The price of Bitcoin (BTC) at the beginning of this week is $69,533. This represents an increase from last Monday’s price of $67,274. The next higher resistance levels are $69,880 and $79,676, while the next lower supports are $66,425 and $63,749.
Market-Moving Events to Watch for This Week
- July 30: USA – CB Consumer Confidence (Expected value: 99.8). A reading below 100 indicates a contraction in consumer confidence. This may push the Federal Reserve to cut interest rates, potentially increasing Bitcoin prices.
- July 31: Japan – BoJ Interest Rate Decision (Expected value: 0.10%). The market expects no change in interest rates. Any deviation from this expectation may impact the crypto market.
- July 31: Euro Area – CPI (YoY) July (Expected value: 2.4%). The market anticipates continued downward inflation toward 2%. A lower than expected value may prompt the ECB to cut interest rates faster, which may be favorable for Bitcoin.
- July 31: USA – Fed Interest Rate Decision (Expected value: 5.50%). While a rate cut is not expected, remarks from Fed Chairman Powell may hint at future cuts. This could influence Bitcoin prices.
- August 1: USA – Initial Jobless Claims (Expected value: 239K). Investors are monitoring for signs of a weakening job market. Higher claims may increase the likelihood of a rate cut by the Federal Reserve, potentially boosting Bitcoin prices.
- August 2: USA – Unemployment Rate (Expected value: 4.1%). An increase in the unemployment rate may raise the probability of a rate cut in September, which could be positive for Bitcoin.
Traders looking to capitalize on these market movements can trade Bitcoin on platforms such as Kraken.
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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.
