233,000 for the week ended June 22. The headline PCE price index remained flat in May compared to April, with a 2.6% increase year-over-year. Meanwhile, the core price index rose by 0.1% in May from April, also showing a 2.6% year-over-year increase.
Bitcoin Price Analysis
In the past week, Bitcoin (BTC) has shown a solid recovery, rising from strong support at $59,000 to its current price of $62,870. This upward movement indicates substantial buying interest around the $59,000 support level. The next resistance level is $67,000, and a breakout above this point could push the price towards the next major resistance at $72,000.
Ethereum Price Analysis
In the last week, Ethereum (ETH) has demonstrated a strong recovery, bouncing from robust support at $3,400 to its current price of $3,486. This movement indicates significant buying interest around the $3,400 level. The next resistance is at $3,600, and breaking above this zone could propel the price toward the next major resistance at $3,800, and potentially up to $4,000 if the bullish momentum continues.
Solana Price Analysis
Over the past week, Solana (SOL) has demonstrated a strong recovery, rebounding from solid support at $130 to its current price of $147. This movement indicates robust buying interest around the $130 support level. The next resistance is at $156, and a breakout above this zone could drive the price toward the next significant resistance at $170, and possibly up to $210 if the bullish momentum continues.
Disclaimer
This material is for general information and is not investment advice, a recommendation, or solicitation to buy and sell any cryptocurrencies, digital assets, securities or derivative instruments, or to make any investments. Mobee is under no obligation to update this report based on information and events that occurred after this report was created and published. Any suggestions or recommendations in this report may not be appropriate for certain users.
