bitcoinIt continues to trade stuck around $20,000. The price of the leading crypto-asset currently appears to be influenced by a number of external factors forcing it to fluctuate at levels tied to a range. The big break could be imminent as the price tries to resist massive upside and downside pressures. The leading names of the crypto world, on the other hand, draw attention to the important events that will take place in July.
What Could Bitcoin Be Affected In July?
As Koinfinans.com, which has not been on the agenda in recent days and as we have frequently conveyed to you, the FED’s increase in interest rates had a ‘negative’ effect on most of the crypto assets, especially Bitcoin. In the intervening time, the assets, which survived the negative news to some extent, managed to record small rises. FOMC’s new move July 27While it is planned to hold another meeting in the last week of 6 July It is expected to be announced on the day (the day of the news) at 21.00 TSI.
A small overview of events that can influence the price of #Bitcoin in July.
List of important events:
– FOMC Meeting Minutes (6th)
– Unemployment Rate (8th)
– CPI / PPI numbers (13th / 14th)And most importantly:
– FOMC (27th) pic.twitter.com/8ciieWHWl3— JJ𝕔𝕪𝕔𝕝𝕖𝕤 🔄 (@JJcycles) July 5, 2022
According to other news on the agenda, the US unemployment rate is expected to hover around 3.6%. If this important development 8 July will be announced on. and the CPI and PPI figures, two inflationary metrics, are also predicted to have a drastic impact on the Bitcoin price. The PPI, Producer Price Index and CPI were around 1% and 0.5% in the previous Consumer Price Index. Therefore, these sequential events are expected to highly impact Bitcoin regardless of its direction.
Crypto and Stocks Correlation May Change!
In addition to all the events, the leading crypto asset and another development that may indirectly affect the entire crypto market will be the strengthening of DXY. While DXY hovered above a critical resistance at the 103 level, the markets had seen a sharp decline. DXY index managed to close quarterly trade at the highest level since 2004. Also, the predictions that the Index will reach 120 and this could be a disaster for the crypto universe started to take place on the agenda.
Many won’t like this but…
the $DXY closed above a significant multi-year level in June, and today we’re seeing new 20-year highs from the dollar index.
All signs point to 120, suggesting another 12-20 months of suppressed movement from stocks and #crypto. $SPY $BTC $ETH pic.twitter.com/7WC8srj8bO
— Justin Bennett (@JustinBennettFX) July 5, 2022
However, the closely followed analyst Justin Bennettthinks that a suppressed move will make several relief rallies possible within the crypto space in 12-20 months. He also made it clear that assets could still recover or stabilize as DXY soared to record highs.
As a result, the sequence of events and market formations, bitcoin price can change the graphics for Also, July trading could be extremely important for the asset and the entire crypto space. If the market goes through the events of July, the downtrend could stop for a while and cause the bulls to take control of the bears.