Yesterday, the price of Bitcoin showed a local downward trend, falling below $29,000. As the Bitcoin forecast indicated, the currency rate will be below $29,500. Thus, the largest cryptocurrency by market capitalization has been trading below $30,000 since July 24. Ethereum also lost more than 1.77% for the week. In general, the cryptocurrency market shows weak trading activity and no significant volatility is observed. The general situation in the markets and its impact on the Bitcoin forecast. August is the second-worst month for the S&P 500 and Nasdaq and the worst for the Dow Jones Industrial Average in 35 years, according to data compiled by Stock Trader's Almanac. The Nasdaq and S&P 500 fell about 2%, and the Dow lost about 1%. Wall Street giants expect $8.9 billion in losses from bank failures. Major U.S. lenders expect to pay nearly $8.9 billion to help replenish the U.S. government's primary deposit insurance fund after it was tapped to support uninsured depositors at Silicon Valley Bank and Signature Bank. Fed policy and key macro data, namely the labor market, inflation rate and US GDP, continue to influence the Bitcoin price. Given the mixed US GDP reports, there is a possibility of a key rate increase at the meeting in September. The publication of inflation data on August 10 could be the next stage of a surge in volatility. As the Bitcoin halving approaches, data has emerged about the actions of mining companies. Bernstein's research report states that Bitcoin miners are adding significant capacity, with the 16 largest publicly traded companies accounting for 16% of the total coins mined. Bitcoin news and forecast: what will the price be in the short term Based on the above data, it is unlikely that the price of Bitcoin will undergo significant changes in the short term. Most likely, the Bitcoin rate will remain in the existing range. The Bitcoin forecast is as follows: the price will be between $28,800 and $29,700 in the near future. Significant activity in the cryptocurrency market is not expected, nor is volatility expected. If there is no important news on the stock and cryptocurrency markets, then the Bitcoin rate will hardly change. There may be some changes in the market next week.#Bitcoin #BTC