Cryptocurrency Although the market showed a certain recovery after recovering from the recent sharp declines, it received a rejection with the start of trading on Monday and fell 1.12%. bitcoin The price fell more than 2%. According to experts, this trend may continue for the rest of the week.
Bitcoin Transaction Volume Drops
Koinfinans.com As we reported, Bitcoin hit its highest price level since June 13, 2022 at $24,650 on Saturday. Leading cryptocurrency BTC gained an average of 27% in July, its best performance since October 2021. However, the Ethereum (ETH) price has also increased by around 70% in the last month, delighting its investors.
Crypto Tony Altcoins seem to be doing pretty well when Bitcoin faces selling pressure, according to crypto analyst named . He suggested that this week could be a “consolidation week” after a broad recovery.
Bitcoin was trading at an average price of $23,332 at the time of writing. BTC’s 24-hour trading volume also fell over 14% to $23.2 billion. Bitcoin dominance has also decreased by 0.27% in the last day.
Crypto Tony stated that he is looking for the breaking point of the current model. However, he suggests that it stays short as BTC trades below the $24,000 supply zone. Another expert, tedtalksmacro, shared key data points that will impact BTC this week as he thinks the Bitcoin price will trade lower.
The expert reminded that (ISM) Manufacturing Index and US July US employment data will be announced this week. Earlier, the US Fed had confirmed that they were completely dependent on this data.
The ISM index is an important data showing the state of the US economy, as it consists of two important components: Employment and Stable prices. These two factors influence the Fed’s stance on monetary policy.
He added that the latest index gave lower figures indicating a decline in activity and further declines are expected in July. A Bitcoin rise could be seen if a lower price component of the index emerges.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.