Bitcoin (BTC) and altcoin prices started the week with a decline ahead of important economic data to be released this week.
Bitcoin is trading at $58,365 on Monday morning, down 4.6%. Over the past 24 hours, Ethereum (ETH), BNB, Solana (SOL), XRP, and Toncoin (TON) are down 4.2%, 5.1%, 8.4%, 4.9%, and 8.5%, respectively.
Last Friday, Bitcoin and Ethereum ETFs saw outflows of $89 million and $15.7 million, respectively.
Some analysts predict that Bitcoin’s price could fall further in the coming weeks due to technical weakness, but data from traditional markets could put upward pressure on prices.
“We expect cryptocurrency prices to remain in a narrow band in a weak trend,” Augustine Fan said. “However, technical issues and negative market sentiment remain. On-chain cost models and MVRV analysis suggest that there may be more volatility ahead of Jackson Hole,” Fan added.
Fan also said, “Cryptocurrency markets are unable to find a clear basis and are open to position changes. We observe limited ETF inflows for BTC and ETH in recent sessions.”
This week, the UK and US will release their July Consumer Price Index (CPI) data on Wednesday, while Australia's consumer confidence index and Japan's Producer Price Index (PPI) are due on Tuesday.
On Thursday, retail giants Alibaba Group and Walmart will report their balance sheets, while Hong Kong and Taiwan will share updated Gross Domestic Product (GDP) data on Friday.
Positive data could boost interest in higher-risk assets such as tech stocks and cryptocurrencies, while worse-than-expected results could drive investors to safer havens.
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So who can benefit?
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I EXPLAIN IN DETAIL.
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WHEN WILL THE REWARD COME?
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You can share this post with your friends in need so that they can also benefit from it.
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