Weekly Market Update: Bitcoin dips below $20,000 after Fed speech
  • Bitcoin is testing lower levels
  • What’s in store next week?
  • U.S. Unemployment Rate

TSales of new U.S. single-family homes for the month of July were lower than expected, which can be interpreted as a downward movement for the U.S. dollar. The ECB has published the report of the monetary policy meeting, which shows that the bank intends to raise interest rates in September, in addition to the current rate hike. The measures it will take in September will depend on the economic data in order to remain as flexible as possible in decision-making.

Bitcoin is testing lower levels

Bitcoin tested the first fresh demand zone on the daily chart, but did not receive a strong reaction. As a result, Bitcoin fell to the next demand zone and reached $19,620. If Bitcoin can't hold this demand zone, it will take the other lows it hit earlier this year and look for liquidity between $16,200 and $17,500.

Markets will be watching the U.S. dollar closely as the Federal Reserve targets lower inflation. The dollar has just returned to weekly supply territory without breaking a bullish pattern. If the U.S. dollar index breaks out to the upside, Bitcoin will move into lower demand zones.

Ethereum has left the demand zone around $1650 - 1780, creating a new supply zone around $1820 - 1880, which could stand in the way of further upside. The price is currently testing the new daily demand zone around $1350 - 1450.

What’s in store next week?

The preliminary results of the Consumer Price Index (CPI) for the Eurozone will be announced on Wednesday. It is expected that the inflation rate in the Eurozone will continue to reach new ATH's. The expected inflation rate is 9.0% and the previous rate is 8.9%.

The unemployment rate in the US will also be announced on Friday. The rate is expected to be the same as the previous month. The inflation rate is at the pre-pandemic level, so the annual inflation rate has fallen to 8.5%.

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