Hey guys.

This is a weekly update on bitcoin.

In the last review of the instrument I said that I expected volatility during the week due to inflation data, which happened and the price rose by 5% and tested the 70K zone again. Also last week the data on the benchmark interest rate came out and it remained unchanged at 5.5% as expected. As I warned, the week after the publication is likely to be a sideways movement or a moderate correction, which is what we see stock indices and bitcoin is in a sideways movement and again testing the support zone of 64K, which is the key at the moment, if it is broken we are likely to go to the zone of 60K.

In addition, pressure on the price was exerted by miners, who sold off 80 million in reserves. Last week also closed with an outflow of 580 million from bitcoin ETFs, which also had a negative impact on the price. There was another seller Marathon Digital which sold out 1000 BTC on its own probably to cover expenses.

A few words about the stock market again.

At the last meeting, the head of the Fed said that there will be only one rate cut, but at the moment the market does not believe him :) and lays in the probabilities of two cuts, the first at the September meeting and the second in November, as evidenced by the futures on federal funds. Rate cuts = rise in risk assets including bitcoin and all cryptocurrency. So the expectation of a rate cut, could cheer up the markets in August/September. And we have the launch of ethereum ETFs trading looming for September.

Technically, the bitcoin price has returned to the lower boundary of local consolidation, and today is trading in the 66k range. I do not rule out that the price will update LOW to gather liquidity in the 64k zone, where a huge number of buyer stops have now accumulated. If we see a gulf down and a sharp buyback, this is definitely a bullish signal that could bring the price back to the 70k zone, but I would wait for confirmation, a price fixation above 67k. Always DYOR.

Stay tuned.