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What was the prior day's trading like, and the overnight session?
🟡 July 15, 9:40am ET
London and NY squeezed shorts yesterday, with price pushing to 65,000. Overnight coiled tight, and London is retesting that ceiling now.
Session Summary
London and NY squeezed shorts yesterday, with price pushing to 65,000. Overnight coiled tight, and London is retesting that ceiling now. The last few days delivered a change in market structure: reversal from the local range low into a modest breakout setting up from a tight consolidation. Inflation cooled in yesterday's CPI print, PPI landed below forecast this morning, and Warsh told Congress the Fed has no tolerance for high inflation.
🟡 July 15, 9:40am ET
London and NY squeezed shorts yesterday, with price pushing to 65,000. Overnight coiled tight, and London is retesting that ceiling now.
The last few days delivered a change in market structure: reversal from the local range low into a modest breakout setting up from a tight consolidation. The character of the tape has shifted.
After the bounce from 58,000, the 30-day rolling VWAP held as support and put in a higher low. Price is now working toward the breakdown-anchored VWAP at 67,000 and the yearly VWAP overhead at 72,000. Two references define the reclaim path.
Weekly value has migrated higher since the 58,000 bottom. Price is now above June and July's value areas, with May's value area low sitting overhead just above 76,000. The next area of interest is the underside of that shelf.
Price is climbing with spot and perp CVD aligned. Heading into heavy sell pressure in the book, but if buyers show initiative and step in, the move extends into the next short liquidation magnet at 66,000.
The crypto market rallied on yesterday's soft CPI print. Oil climbs again on re-escalating Iran tensions. So far in July, BTC dominance is climbing as alts have underperformed since BTC bounced off the 58,000 local bottom.
Inflation cooled in yesterday's CPI print, and PPI landed below forecast this morning. Warsh told Congress the Fed has no tolerance for high inflation. Softer data across the board, but the Fed's range still includes potentially hawkish paths.
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BTC enters Wednesday retesting 65,000 after London and NY squeezed shorts yesterday, with the overnight coiling tight and London coming back for the ceiling now. The last few days delivered a change in market structure: reversal from the local range low into a modest breakout setting up from a tight consolidation, with the character of the tape shifted. After the bounce from 58,000, the 30-day rolling VWAP held as support and put in a higher low. Price is now working toward the breakdown-anchored VWAP at 67,000 and the yearly VWAP overhead at 72,000; two references define the reclaim path.
Positioning has flipped constructive. Price is climbing with spot and perp CVD aligned. Heading into heavy sell pressure in the book, but if buyers show initiative and step in, the move extends into the next short liquidation magnet at 66,000. Weekly value has migrated higher since the 58,000 bottom, with price now above June and July's value areas and May's value area low sitting overhead just above 76,000; the underside of that shelf is the next area of interest.
The macro backdrop is mixed but constructive at the print level. The crypto market rallied on yesterday's soft CPI print. Oil climbs again on re-escalating Iran tensions. So far in July, BTC dominance is climbing as alts have underperformed since BTC bounced off the 58,000 local bottom. Inflation cooled in yesterday's CPI print, and PPI landed below forecast this morning; Warsh told Congress the Fed has no tolerance for high inflation, so softer data across the board still leaves the Fed's range including potentially hawkish paths. Tactical reads: a clean break above 65,000 with follow-through into 66,000 fuels the short liquidation cluster and opens the path to the 67,000 breakdown-anchored VWAP; a rejection here that loses the 30-day rolling VWAP support invalidates the LTF reversal and returns 58,000 as the primary support test.