The price of Bitcoin (BTC) at the beginning of this week is $62,913, up from last week’s $55,639. The next higher resistance levels are at $64,055 and $67,191. The next lower support levels are observed at $62,115 and $60,547, 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:
- July 15: USA – Federal Reserve Chairman Powell’s Speech. Powell will speak with David M. Rubenstein. The market will look for signals regarding potential interest rate cuts, which may lead to a bull run in the crypto sector.
- July 16: USA – Retail Sales (MoM) (June) (Expected variation: -0.2%). Weak retail sales data may push the Fed to cut interest rates sooner, potentially sparking a new bull phase for Bitcoin.
- July 17: Eurozone – CPI (YoY) (Expected value: 2.5%). The market will look for a continuation in cooling inflation. If inflation cools, it aligns with expectations that the ECB will not raise interest rates soon, potentially stabilizing Bitcoin prices.
- July 18: Eurozone – ECB Interest Rate Decision. The ECB is expected to hold interest rates at 4.25%. However, hints of future rate cuts during the press conference may positively affect Bitcoin.
- July 18: USA – Initial Jobless Claims (Expected value: 229K). Higher-than-expected jobless claims may signal a struggling job market, which could persuade the Fed to cut interest rates, possibly boosting Bitcoin prices.
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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.
