Bitcoin price is playing around $20,000 levels, refusing to drop below $19,000 nor able to surge beyond $21,000 either. The star crypto appears to be highly influenced by the external factors which are currently compelling the price to swing within range-bound levels. While BTC price appears to be under tremendous pressure on either side, a strong breakout could be fast approaching.
What is influencing the BTC price to trade sideways? Will the asset find some relief ahead?
In the recent past, the BTC price was impacted by FED raising the rates. The crypto space recorded minor jumps which eventually drained later. The FOMC with a fresh move is scheduled for another meeting in the last week of July on the 27th, while the minutes of the meeting are expected to be rolled out shortly.
On the other hand, the analyst believes the unemployment rate is predicted to be around 3.6% and the 2 inflationary measures, CPI & PPI numbers may influence BTC price heavily. PPI, Producer Price Index & CPI, Consumer Price Index previous were around 1% & 0.5% resp. Therefore, these lined-up events are expected to highly impact Bitcoin regardless of the direction.
Crypto & Stocks May be Suppressed For a Long-Time Ahead!
Along with the events, another factor that may heavily impact the star crypto and the entire market is the strengthening of the DXY. Previously, while the DXY was hovering along the crucial resistance at 103, the markets had collapsed heavily. Currently, the DXY index closed the quarterly trade at the highest level since 2004. Moreover, the Index is predicted to reach 120 which may be a disaster for the crypto universe.
However, the analyst believes a couple of relief rallies within the crypto space may be expected within the 12-20 months of a suppressed movement. He also clearly states that the assets can still rally or stabilise while the DXY is surging to record highs.
Collectively, the series of events and the market formations may turn the tables for the Bitcoin(BTC) price. Moreover, the July trade may be extremely crucial for the asset and the entire crypto space. If the market passes through the events in July, then the descending trend may be halted for a while, paving way for the bulls to take control over the bears.
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Source: https://coinpedia.org/price-analysis/these-factors-may-highly-impact-the-bitcoinbtc-price-this-july/