The recovery in Bitcoin and altcoin prices today has sparked significant investor optimism globally, and upward momentum has begun.
At this point, while the Bitcoin (BTC) price exceeded the $ 60,000 mark, Ethereum, Solana and XRP charts also turned green. While there were significant gains in altcoins, Aave, BRETT and Dogwifhat (WIF) were among the top three gainers of the day.
What Range Will Bitcoin (BTC) Move In This Week?
Polymarket traders predict stability in price until the weekend, stating that there is a 66% probability that BTC will stay above $60,000 by the end of the week.
Traders expect market movements to increase on Friday when Fed Chairman Jerome Powell is set to deliver a speech at the Jackson Hole symposium, although market catalysts for a rally are still few and far between today.
According to Coindesk, Abra analysts said in a market note that they expect Bitcoin to move mostly between $56,000 and $62,000.
“This week's market expectations are centered around the Jackson Hole symposium where Monetary Policy will be discussed.
Outside of Jackson Hole, the price action focuses on BTC ETFs and their relationship with the stock market.
As a result, we can expect sideways price action in Bitcoin this week ahead of Jackson Hole.
BTC will be trading in the $56,000-$62,000 range, with volume mostly around $58,000-$60,000.”
Bitcoin, which rose above $61,000 in the morning hours, continues to be traded at $60,860 at the time of writing.
*This is not investment advice.