Bitcoin (BTC) starts 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 to $29,000 — 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.
With Bitcoin famously stubborn this quarter, however, it may take more than that for it 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 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/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 Twitter followers in part of recent analysis.
A pretty muted reaction off of our green zone thus far, but it’s also a weekend so might see some strength once the week starts.
In any case, want to see some strength here…