The price of Bitcoin (BTC) at the beginning of this week is $55,639, down from last week’s $63,390. The next higher resistance levels are at $57,340 and $60,072. The next lower support levels are observed at $53,859 and $43,808, 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:

  • Tuesday-Wednesday, July 9-July 10: USA – Federal Reserve Chair Jerome Powell Testimony. Powell will testify on the economic outlook and recent monetary policy actions before the Joint Economic Committee. The market will look for signals of imminent interest rate cuts, which may push BTC prices up.
  • Thursday, July 11: USA – CPI (MoM) (June) (Expected value: +0.1%). A weaker change in the CPI may lead the market to think the Fed will cut interest rates sooner, positively affecting the crypto market.
  • Thursday, July 11: USA – Initial Jobless Claims. The last value was 238K. A weaker number may be welcomed by the market, which is looking for a weakening job market so that the Fed is more confident to cut interest rates, potentially pushing Bitcoin prices higher.
  • Friday, July 12: USA – PPI (MoM) (June).The producer price index is essential in determining inflation risks. The market hopes for reassuring signals, with continued normalization in producer and consumer price inflation, which may have a stabilizing effect on Bitcoin.

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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.