As Bitcoin price tests the pivotal technical support at $65,000, the next influencing factors will be US PCE inflation (Friday), Trump’s Nashville speech (Sunday) and Jerome Powell’s press conference (next Wednesday). Here’s a look at these events and their likely impacts on BTC.
Trump and Powell speeches in immediate focus
With an implied probability of over 95%, the Fed is unlikely to change its monetary policy at the decision scheduled for Wednesday, July 31. A statement will be released at 8 p.m. and Jerome Powell will hold a press conference at 8:30 p.m.
It is above all the monetary policy decision of Wednesday, September 18, which interests High Finance, because it is on this day that the probability of a FED pivot will be the highest.
This Wednesday, July 31, the FED is not updating its macroeconomic projections, so it is Jerome Powell's press conference that will be the fundamental highlight of the week.
The market will pay close attention to the “verb”, to the words chosen by the head of the FED, to assess the level of confidence of the FED in the resumption of disinflation in the USA.as well as its trade-off between disinflation and a US labor market that is giving orange warning signals (see initial weekly jobless claims, continuing claims and the US unemployment rate).
💲Discover our complete guide to buy Bitcoin easily
If the FED pivot becomes clearer for the fall, it will have a bullish impact on the crypto market. In the meantime, the US PCE inflation update this Friday should not disappoint.
Added to this is the speech that Donald Trump will give at the Bitcoin Conference this Sunday in Nashville. Many are expecting strong announcements on Bitcoin; expectations may be too high.
Donald Trump is highly anticipated at the Bitcoin Conference in Nashville this weekend
👉 Also find Vincent Ganne in video on the Cryptoast Research YouTube channel
Get your €50 bonus with Bitpanda!
The support at $65,000 VS the bullish gap between $58,000 and $60,000
The Bitcoin price has made a comeback bullish between $53,000 and $68,000. It has now entered a logical pause/consolidation phase in terms of technical analysis.
BTC has just made a pull back to the support at $65,000 and this price level has an immediate technical pivot role for several reasons:
- This is the price of the halving of April 20;
- This is the short-term realized price in on-chain analysis;
- This is a level highlighted by several tools of technical analysis of financial markets (moving averages, Ichimoku system in particular).
Below this support at $65,000, there is a risk: the bullish gap left open by the bitcoin future contract between $58,000 and $60,000.
In short, here is the alternative for the next few hours of BTC/USD trading: either it preserves $65,000 based on a daily close and remains in its bullish recovery towards $70,000, or it breaks this support in daily data and will fill the bearish gap left open to the south, before heading north again later in August.
📈 You want to have every morning the trading opinion of Vincent Ganne on Bitcoin as well as his best configurations on altcoins, then join the professional service Cryptoast Research! Satisfied or refunded for 15 days so don't hesitate any longer!
CME Bitcoin Futures Chart
To learn more about my technical analyses, find me on the Cryptoast Research YouTube channel!
Find technical analyses by Vincent Ganne on Cryptoast Researchthe ideal place to succeed in your cryptocurrency investments. You will learn how to position yourself on strategic price levels, identify investment opportunities and anticipate price movements. Join us now and take charge of your crypto investments.
Buy crypto on eToro
The #1 Crypto Newsletter 🍞
Receive a daily crypto news recap by email 👌
What you need to know about affiliate links. This page may feature investment-related assets, products, or services. Some links in this article may be affiliate links. This means that if you purchase a product or sign up for a site from this article, our partner pays us a commission. This allows us to continue to provide you with original and useful content. There is no impact on you and you can even get a bonus for using our links.
Investing in cryptocurrencies is risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers must do their own research before taking any action and only invest within the limits of their financial capacities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with a high return potential implies a high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of these savings. Do not invest if you are not prepared to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
Vincent Ganne is a recognized expert in technical analysis with 18 years of experience. He frequently appears on BFM Business and produces exclusive analyses for Cryptoast Research. With his extensive experience, Vincent offers a global approach to financial markets, taking into account macroeconomic events and using many aspects of graphical analysis to forecast the trends of Bitcoin and other cryptocurrencies in the medium and long term. He also held the position of Senior Market Analyst & Business Development Manager for 3 years at TradingView, thus reinforcing his in-depth knowledge of financial markets.
Vincent Ganne
244 articles
