The price of Bitcoin (BTC) at the beginning of this week is $67,274, up from last week’s $62,913. The next higher resistance levels are at $68,485 and $77,497. The next lower support levels are observed at $65,365 and $62,915, 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 24: US – Manufacturing Purchasing Managers Index (PMI) June (expected value: 51.7). A reading below expectations may push the Federal Reserve to cut interest rates sooner, potentially boosting Bitcoin prices. A reading above 50 indicates expansion in the sector; below 50 indicates contraction.
- July 25: US – GDP QoQ (Q2) (expected value: +1.9%). A weaker number compared to the expectation may increase the likelihood of the Fed cutting interest rates, likely leading to an increase in crypto prices.
- July 25: US – Initial Jobless Claims (expected value: 239K). A weaker-than-expected reading may positively influence the Fed’s decision to cut interest rates in Autumn, potentially pushing Bitcoin higher.
- July 26: US – Core PCE Price Index (MoM) June (expected value: 0.2%). The market looks for signs of cooling inflation. A lower value than expected may persuade the Fed to reduce interest rates sooner, which could boost 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.
