BTC price meets CPI as volatility ‘collapses’ — 5 things to know in Bitcoin this week

BTC price meets CPI as volatility ‘collapses’ — 5 things to know in Bitcoin this week

Bitcoin is frustratingly calm and volatility is near historic lows — what could provide BTC price action with fresh fuel to discover a trend this week? 

 

Bitcoin $29,187starts the second week of August with barely a sound as rangebound BTC price behavior continues.

 

After one of its least volatile weekly closes, BTC/USD remains stuck at $29,000 — but can the coming seven days provide what is needed to break the deadlock?

Headlining the list of potential volatility catalysts is United States inflation data in the form of the Consumer Price Index (CPI) — a key readout on the way to the next interest rate decision in September.

However, with Bitcoin famously stubborn this quarter, it may take more than that to rediscover a trend.

Elsewhere, on-chain data is pointing to an accumulation phase for whales and other larger investors. Network fundamentals are due to inch higher, while the number of new wallets is defying price action and continuing to grow.

Cointelegraph takes a look at the main topics of interest to keep in mind this week when it comes to BTC price action.

Bitcoin price predictions trend lower after silent weekly close

Bitcoin closed the week without a sound, keeping its narrow trading range firmly in place and offering nothing by way of last-minute surprises.

Data shows BTC/USD acting in a $200 corridor overnight — a status quo still in play at the time of writing.

For popular traders, this risks lower levels entering next, as bulls lack the momentum to beat out selling pressure below the key resistance levels of $29,250, $29,500 and $30,000.

“BTC continues to reject at ~$29250. As long as that continues, bias favours to lower prices,” trader and analyst Rekt Capital summarized.

BTC/USD annotated chart. Source: Rekt Capital/X (Twitter)

Eyeing a possible support zone immediately below spot price, fellow trader Credible Crypto argued that volatility could pick up simply as a result of the working week returning.

“In any case, want to see some strength here soon or else we might still have one more local low to go (which would be fine),” he told X (formerly Twitter) followers in part of a recent analysis.

 

Continuing, Michaël van de Poppe, founder and CEO of trading firm Eight, suggested that Monday could provide a local low for Bitcoin to act upon through the week.

“Monday coming up, usually a day that Bitcoin makes it’s standard drop. In that case, targeting $28K to bid,” he said.

“If we do not drop to that region, then I clearly want to see a break above $29.7K to add on my longs.”

BTC/USD annotated chart. Source: Michaël van de Poppe/Twitter

Querying the return of BTC volatility

Overall, however, Bitcoin is suffering from a clear case of suppressed volume, leading volatility to head back to its lowest-ever levels.

On weekly timeframes, popular trader Skew noted volume was all but absent. An accompanying volume profile chart showed the background behind Bitcoin’s current multimonth trading range between $26,000 and $32,000.

 

“Realized volatility for Bitcoin has collapsed to historical lows,” Checkmate, lead on-chain analyst at Glassnode, said on Aug.7.


 

 

Source : [BTC price meets CPI as volatility ‘collapses’ — 5 things to know in Bitcoin this week](cointelegraph.com/news/btc-price-cpi-volatility-collapses-5-things-bitcoin) by Cointelegraph By William Suberg - 66Cointelegraph by Cointelegraph By William Suberg / August 07, 2023

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