The price of Bitcoin (BTC) at the beginning of this week is $50,278. This represents a significant decrease from last Monday’s price of $69,533. The next higher resistance levels are $52,465 and $56,591, while the next lower supports are $47,361 and $39,110.
Market-Moving Events to Watch for This Week
- August 5: USA – ISM Non-Manufacturing PMI for July (Expected value: 51.4). A reading below 51.4 may indicate economic contraction. This could increase pressure on the Federal Reserve to cut interest rates in September. A lower-than-expected reading may cause both Wall Street and the crypto market to decline.
- August 8: USA – Initial Jobless Claims (Expected value: 245K). Higher jobless claims than expected may signal economic weakness. This could add pressure on the Fed to cut rates. Similar to the ISM, a worse-than-expected reading may negatively impact the crypto market.
- August 9: Germany – CPI (MoM) July (Expected value: 0.3%). A lower-than-expected CPI may push the European Central Bank to cut interest rates again this year. The market may interpret this data similarly to U.S. indicators, potentially affecting Bitcoin prices.
Traders looking to capitalize on these market movements can trade Bitcoin on platforms such as Gemini.
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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.
