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Bitcoin heads into the August monthly close with a welcome recovery as BTC price action targets $65,000.<\/p>\n
The largest cryptocurrency has delivered a remarkable show of strength over the past week, and traders hope the good times will continue.<\/p>\n
A sideways weekend aside, Bitcoin (BTC) is cementing its gains and is now up an impressive 40% from the month\u2019s $45,500 lows.<\/p>\n
Thus, the coming monthly candle close should provide an interesting trading environment as anticipation grows over a breakout from a nearly half-year-long consolidation phase.<\/p>\n
Can Bitcoin finally retackle all-time highs?<\/p>\n
Month-to-date, BTC\/USD is now almost back at its starting position, but plenty of volatility catalysts await.<\/p>\n
Macroeconomic data will come thick and fast toward the end of the week, presenting a fresh test of nerve for the increasingly risk-averse Bitcoin short-term holder cohort.<\/p>\n
Fundamentals, meanwhile, look good, with mining difficulty due a modest uptick in the coming days.<\/p>\n
Sentiment is back in neutral territory, with the average crypto investor leaving their cold feet behind with impressive speed.<\/p>\n
Cointelegraph takes a closer look at the state of play on Bitcoin ahead of a key week for the cryptocurrency that was battling calls for a fresh bear market just a fortnight ago.<\/p>\n
Bitcoin is firmly bouncing back after a harrowing start to August, but traders\u2019 attention is now on the monthly close.<\/p>\n Such events constitute volatility triggers on their own, and while up 40% versus the month\u2019s lows, BTC price action has much to contend with.<\/p>\n \u201cBitcoin Fought its way back to an almost break even August,\u201d popular trader Daan Crypto Trades summarized on X alongside data from monitoring resource CoinGlass.<\/p>\n Order book liquidity insights nonetheless show formidable resistance lingering overhead, with spot BTC price separated from all-time highs by a wall of asks.<\/p>\n \u201cNow let\u2019s see if there\u2019s also fuel to actually push higher for a change,\u201d Daan Crypto Trades continued.<\/p>\n A further post acknowledged the unprecedented length of BTC price consolidation following its last all-time high in mid-March.<\/p>\n \u201cBitcoin It has been close to 6 months of \u2018Consolidation\u2019 at the previous cycle high,\u201d he told followers.<\/p>\n \u201cThis is by far the longest time it took to break a previous all time high. It was also the quickest price has made a new all time high in a cycle (before the halving). It all balances out.\u201d<\/p><\/blockquote>\n Fellow trader Crypto Tony joined those calling for a solid reclaim of support to sustain further recovery moves.<\/p>\n Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD at the time of writing at around $63,700, having stayed flat throughout the weekend.<\/p>\n The Fed\u2019s \u201cpreferred\u201d inflation metric forms one of the week\u2019s macroeconomic data highlights as markets become more confident over financial policy easing.<\/p>\n The July print of the Personal Consumption Expenditures (PCE) index is due on Aug. 30, a day after US second-quarter gross domestic product data.<\/p>\n Both will follow a key earnings report from NVidia \u2014 an event that has become a yardstick for tech industry health this year.<\/p>\n Trading resource The Kobeissi Letter thus told X followers to \u201cbuckle up for a wild week ahead.\u201d<\/p>\n \u201cNvidia earnings and PCE inflation in the same week make for great trading conditions,\u201d it wrote.<\/p>\n PCE comes at a time when markets have baked in 100% odds of an interest rate cut in mid-September while also giving increasing credence to this cut being more than the minimum 0.25%.<\/p>\n The latest data from CME Group\u2019s FedWatch Tool puts the odds of a 25-basis-point and 50-basis-point cut at 61.5% and 38.5%, respectively.<\/p>\n \u201cRate cuts are confirmed for Sep but there was no indication on how much, so August Payrolls will be critical,\u201d trading firm QCP Capital wrote in an update to Telegram channel subscribers over the weekend.<\/p>\n \u201cA 25bp cut is likely to be bullish, while a 50bp cut could indicate the Fed is taking acute action to prevent the economy from falling flat.\u201d<\/p><\/blockquote>\n Bitcoin network fundamentals show signs of an about-turn after testing conditions over the past month.<\/p>\n The latest estimates from monitoring resources BTC.com and MiningPoolStats show the mining sector forging a path higher despite reports of a profitability squeeze.<\/p>\n Mining difficulty, which dropped by 4.2% at its last automated readjustment, is set to recover by 2.8% this week.<\/p>\n This will leave the metric inches from a new all-time high, canceling out the effects of the early-August BTC price slump below $50,000.<\/p>\n At the same time, raw hashrate readings suggest an uptrend still firmly in place for the processing power dedicated to mining, with a new all-time high spike recorded on Aug. 23. This totaled 774 exahashes per second, with known pools contributing 682 EH\/s.<\/p>\n Earlier, Cointelegraph reported that despite miner sales tailing off in recent weeks, their overall impact on BTC price action has become dwarfed by institutional investment forces.<\/p>\n Bitcoin\u2019s short-term holders (STHs) have distributed coins to the market over the past week as prices recover.<\/p>\n Data from onchain analytics platform CryptoQuant shows that the week-on-week net position change for the STH cohort was more than $10 billion lower as of Aug. 25.<\/p>\n \u201cThis indicates an increase in selling by STH,\u201d contributor Amr Taha wrote in one of the platform\u2019s Quicktake blog posts, referencing a chart by fellow analyst Axel Adler Jr.<\/p>\n STH entities are those hodling a given amount of BTC for 155 days or less, and correspond to the more speculative end of the Bitcoin investor spectrum.<\/p>\n Recent BTC price volatility hit the cohort hard, with mass selling at a loss recorded into the six-month lows on BTC\/USD.<\/p>\n Now, the STH aggregate cost basis is in focus as a potential line of support should a new price dip begin.<\/p>\n The combined STH cost basis currently stands at $63,600, per data uploaded to X by investment firm MS2 Capital.<\/p>\n Among the speculators, those hodling for up to a month have a lower cost basis of between $60,000 and $62,000.<\/p>\n Perhaps unsurprisingly, last week\u2019s BTC price recovery had an instant effect on crypto market sentiment.<\/p>\n Related: MATIC, SUI, RENDER and TAO could soar if Bitcoin holds $64K<\/em><\/strong><\/p>\n This is reflected in the Crypto Fear & Greed Index, which has more than doubled its readings in a matter of days \u2014 from 26 100 on Aug. 21 to 55 100 at the time of writing.<\/p>\n The sentiment shift to which that change corresponds suggests that the average crypto investor\u2019s mindset has gone from the verge of \u201cextreme fear\u201d to knocking on \u201cgreed.\u201d<\/p>\n The recovery is echoed by a CryptoQuant metric dedicated to Bitcoin futures market sentiment. This narrowly avoided a trip to \u201cextreme fear\u201d in August.<\/p>\n This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n Check other news for today<\/span> and Please stand by..<\/p>\n *********************************<\/p>\n If one of the paying programs on our Monitor appeals to you, please support EmilyNews<\/em> by registering for it on our website. Thanks very very much!<\/p>\n EN web Support Chat<\/strong> | Hyips and Crypto questions \u2013 HyipChatEN<\/a><\/strong><\/p>\n Telegram Chat for Crypto and Hyip reports: @HyipChatEN<\/a><\/strong><\/p>\n *********************************<\/p>\n Be the first to get most important HYIP news everyday! If you like this article and want to support EN \u2013 please share it by using at least few of social media buttons below. Thanks and See you tomorrow!<\/p>\n![\"\"](\"https:\/\/s3.cointelegraph.com\/uploads\/2024-08\/697275af-2544-41f6-b51a-ab9f9f33948e.png\" "\\"\\"")
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PCE week arrives mid countdown to Fed rate cut<\/h2>\n
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Mining difficulty set to resume uptrend<\/h2>\n
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Short-term BTC holders distribute $10 billion in a week<\/h2>\n
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Crypto launches higher from brink of \u201cextreme fear\u201d<\/h2>\n
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