Bitcoin price hovers around $20,000. It refuses to drop below $19,000 or rise above $21,000. The world’s largest cryptocurrency seems to be heavily influenced by external factors currently forcing its price to fluctuate at range-bound levels. BTC price appears to be under tremendous pressure on both sides. However, a strong break could be fast approaching. For this, it is necessary to look at the prominent developments during this month. Here are the details…
What will the Bitcoin price be affected by this month?
cryptocoin.com As we have also reported, in the recent past, the BTC price was affected by the US Federal Reserve’s (FED) interest rate hike. The crypto space has made small rebounds, albeit eventually falling. With a new move, the FOMC is scheduled to hold another meeting in the last week of July 27, while the minutes of the meeting are expected to be published. The minutes will be announced at 21:00 Turkish time.
On the other hand, JJcycles, an analyst, pointed out that the unemployment rate in the USA is estimated to be around 3.6 percent. He also believes that the 2 inflationary measures, the CPI and PPI figures, can greatly affect the price of BTC. The PPI, Producer Price Index and CPI were around 1 percent and the previous Consumer Price Index was around 0.5 percent. Therefore, these events are expected to have a high impact on Bitcoin regardless of its direction.
Do crypto and stocks continue to correlate?
Apart from the above events, another factor that could greatly affect the star crypto and the entire market is the strength of DXY. Previously, the markets had collapsed heavily as DXY hovered above the critical resistance at 103. Currently, the DXY index has closed quarterly trading at the highest level since 2004. Currently, the value of the index is around 105. Also, there are those who tshmin that the index will reach 120.
However, the analyst believes that several relief rallies can be expected within the crypto space within 12-20 months of a subdued move. It also clearly states that assets can still rally and stabilize as DXY soars to record highs. In general, the sequence of events and market formations can change the charts for Bitcoin (BTC) price. Also, the month of July could be extremely important for the entire crypto space. According to experts, if the market goes through the expected events in July, the downtrend can be stopped for a while. It can lead the bulls to take control of the bears.
BTC, currently the largest cryptocurrency, is trading at $20,156, up 2%. On the other hand, Ethereum (ETH), the largest altcoin, is up 1% at $1,140. There is no significant change in other cryptocurrencies such as SHIB, DOGE, SOL, ADA. The closest to the developments that investors should follow is the minutes of the FED, which will be announced today at 21:00 CET.
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