The price of Bitcoin (BTC) at the beginning of this week is $58,310. This marks an increase from last Monday’s price of $50,278. The next higher resistance levels are $59,748 and $62,181, while the next lower supports are $57,315 and $54,304.
Market-Moving Events to Watch for This Week
- August 13: USA – PPI (MoM) July (Expected value: +0.2%). The market is looking for stability. A confirmation of the expected PPI value would be positive for crypto investors.
- August 14: USA – CPI (YoY) July (Expected value: 3.0%). A decline in the inflation rate below 3% would boost confidence in the Federal Reserve to cut interest rates in September. However, a larger than expected decline may hint at a slowdown in consumption, which could scare some investors.
- August 15: Japan – GDP (YoY) (Q2) (expected value: +0.6%). After a negative reading in Q1 (-0.5%), the market hopes for a rebound in Q2 at 0.6%. Failure to meet this expectation may create concerns for worldwide investors, including those in the crypto market.
- August 15: USA – Core Retail Sales (MoM) (July) (Expected: +0.1%). Investors do not anticipate a decline in retail sales. A decline may lead to sudden pessimism on Wall Street, which could spill over into the crypto market.
- August 15: USA – Initial Jobless Claims (Expected value: 235K). Investors hope to see positive signs from the job market, such as lower-than-expected readings for jobless claims. This could be positive for the crypto sector.
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Disclaimer
It’s important to note that the information provided is not intended as financial advice. The views expressed here solely represent the writer’s opinion based on the outlined market events. As with any investment, conduct thorough research and consider personal circumstances before making decisions in the volatile world of cryptocurrencies.
