A trader says that the BTC price action is stuck below $30,000. Therefore, it suggests that after July, Bitcoin may finally gain a trend identity. So, is BTC price ‘fireworks’ after the monthly close? Crypto expert William Suberg assesses 5 things to know this week for Bitcoin and the rest of the crypto Market.
The sticky price range for the leading crypto may vary!
parofix.comBitcoin has been extremely stable over the past week. Even the U.S. rate hike and accompanying macroeconomic data failed to change the small Trading range. BTC price watchers had to console themselves with a corridor between $29,000 and $29,500.
BTC 1-hour chart. Source: TradingView
The weekly close sees some sudden movements to the upside and downside. However, a short-term trend remains conspicuously absent. “The market will try to shake you up as we move towards the monthly close,” watchdog source Material Indicators wrote in part of its latest commentary. A chart accompanying the BTC/USD order book on Binance showed that the current trading range is clearly defined by buying and selling liquidity.
BTC order book data on Binance. Source: Material Indicators/Twitter
Calm before the storm for the crypto markets!
On the subject of liquidity, popular trader Daan Crypto Trades has set important levels to watch on low timeframes. Along with data from CoinGlass, Twitter told its followers before the weekly close, “The ~29K and ~29.6K levels correspond nicely to the current low timeframe range. So it’s good to continue to monitor these areas.” CoinGlass likewise shows that historically July has been a “green” month for Bitcoin for the past six years, with the exception of a 6.6% loss in 2019.
BTC/USD monthly yield chart. Source: CoinGlass
Another trader, Jelle, predicts that next week will be a pre-storm calm for the markets. In this context, the analyst said, “I expect this week to be slow, but next week the fireworks displays will start. I’m preparing accordingly.” He also adds that he is already accumulating BTC.
BTC/USD annotated chart. Source: Jelle/Twitter
MACD signal forms Key Bitcoin bullish argument
Despite being on track to close July with a loss, Bitcoin excites investors in monthly timeframes for another reason. The moving average convergence/divergence (MACD) indicator will confirm a bullish transition that precedes traditionally long periods of BTC price increase. As noted by various market participants in the past week, the monthly close is still expected to lock the bullish EMA cross on the one-month BTC chart.
Trading center Stockmoney Lizards compares the potential impact of the upcoming cross to a similar incident in late 2015, when Bitcoin laid the groundwork for a rise to an all-time high two years later. Now, not only the monthly but also the daily MACD is improving expectations for the bulls. On one-day time frames, analyst Kevin Svenson describes both the MACD and the relative strength index (RSI) as in an “odd position” due to a lack of momentum. “We are entering the usual ‘completion zone’ where the market is making a move. The sentiment is very neutral at the moment,” he adds.
BTC chart with MACD and RSI data. Source: Kevin Svenson/Twitter
After a busy macro week, U.S. employment data has arrived
A quieter week for macroeconomic data means that risk assets, including crypto, have less chance of finding something to react to. However, the unemployment data will be the focus of the mood in the U.S. following repeated signals that inflation is both declining and that the labor market is handling the inflationary cycle step by step.
Financial commentary source The Kobeissi Letter sums up: “There is a lot of important employment data this week.” Kobeissi also notes that about a quarter of the S&P 500 companies will report their earnings during the week. “Economic data remains extremely important as the Fed determines what to do in September,” he added. Thus, he is referring to the impact of the data on Federal Reserve interest rate decisions.
Last week was about the percentage of BTC supply held by long-term holders that reached an all-time high of 75%. Now, investors are accumulating stablecoins towards the monthly close. This suggests that they are probably expecting a new surge. As research firm Santiment notes, this trend is seen in many stablecoins, including the two largest stablecoins. In this context, Santiment makes the following statement:
The number of crypto whale wallets is declining
The variations in the whales’ BTC exposure have become interesting. The largest group of investors is undergoing changes that on-chain analytics firm Glassnode describes as “significant.” Accordingly, the net risk has decreased by 255,000 BTC since May 30. The number of wallets currently holding 1,000 BTC ($294 million) or more confirms this. Also, Glassnode records the lowest number of such wallets in four months.
Chart of Bitcoin wallets holding at least 1,000 BTC. Source: Glassnode/Twitter
As of July 31, there have been about 35 declines since the beginning of July. As a result, there were 2,006 wallets with a balance of at least 1,000 BTC.
Chart of Bitcoin wallets holding at least 0.01 BTC. Source: Glassnode/Twitter
In contrast, wallets containing at least 0.01 BTC reached the ATH level with 12,214,918 on the same day.
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Risk Disclosure: Articles and articles on parofix.com do not constitute Investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in them. By investing in Bitcoin and cryptocurrencies, you can lose some or all of your money. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. parofix.com does not recommend buying or selling any cryptocurrency or digital assets, nor is it a parofix.com investment advisor. For this reason, parofix.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or services in this post.
Disclaimer: Advertisements on parofix.com are carried out through third-party advertising channels. It also features parofix.com sponsored articles and press releases on its site. For this reason.com advertising links redirected from btc are on the site completely independent of the approval of the parofix.com, and the visits and pop-ups directed by the advertising links are the responsibility of the user. Ads on parofix.com and pages redirected by links in sponsored articles do not bind parofix.com in any way.
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The sticky price range for the leading crypto may vary!
parofix.comBitcoin has been extremely stable over the past week. Even the U.S. rate hike and accompanying macroeconomic data failed to change the small Trading range. BTC price watchers had to console themselves with a corridor between $29,000 and $29,500.
BTC 1-hour chart. Source: TradingView
The weekly close sees some sudden movements to the upside and downside. However, a short-term trend remains conspicuously absent. “The market will try to shake you up as we move towards the monthly close,” watchdog source Material Indicators wrote in part of its latest commentary. A chart accompanying the BTC/USD order book on Binance showed that the current trading range is clearly defined by buying and selling liquidity.
BTC order book data on Binance. Source: Material Indicators/Twitter
Calm before the storm for the crypto markets!
On the subject of liquidity, popular trader Daan Crypto Trades has set important levels to watch on low timeframes. Along with data from CoinGlass, Twitter told its followers before the weekly close, “The ~29K and ~29.6K levels correspond nicely to the current low timeframe range. So it’s good to continue to monitor these areas.” CoinGlass likewise shows that historically July has been a “green” month for Bitcoin for the past six years, with the exception of a 6.6% loss in 2019.
BTC/USD monthly yield chart. Source: CoinGlass
Another trader, Jelle, predicts that next week will be a pre-storm calm for the markets. In this context, the analyst said, “I expect this week to be slow, but next week the fireworks displays will start. I’m preparing accordingly.” He also adds that he is already accumulating BTC.
BTC/USD annotated chart. Source: Jelle/Twitter
MACD signal forms Key Bitcoin bullish argument
Despite being on track to close July with a loss, Bitcoin excites investors in monthly timeframes for another reason. The moving average convergence/divergence (MACD) indicator will confirm a bullish transition that precedes traditionally long periods of BTC price increase. As noted by various market participants in the past week, the monthly close is still expected to lock the bullish EMA cross on the one-month BTC chart.
Trading center Stockmoney Lizards compares the potential impact of the upcoming cross to a similar incident in late 2015, when Bitcoin laid the groundwork for a rise to an all-time high two years later. Now, not only the monthly but also the daily MACD is improving expectations for the bulls. On one-day time frames, analyst Kevin Svenson describes both the MACD and the relative strength index (RSI) as in an “odd position” due to a lack of momentum. “We are entering the usual ‘completion zone’ where the market is making a move. The sentiment is very neutral at the moment,” he adds.
BTC chart with MACD and RSI data. Source: Kevin Svenson/Twitter
After a busy macro week, U.S. employment data has arrived
A quieter week for macroeconomic data means that risk assets, including crypto, have less chance of finding something to react to. However, the unemployment data will be the focus of the mood in the U.S. following repeated signals that inflation is both declining and that the labor market is handling the inflationary cycle step by step.
Financial commentary source The Kobeissi Letter sums up: “There is a lot of important employment data this week.” Kobeissi also notes that about a quarter of the S&P 500 companies will report their earnings during the week. “Economic data remains extremely important as the Fed determines what to do in September,” he added. Thus, he is referring to the impact of the data on Federal Reserve interest rate decisions.
Stablecoin investors are “loading”
Last week was about the percentage of BTC supply held by long-term holders that reached an all-time high of 75%. Now, investors are accumulating stablecoins towards the monthly close. This suggests that they are probably expecting a new surge. As research firm Santiment notes, this trend is seen in many stablecoins, including the two largest stablecoins. In this context, Santiment makes the following statement:
Chart of stablecoin accumulation annotation. Source: Santiment/Twitter
The number of crypto whale wallets is declining
The variations in the whales’ BTC exposure have become interesting. The largest group of investors is undergoing changes that on-chain analytics firm Glassnode describes as “significant.” Accordingly, the net risk has decreased by 255,000 BTC since May 30. The number of wallets currently holding 1,000 BTC ($294 million) or more confirms this. Also, Glassnode records the lowest number of such wallets in four months.
Chart of Bitcoin wallets holding at least 1,000 BTC. Source: Glassnode/Twitter
As of July 31, there have been about 35 declines since the beginning of July. As a result, there were 2,006 wallets with a balance of at least 1,000 BTC.
Chart of Bitcoin wallets holding at least 0.01 BTC. Source: Glassnode/Twitter
In contrast, wallets containing at least 0.01 BTC reached the ATH level with 12,214,918 on the same day.
Contact us to be instantly informed about breaking news Twitter’also Facebookand InstagramFollow along on and Telegram and YouTube Join our channel!
Risk Disclosure: Articles and articles on parofix.com do not constitute Investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in them. By investing in Bitcoin and cryptocurrencies, you can lose some or all of your money. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. parofix.com does not recommend buying or selling any cryptocurrency or digital assets, nor is it a parofix.com investment advisor. For this reason, parofix.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or services in this post.
Disclaimer: Advertisements on parofix.com are carried out through third-party advertising channels. It also features parofix.com sponsored articles and press releases on its site. For this reason.com advertising links redirected from btc are on the site completely independent of the approval of the parofix.com, and the visits and pop-ups directed by the advertising links are the responsibility of the user. Ads on parofix.com and pages redirected by links in sponsored articles do not bind parofix.com in any way.
Warning: Citing the news content of parofix.com and quoting it with a link is subject to the permission of parofix.com. No content on the site may be copied, reproduced or published on any platform without permission. Legal proceedings will be initiated against those who use the code, design, text, graphics and all other contents of parofix.com in violation of intellectual property law and related legislation.
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