Top Developments to Monitor for Bitcoin Price Action this Week
CryptoNewsTerminal Staff19 Aug, 2024
Top Developments to Monitor for Bitcoin Price Action this Week
Cointelegraph has outlined five key factors to watch out for in Bitcoin's price action this week. 1. Potential Retest of $50,000: Bitcoin has been consolidating below $50,000 for the past few days. A daily close above this level could trigger a breakout towards higher prices. 2. Jackson Hole Economic Symposium: The annual Jackson Hole Economic Symposium will take place on Wednesday and Thursday. Federal Reserve Chair Jerome Powell's speech will be closely watched for any indications about the future of monetary policy. 3. Declining Miner Selling Pressure: Miner selling pressure has been decreasing since late July. This could be a sign that miners are becoming more confident in Bitcoin's long-term prospects. 4. Potential for Decreasing BTC Dominance: Bitcoin's dominance has been declining in recent weeks. This could indicate that investors are rotating into other cryptocurrencies. 5. Trading Below 200-Day SMA: Bitcoin has been trading below its 200-day simple moving average (SMA) for several weeks. This is a technical indicator that suggests the market is in a downtrend.
