Macro crypto currency market outlook

Bitcoin continues to show signs of recovery out from the 2022 low. Since bottoming in 2022, we’ve seen a series of higher highs and higher lows along the way, with the most recent higher low confirmed at $24,750 following the break to a fresh 2023 high through $31,000. This opens the door for a bullish continuation and fresh upside extension towards the next measured move target in the $40,000 area. Only back below $24,750 delays the outlook.

June was an interesting month for crypto assets, initially under pressure, before recovering impressively into the final weeks. Bitcoin led the way, up 12% on the month, while ETH performance was more modest, up around 3% on the month.

The crypto market took a hard hit early in June on the news of the SEC lawsuits against Binance and Coinbase. But it didn’t take long for market participants to take it all in stride and focus back on the positives. These positives included a more crypto friendly regulatory framework proposal in the US, along with applications for bitcoin ETFs from many large players in the traditional financial markets.

Bitcoin dominance also crossed back above 50% for the first time in two years. We view this as another bullish development for the space as it reflects a market lightening up on the less stable assets and focusing back on stronger fundamentals around bitcoin.