By Ulrik LykkeCryptocurrencyJul 07, 2023 02:56AM ET

Global markets are still facing headwinds, with the latest Fed revealing that the decision to pause the 10-month consecutive rate hike was vigorously debated.

Following the hawkish sentiment of the Fed, interest rate futures have risen significantly this week, now pricing in a 94% chance of a 25 bps rate hike in July and a 10% chance of three more hikes this year.

Job Markets are Still Hot

Bitcoin Ripe for Another Bull Run?

, the pace-setter of the digital asset market, is displaying considerable strength and signaling that the range between $29.5K to $31.5K could serve as another accumulation zone before the next leg up.

The long-term BTC price chart shows a pattern that could align well with previous market cycle bottoms.

Moreover, there are several trends that are particularly intriguing to observe, as they have historically indicated the start of a bull market. These include:

1. Bitcoin's correlation with US stocks continues to decrease.

2. BTC’s increased market dominance compared to other digital assets.

3. Computational power on the Bitcoin network continues to rise.

4. Long-term HODL’ers continue to accumulate BTC with the highest number of wallets containing 0.1 and 1 BTC ever recorded.

5. Continued commitments from major institutional players continue to surface.