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Weekly Market Update: Bitcoin reached $22.4K, can it grow further?
  • What’s in store next week?

The financial markets showed a brief spell of upward movement after last week’s downtrend. The SP500 grew by 2 percent, while Bitcoin and Ethereum posted gains of 12 and 14 percent, respectively. Overall, the market capitalization of cryptocurrencies increased by nine percent.

Bitcoin is currently trading at a crucial level and showing bullish patterns on the daily interval. It has risen from $19K to $22.4K in the last week. It could break the $23.2K level with decent volume to continue the short-term uptrend, or it could retest the $20K region to form a higher bottom.

The total market capitalization of cryptocurrencies may have reached a higher low in the $800 billion range. If the market cap rises above $966 billion, it has the potential to reach $1.18-1.28T, which is equivalent to BTC breaking above $23.2 K.

What’s in store next week?

There are several important events coming up next week. The first is the Core Consumer Price Index (CPI) for the month of June and the Bank of Canada's interest rate announcement on Wednesday. The Bank of Canada is expected to raise its interest rate by 0.75%. The Producer Price Index (PPI) for June will be released on Thursday and is expected to show the same reading as in May. Retail Sales (core data) will be released on Friday, and it is expected to be better than the previous month. This suggests that consumer spending in the United States has increased.

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