Bitcoin trades steady amid a week packed with data releases
Bitcoin remained relatively stable throughout the week, trading between $58,000 and $59,000 as markets anticipated a series of key data releases. The week kicked off with the release of July's Consumer Price Index (CPI) data from both the US and the UK on Wednesday. This was followed by major earnings reports on Thursday from retail giants Walmart and Alibaba. Today, all eyes are on the GDP data expected from Hong Kong and Taiwan, which could further influence market dynamics.
Despite these developments, Bitcoin has yet to gather the momentum needed to break above the crucial $60,000 level. A surge in liquidations from crypto derivatives markets has contributed to the lack of upward movement. The US CPI data revealed a price rebound for July, aligning with market expectations. However, this has tempered hopes for a significant interest rate cut by the Federal Reserve in the upcoming month, adding to the cautious sentiment among investors. Additionally, rising geopolitical tensions between Iran and Israel have further intensified market pressures, creating an uncertain environment for risk assets like Bitcoin. Whales are active at the support levels buying the dip.
Currently, Bitcoin is finding support at the $56,300 level, while facing resistance at $58,660. The market is closely monitoring these levels, as any significant breach could set the tone for Bitcoin's next move. As the week unfolds, traders are watching the upcoming data releases and geopolitical developments, which could either reinforce the current
