BTC price ‘fireworks’ after monthly close? 5 things to know in Bitcoin this week
Bitcoin (BTC) is heading into a new week with the July monthly close just hours away, and analysts are keeping a close eye on the price action. Some believe that BTC could be due for a breakout after being stuck in a tight range for the past few weeks, while others are more cautious.
Here are five things to know about Bitcoin this week:
BTC price range could shift after monthly close. Bitcoin has been trading in a narrow range between $29,000 and $30,000 for the past few weeks. Some analysts believe that the monthly close could be a catalyst for a breakout, either to the upside or downside.
MACD signal forms key Bitcoin bull argument. The Moving Average Convergence Divergence (MACD) indicator is a popular technical analysis tool that can be used to identify potential trend reversals. The MACD indicator recently formed a bullish signal on the BTC monthly chart, which suggests that a price breakout could be imminent.
U.S. jobs data follows hectic macro week. The United States will release its non-farm payrolls report for July on Friday. This is one of the most important live cryptocurrency prices data releases of the month, and it is expected to have a significant impact on the stock market and other asset classes, including Bitcoin.
Stablecoin investors “load up” with Bitcoin under $30,000. Stablecoin investors have been accumulating Bitcoin at current prices, according to on-chain data. This suggests that there is strong institutional demand for Bitcoin at these levels.
Whale wallet numbers hit 4-month low. The number of Bitcoin whale wallets, which hold at least 1,000 BTC, has fallen to a 4-month low. This suggests that whales may be selling some of their BTC, which could put downward pressure on the price.
What do these factors mean for Bitcoin investors?
The factors listed above suggest that Bitcoin is at a critical juncture. A breakout to the upside could lead to a new bull run, while a breakout to the downside could lead to further losses.
Investors should carefully consider their own risk tolerance before making any investment decisions. Those who are comfortable with volatility may want to consider buying Bitcoin at current levels, while those who are more risk-averse may want to wait for the price to stabilize before investing.
Additional tips for Bitcoin investors
Here are some additional tips for Bitcoin investors:
- Do your own research (DYOR) before investing in any cryptocurrency. Bitcoin is a volatile asset, and there is always the risk of losing money.
- Only invest what you can afford to lose.
- Create a Bitcoin investment strategy and stick to it.
- Monitor the Bitcoin market regularly and be prepared to adjust your strategy as needed.
- Hold your Bitcoin for the long term. Bitcoin is a digital asset with a limited supply, and its value is expected to increase over time.
Bitcoin is at a critical juncture, and it is important for investors to be aware of the factors that could affect the price in the coming weeks and months. By carefully considering their risk tolerance and following the tips above, investors can make informed decisions about their Bitcoin investments.
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