This week’s price action confirmed our forecast from last week: The bottom is holding, but there’s a ceiling on the upside. $BTC (-0.42%) It has risen by about 13 percent since its low of $57,750 on July 1, making this the best month since January. However, it has been trading within a range of $64,000 to $66,800 for three days now, while $ETH (-0.65%) it is trading near $1,920. Inflows into cryptocurrency investment products totaled $716 million for the week—the strongest week since early May. While the regulatory outlook looks encouraging, we see no catalyst for a significant price rally in the short term unless the Federal Reserve signals interest rate cuts—which was not the case this week. The markets are focused on two main questions: Will the Senate pass the Clarity Act, and will the oil tanker conflict escalate? As long as neither of these factors sees a decisive shift, we expect prices to trend sideways within their current range.
