Bitcoin Breakout? Not so fast. What Traders Need To Know
Institutional Crypto Research Written by Experts
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👇1-14) Based on historical analysis, Bitcoin returns tend to be flat in August and down in September. However, tailwinds from the US interest rate policy, lower inflation, and the election calendar could buffer any downside pressure from $1 billion in token unlocks in August. Bitcoin dominance is making new highs for this cycle with notable implications.
👇2-14) While we expect an eventual breakout, Bitcoin will likely need ‘macro’ help in the form of projected Fed rate cuts or another dose of lower inflation. Traders must observe Bitcoin when prices trade near the top of the range. The FOMC meeting on July 31 and the US CPI report on August 14 will be critical. Below, we explain whether Bitcoin will remain within this wide, painful-to-trade range or if prices could break out.
Bitcoin downtrend channel (purple lines) - A breakout looms? Or Not?
