Consolidation Ahead this Week for Bitcoin After RecoveryAugust 1, 2022
The general crypto market recorded another decline of 1.12% early on Monday. This comes in the midst of its recovery from its most devastating collapse in recent years.
Bitcoin Drops Trading Volume
Bitcoin prices specifically have lost 2.0% within the past 24 hours. The development has made experts believe that could be the trajectory throughout the week.
Saturday was a lucky day as Bitcoin reached its highest point since the 13th of June at $24,650. The number one cryptocurrency gained 27% in the month of July. It has been the asset’s best month so far since last October.
Ethereum, on the other hand, had its price jumping by 70% in the same month. A crypto analyst, Crypto Tony, stated that it looks like altcoins are performing well because of Bitcoin’s selling pressure. He went ahead to say this could be the week for consolidation following the general market’s recovery.
As of the time of putting this together, Bitcoin is trading at about $23,332 on average. Bitcoin’s trading volume also dropped in the last 24 hours by more than 14% as it is now at $23.2 billion. In the same amount of time, Bitcoin’s market dominance has taken a hit and reduced by 0.27%
The Prediction Over Bitcoin
Crypto Tony said he is searching for the breakdown of the present price pattern. But he still suggested that it is short as long as Bitcoin trades under the $24,000 simply area.
Tony predicted that Bitcoin might trade lower for the rest of this week. Major data points that might affect it this week have been pointed out by TedTalksMacro.
He said the US employment report for July and the ISM manufacturing index will be released this week. The US Federal Reserve said they are absolutely dependent on this data.
The ISM report suggests that the condition of the American economy consists of two important components, stable prices, and employment. The two components inform the Federal Reserve’s stance on its monetary policies.
The analyst also stated that the latest index returns lower figures which are indicative of declined activities. More drops are now expected to occur when July’s data come up. There might be a Bitcoin pump if there is a lower price part of the index.