We’ve had a rough and volatile week in Bitcoin. While the losses in BTC reached up to 20% on Tuesday, we observed that the price rose to the $46,000 limit again with the purchases over the weekend. We have previously stated that we expect such a correction to come in September. We’ll see next week if this fix ends or if it goes deeper.
The recovery in Bitcoin caused new records to be seen in some altcoins. Cryptocurrency markets, which had a green weekend in general, are preparing for the new week.
The US indices also had an impact on the increase in the size of the decline in Bitcoin during the week. We watched a week in which the dollar strengthened, while the concerns about the delta variant made the markets nervous.
The pullback dollar in the US indices affects Bitcoin in the dollar and the cryptocurrency markets. For this reason, investors follow the agenda of traditional markets closely.
While the concerns about the economic recovery increased the pressure on the US indices, the eyes were turned to the inflation data to be announced next week. Economists predict that inflation in the USA will decline in August, albeit to a limited extent. Inflation data to be announced on Tuesday will be the main agenda item of the FED meeting to be held on September 22.
While US indices, which ended last week with sellers, are waiting for inflation data, the fluctuation that may occur in this area may also affect Bitcoin. For this reason, we recommend that investors keep an eye on US indices.
*Not Investment Advice.