The price of Bitcoin (BTC) at the beginning of this week is $63,390, up from last week’s $62,389. The next higher resistance levels are at $63,798 and $65,563. The next lower support levels are observed at $63,187 and $62,707, as determined by Fibonacci indicators.
Market-Moving Events to Watch for This Week
Key macroeconomic events this week may influence Bitcoin prices. Here’s a summary:
- Monday, July 1: German CPI (MoM). The previous value was 0.1%. If inflation remains stable, it may not significantly impact Bitcoin.
- Tuesday, July 2: Euro-area CPI (YoY) (Expected value: 2.5%). A spike in inflation may negatively affect Bitcoin as the market expects a steady decrease towards the long-term target of 2%.
- Wednesday, July 3: US Jobless Claims (Expected value: 235K). Higher-than-expected jobless claims may indicate a weaker job sector, possibly increasing the likelihood of an interest rate cut from the Federal Reserve, which could push Bitcoin prices higher.
- Wednesday, July 3: US FOMC Meeting Minutes. The market will look for signs of increased likelihood of interest rate cuts. Any indication of upcoming rate cuts may positively affect Bitcoin prices.
- Friday, July 5: US Unemployment Rate (Expected value: 4%). A higher unemployment rate may hint at an enhanced chance of a rate cut from the Federal Reserve, potentially driving Bitcoin prices upward.
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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.
