Bitcoin (BTC) showed little movement over the weekend, trading within a narrow range of $54,000 to $55,000. The cryptocurrency market appeared subdued, with lower-than-usual trading volumes on exchanges. This calm comes ahead of a highly anticipated week that includes key U.S. economic data releases and a Presidential debate.
On Friday, the market experienced a sudden drop following a U.S. jobs report, leading to the liquidation of over $220 million in crypto long positions, or bets on rising prices. This liquidation event dampened trading activity over the weekend, resulting in limited volatility.
Cryptocurrencies like Ethereum and Solana recorded minimal gains, hovering around a 0.5% increase in the last 24 hours. However, mid-cap tokens saw some notable gains, with Ethereum-based memecoin Neiro (NEIRO) and BitTorrent token (BTT) both jumping by 25%.
Analysts Notes Bitcoin’s Undervaluation
Despite the muted price action, Bitcoin appears to be catching the attention of researchers. Analysts at Presto Research argue that BTC is currently “grossly undervalued” at its present price level. In a note published on Monday, Presto analysts Peter Chung and Min Jung emphasized Bitcoin’s network security as a key overlooked factor driving its value. They explain:
“The hashrate, which measures the computational power securing the Bitcoin network, has reached an all-time high of 679 EH/s. This makes Bitcoin the most secure blockchain network globally.”
With Bitcoin’s hashrate setting new records, the analysts argue that the market is undervaluing the asset, especially with the upcoming availability of Bitcoin spot ETFs creating a favorable environment for future price growth.
Bitcoin miners have been ramping up their operations since August, in sync with these hashrate highs, which traditionally signals a price bottom for the cryptocurrency.
Eyes on Economic Data and Presidential Debate
Looking ahead, Bitcoin traders are preparing for a potentially volatile week. On Tuesday, the U.S. Consumer Price Index (CPI) data for August will be released, followed by the Producer Price Index (PPI) figures on Wednesday. These reports are crucial indicators of inflation trends and are expected to influence market sentiment.
Moreover, Tuesday’s U.S. Presidential debate between Donald Trump and Kamala Harris is also drawing attention from the crypto community. Trump, a known advocate for making the U.S. a “crypto capital,” will square off against Harris, whose team is reportedly exploring ways to expand the U.S. crypto industry.
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