This week will be a critical week for the Bitcoin and cryptocurrency markets, as the US CPI and PPI data will be released this week.
While BTC and the market started this critical week with a decline, an updated assessment came from QCP Capital analysts.
Analysts said that despite a week since the sharp market crash that sent Bitcoin below $50,000 and a strong recovery afterwards, BTC continues to struggle to stay above $60,000.
Analysts, who noted that the put (sell) trend in Bitcoin had increased to -25% during the panic of the sharp decline last week, stated that the put trend has returned to the previous -5% levels and has normalized significantly.
Although investors’ selling tendency has largely decreased, analysts have stated that BTC will continue to sell until September as the market remains cautious in the near term.
These Two Events Will Be Followed This Week in Bitcoin!
Analysts stated that Elon Musk's interview with Trump this week and the US CPI data to be announced on Wednesday are of critical importance for Bitcoin and the market, saying:
“While the BTC put slope has normalized significantly from -25% during the panic to pre-wash levels of -5%, the market remains cautious in the near term and there is a BTC put slope into September.
In the previous two sharp declines this year (April and June), BTC rose above 70,000 in less than a month.
With Blackrock experiencing consistently positive inflows in Bitcoin throughout the week, we expect continued liquidity and support from US investors.
“Macro factors remain critical to crypto markets. While Asian stock markets are supported today, some potential volatility events to watch out for are Elon Musk's interview with Trump at 8 p.m. ET and the U.S. CPI data on Wednesday.”
*This is not investment advice.
