Bitcoin, Ethereum, Dogecoin Move Sideways As Traders Remain Risk Averse: King Crypto Could Record More Than 10% Gains In July, Says Analyst

Leading cryptocurrencies drifted sideways over the weekend as unanticipated market swings created an atmosphere of uncertainty.  

What Happened: Bitcoin spiked above $62,000 Sunday, ending a week that saw the King Crypto wobbling between $60,000 and $62,600. Concerns over the sale of Bitcoin by the governments of the U.S. and Germany eroded investors' confidence. 

Ethereum climbed past $3,400, with speculation rife about the possible date for final approvals for spot exchange-traded funds. 

On a positive note, Bitcoin's Open Interest rose 4% in the last 24 hours, marking an influx of fresh money in the market. This could trigger significant volatility in the days ahead.

The majority of the new bets targeted Bitcoin’s price increase, as the number of traders opening bullish long bets increased significantly in the recent 24 hours.

The Cryptocurrency Fear & Greed Index flashed "Neutral" as of this writing, indicating a balance between bullish and bearish forces before the start of a fresh trading week.

Top Gainer (24-Hours)

The global cryptocurrency market cap stands at $2.31 trillion, following an increase of 2.41% in the last 24 hours.

Stock futures gained overnight on Sunday. The Dow Jones Industrial Average Futures added 52 points, or 0.13%, as of 8:30 p.m. EDT.  Futures tied to the S&P 500 advanced 0.23%, while Nasdaq 100 Futures bumped 0.24%.

The S&P 500 and the tech-heavy Nasdaq Composite have been turbocharged lately due to the buzz surrounding artificial intelligence stocks, especially the AI giant NVIDIA Corp. NVDA.

This week, investors will be on the lookout for the June jobs report, due to be released on Friday. Markets will remain closed for the Fourth of July holiday.

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Analyst Notes: Popular investor and influencer Lark Davis, citing historical data, reminded that July has been a bullish month for cryptocurrencies.

He added that Bitcoin investors received an average return of 10.49% during the last five years, whereas Ethereum traders received an average return of 19.20%.

Another widely-followed analyst, Kevin Svenson, noted a strong weekly close for the King Crypto.

He stated that demand wicks have signaled the bottom of every pullback since the beginning of 2023, and the current weekly close was showed a demand wick as well.

Photo by Igor Faun on Shutterstock

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