Bitcоin

Bitcoin (BTC) Prices Likely To Consolidate Before Next Move

  • ETH’s price has risen by almost 70% in the previous month.
  • A record high of $24,650 was reached for BTC on Saturday, the highest since June.

After bouncing back from its most catastrophic loss in recent memory, the global crypto market fell by roughly 1.12% on Monday. Prices of Bitcoin (BTC) have fallen by more than 2% in the previous 24 hours. For the remainder of the week, experts anticipate that this is likely to be the pattern.

BTC/USDT: Source: TradingView

A record high of $24,650 was reached on Saturday, the highest since June 13, 2022. BTC, the biggest cryptocurrency in the world, had a rise of about 27% in July, its strongest month since October 2021. ETH’s price, on the other hand, has risen by almost 70% in the previous month.

All Eyes on Upcoming Statistics

It is noted that when Bitcoin is under selling pressure, altcoins hold up fairly well. Furthermore, a wide rebound is expected this week, followed by a week of consolidation. Many experts recommend keeping a short position while BTC is below the $24K supply zone.

In light of the expert’s prediction that Bitcoin prices would fall. This week, crypto analyst, tedtalksmacro outlined the most important data elements that will have an impact on BTC. That ISM manufacturing PMI and US July employment statistics would be released this week is mentioned by him. The US Federal Reserve has previously said that they are completely reliant on this data.

A further reduction is projected in July, according to the most current index results, which show a decrease in activity. It is possible to detect a Bitcoin pump when a lower-priced component of the index is released. According to CMC, the Bitcoin price today is $23,108.65 USD with a 24-hour trading volume of $23,630,555,288 USD. Bitcoin is down 2.93% in the last 24 hours.

   

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