Bitget Research Chief Analyst: Bitcoin And Ethereum Consolidate As They Await Next Catalyst - Blockzeit
Bitget Research Chief Analyst Ryan Lee saysBitcoinandEthereumwill remain range-bound unless a major catalyst triggers their breakout. The upcoming US inflation data and CLARITY Act vote remain the primary. . .
Bitget Research Chief Analyst Ryan Lee saysBitcoinandEthereumwill remain range-bound unless a major catalyst triggers their breakout. The upcoming US inflation data and CLARITY Act vote remain the primary triggers of BTC and ETH’s next big moves. The movements of Bitcoin (BTC) and Ethereum (ETH) pricescontinue to tighten into a steady rangethis week. In trading, it’s called consolidation, and it’s usually a sign that the market may be due for a major breakout once a catalyst emerges. In our recent correspondence with Ryan Lee, Chief Analyst ofBitgetResearch, he confirmed that both assets are indeed positioning themselves for a big move. Whether it’s upward or downward depends on various factors. Bitcoin and Ethereum Wait for the Big CatalystLee highlighted that Bitcoin and Ethereum posted roughly 4% weekly gains. However, neither broke through their respective resistances. What they delivered instead was a structural reset, and he thinks it may leave the broader setup comparatively more balanced than the price alone suggests. The analyst explained that their positioning data has been consistent with his assessment. The market’s long-short ratio normalized from 2. 2 to 1. 16 over the week, indicating a broader easing in bullish positioning. Nonetheless, he advised people not to interpret the data as a full representation of the market. Lee stated that lower leverage may reduce the likelihood of forced exits during pullbacks. Combined with ETF inflows and a softer dollar, the trend may contribute to a more resilient base than the market had seven days ago, depending on the market conditions. Additionally, Lee emphasized that the Senate’s postponement of theCLARITY Actvote to September disappointed some market participants looking for a near-term regulatory catalyst. Yet the market’s relatively limited price response suggests that present positioning already reflects part of this uncertainty, but other factors may likewise explain the market’s reaction. Lee believes that current prices may already reflect some of the negative catalysts analysts previously cited, including Trump Media selling, BIP-110 concerns, and regulatory uncertainty. The market also witnessed a broader macro backdrop as the S&P 500 gained 3. 6% last week andgoldsurged 7. 5%, which pulled risk sentiment higher across asset classes. Crypto Market OutlookLee projects that Bitcoin will maintain its consolidation between roughly $63,000 and $67,000. He eyes the $67,000 to $68,000 range as the asset’s technical resistance. Still, the persistently bearish crypto investor sentiment, as theFear & Greed Indexcontinues to navigate the “Fear” territory under 30, means the market may not yet have the conviction to drive a rally beyond those points. Hence, the analyst expects the same pattern tocarry over to Ethereum. On the other hand, Lee warned that ongoing rotation into higher-beta altcoins does not automatically reflect an improving risk appetite. He noted that it could leave such positions more sensitive to macro shocks if conditions suddenly shift. Furthermore, Lee said that this week’s USinflationdata and the CLARITY Act vote in September remain key catalysts that could make or break market sentiment. If neither delivers a clear signal, the range-bound price action will likely endure. Disclaimer: The compiled data, analysis, and commentary featured in this article are for informational purposes only. They do not constitute financial advice or a product recommendation from Bitget, the author, or the Blockzeit team. What’s your Reaction?+11+10+10+10+10+10+10Giancarlo PerlasGiancarlo is an economist by profession with a career spanning nearly two decades. His professional journey has seen him assume vital roles in various government and private organizations such as the Department of the Interior and Local Government (DILG), the National Economic and Development Authority (NEDA), Megaworld Corporation, and the China Banking Corporation in the Republic of the Philippines. In addition to his civic and corporate pursuits, his forward-thinking approach has led him to manage several prominent websites in the banking and finance sector, notably the Australia-based RateChoice, where he immersed himself in the world of emerging financial technologies and where he found particular interest in Bitcoin all the way back to 2013. Prior to his addition to Blockzeit’s dynamic team, he held an essential role as Project Manager for initiatives encompassing blockchain, tokenization, stablecoin, mining, special economic zone development, and iGaming. This noteworthy chapter in his career unfolded under the auspices of InPlan Consultancy Services, Inc. , the think-tank of IMPERO Consortium Management Corporation headquartered in Manila, Philippines, and Tokyo, Japan. InPlan, led by a distinguished retired Cabinet member of the Philippines, collaborates directly with IMPERO's core management team, contributing to strategic planning and business development endeavors.