A return to $50K? 5 Things to know in Bitcoin this week
$BTC has been lacking momentum this week as BTC price predictions increasingly see the market heading lower.After a promising weekend turned sour into the weekly close, Bitcoin is offering little inspiration to traders already tired of rangebound moves. The sentiment is sour, and while stocks have recovered from their flash crash at the start of August, crypto has yet to do likewise. Bitcoin gave up its weekend gains into the Aug. 18 weekly close — an all-too-familiar sequence of events for traders, who traditionally caution over “out of hours” market moves. The Asia trading session nonetheless offered little hope to bulls, with BTC/USD trading at around $58,650 at the time of writing, per data from Cointelegraph Markets Pro and TradingView.
CrypNuevo warned of a potential “fakeout” to the upside before price returns lower over the coming days.
This week, risk-asset traders are focused on the US Federal Reserve’s Jackson Hole symposium as markets demand cues on handling inflation. The annual event will feature a speech from Powell on Aug. 23, and market observers will be keenly analyzing his language for confirmation of future policy easing. The latest data from CME Group’s FedWatch Tool maintains a 100% chance of a cut occurring in some form, with 71.5% odds of this coming in at 25 basis points.
Bitcoin sentiment is firmly “bearish” thanks to price returning below a key long-term trend line, some of the latest analysis concludes. The latest data from the Crypto Fear & Greed Index meanwhile puts the average mood among crypto investors as just three points off “extreme fear,” measuring 28/100.
