Bank

Bitcoin

Show

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>This big macro week brings important upcoming events potentially affecting Bitcoin’s price.</li> 
 <li>Newly released metrics show potential upside moves for BTC.</li> 
</ul> 
<p>The current week brings important economic data that could potentially affect Bitcoin and the crypto market as well.</p> 
<p>Greeks.live just released a list of big events of the week, following the recent Bitcoin Conference that released “the goodwill of the US political community on crypto”, according to them.</p> 
<p>This week’s main news returns to the macro market and includes the Bank of Japan and the Federal Reserve’s interest rate resolution, two noteworthy events. Once news exceeds the market expectations, important moves could take place in the crypto markets as well.</p> 
<h2 id="top-8-heavyweight-events-of-the-week">Top 8 Heavyweight Events of the Week</h2> 
<p>Here are the most important economic events during this week that could potentially affect Bitcoin and the crypto market:</p> 
<ol> 
 <li>US ADP employment data for July will be released (July 31).</li> 
 <li>Bank of Japan will announce rate resolution and outlook report (July 31).</li> 
 <li>US initial jobless claims for the week data will be released (August 1).</li> 
 <li>The US Fed is set to communicate the interest rate decision (August 1).</li> 
 <li>Bank of England will reveal its interest rate decision (August 1).</li> 
 <li>The US ISM Manufacturing PMI for July is set to be released (August 1).</li> 
 <li>The US July unemployment rate will be out (August 2).</li> 
 <li>The US non-farm payrolls for July will also be released (August 2).</li> 
</ol> 
<h2 id="crypto-market-outlook">Crypto Market Outlook</h2> 
<p>According to Greeks.live, the week is filled with macro events, but market expectations are more consistent, which means that the IVs for all major terms are nowhere near the levels seen during last week’s Bitcoin Conference which saw Trump showing<a href="https://crypto.ro/en/news/trump-lays-out-plan-to-make-us-the-worlds-bitcoin-superpower/"> increased support</a> for BTC.</p> 
<p>The crypto market formed a wide oscillatory trend since March and Bitcoin managed to approach its ATH. At the same time, Ethereum is more sluggish, and the exchange rate has fallen sharply, with ETH IV of all major terms only slightly higher compared to the one of BTC.</p> 
<p>Regarding the timing to choose the right IV, traders can buy short-term options, and especially short-term BTC call options are cost-effective, according to the same<a href="https://x.com/GreeksLive/status/1817882395330421246" rel="nofollow" target="_blank"> notes</a> shared on X by Greeks.live.</p> 
<p>Also, it’s worth noting that the Bitfinex interest rate market is relatively quiet, and there are occasionally good interest rate orders that can be actively traded.</p> 
<h2 id="newly-released-metrics-show-potential-bitcoin-price-breakout">Newly-Released Metrics Show Potential Bitcoin Price Breakout</h2> 
<p>According to the latest reports, some Bitcoin metrics are showing the potential for upward moves for the coin.</p> 
<p>For starters, Bitcoin futures’ open interest has reached a new ATH, suggesting that the investor demand for BTC is increasing which could lead to price rallies.</p> 
<p>Bitcoin open interest is a metric that monitors the total number of open positions in BTC and it has just reached a new ATH of $39.46 billion. The number surpassed the previous ATH of $39 billion reached back in March, CoinGlass data notes.</p> 
<figure id="attachment_47082" aria-describedby="caption-attachment-47082" style="width: 100%" class="wp-caption alignnone">
 <a href="https://crypto.ro/en/wp-content/uploads/2024/07/btc-open-interest.png"><img decoding="async" class="wp-image-47082 size-full" src="https://crypto.ro/en/wp-content/uploads/2024/07/btc-open-interest.png" alt="CoinGlass" width="1575" height="611" title="Bitcoin Price Above $69K - Top 8 Big Events This Week That Could Affect BTC 3" srcset="https://crypto.ro/en/wp-content/uploads/2024/07/btc-open-interest.png 1575w, https://crypto.ro/en/wp-content/uploads/2024/07/btc-open-interest-300x116.png 300w, https://crypto.ro/en/wp-content/uploads/2024/07/btc-open-interest-1024x397.png 1024w, https://crypto.ro/en/wp-content/uploads/2024/07/btc-open-interest-768x298.png 768w, https://crypto.ro/en/wp-content/uploads/2024/07/btc-open-interest-1536x596.png 1536w, https://crypto.ro/en/wp-content/uploads/2024/07/btc-open-interest-750x291.png 750w, https://crypto.ro/en/wp-content/uploads/2024/07/btc-open-interest-1140x442.png 1140w" sizes="(max-width: 1575px) 100vw, 1575px"></a>
 <figcaption id="caption-attachment-47082" class="wp-caption-text">
  CoinGlass
 </figcaption>
</figure> 
<p>Also, other indicators show that Bitcoin’s price could be on track to break a new ATH.</p> 
<p>More than 75% of Bitcoin’s short-term holders have seen profits as of July 24, which could translate into a more upward momentum for the coin, since the short-term cohort of holders is usually used to gauge Bitcoin retail demand.</p> 
<figure id="attachment_47083" aria-describedby="caption-attachment-47083" style="width: 100%" class="wp-caption alignnone">
 <a href="https://crypto.ro/en/wp-content/uploads/2024/07/glassnode-29-iulie.png"><img decoding="async" class="wp-image-47083 size-full" src="https://crypto.ro/en/wp-content/uploads/2024/07/glassnode-29-iulie.png" alt="Glassnode " width="1498" height="808" title="Bitcoin Price Above $69K - Top 8 Big Events This Week That Could Affect BTC 4" srcset="https://crypto.ro/en/wp-content/uploads/2024/07/glassnode-29-iulie.png 1498w, https://crypto.ro/en/wp-content/uploads/2024/07/glassnode-29-iulie-300x162.png 300w, https://crypto.ro/en/wp-content/uploads/2024/07/glassnode-29-iulie-1024x552.png 1024w, https://crypto.ro/en/wp-content/uploads/2024/07/glassnode-29-iulie-768x414.png 768w, https://crypto.ro/en/wp-content/uploads/2024/07/glassnode-29-iulie-750x405.png 750w, https://crypto.ro/en/wp-content/uploads/2024/07/glassnode-29-iulie-1140x615.png 1140w" sizes="(max-width: 1498px) 100vw, 1498px"></a>
 <figcaption id="caption-attachment-47083" class="wp-caption-text">
  Glassnode
 </figcaption>
</figure> 
<p>Also, Bitcoin’s <a href="https://x.com/intocryptoverse/status/1817755523254542525" rel="nofollow" target="_blank">growing dominance</a> suggests that it has the potential to get more of the total crypto market cap, according to Benjamin Cowen, Into the CryptoVerse’s CEO and founder.</p> 
<figure style="width: 100%" class="wp-caption alignnone">
 <a href="https://x.com/intocryptoverse/status/1817755523254542525/photo/1" rel="nofollow" target="_blank"><img loading="lazy" decoding="async" src="https://pbs.twimg.com/media/GTn3A1hXEAEF2H0?format=jpg&amp;name=4096x4096" alt="Bitcoin dominance" width="2520" height="1424" title="Bitcoin Price Above $69K - Top 8 Big Events This Week That Could Affect BTC 5"></a>
 <figcaption class="wp-caption-text">
  Bitcoin dominance
 </figcaption>
</figure> 
<p>Regarding <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/">Bitcoin</a>‘s price today, at the moment of writing this article, BTC is trading above $69,000, up by over 3% in the past 24 hours.</p>

Bitcoin Price Above $69K – Top 8 Big Events This Week That Could Affect BTC

Table of Contents

crypto.ro global

Other articles published on Jul 29, 2024

Bitcoin Surges Past $70,000 Mark

How Has Crypto Mining Evolved to Accommodate Novice Miners?

Solana Consolidates as Bulls Strive to Drive Price Above $200 Level

Donald Trump Reveals Plans For US Government’s 213,239 Bitcoin If Elected

Citron crypto-skeptic Andrew Left to face fraud charges

How do cryptocurrencies differ as a payment method at online casinos compared to other options?

Join our free newsletter for daily crypto updates!