Bitcoin in Focus: 4 Key Trends to Watch This Week
CryptoNewsTerminal Staff12 Aug, 2024
Bitcoin in Focus: 4 Key Trends to Watch This Week
Bitcoin's price action is poised for an eventful week ahead. Cointelegraph has identified four crucial factors that market participants should keep an eye on: 1. 50-Day to 200-Day SMA Death Cross: The daily chart indicates a potential bearish signal with the 50-day SMA crossing below the 200-day SMA. 2. U.S. July Consumer Price Index (CPI): Wednesday's release of the CPI data will provide insights into inflation trends, which can influence Bitcoin's price. 3. Mining Difficulty Drop: The Bitcoin mining difficulty is set to decrease by approximately 3%, potentially impacting the hashrate and the overall network health. 4. Fear and Greed Index Recovery: The Fear and Greed Index has shown signs of recovery, which could indicate a shift in sentiment among market participants.
