Key Points
This week’s macro events bring important developments that could impact the price of Bitcoin.
New metrics released show possibilities for upward movements for BTC.
The current week brings important economic data that could affect Bitcoin and the crypto market as well.
Greeks.live has just released a list of major events for the week, following the recent Bitcoin Conference which saw “political goodwill towards crypto community in the US”, according to them.
The main news of this week revolves around macro market and includes the interest rate resolutions from the Bank of Japan and the Federal Reserve, two notable events. If the news exceeds market expectations, significant movements could occur in the crypto markets as well.
Top 8 Major Events of the Week
Here are the most important economic events of this week that could impact Bitcoin and the crypto market:
Labor force data Crypto Market Outlook
Upcoming Economic Events
July’s ADP employment report in the US will be released on July 31st.
The Bank of Japan will announce its interest rate resolution and outlook report on July 31st.
Data on initial jobless claims in the US for the week will be released on August 1st.
The US Fed will communicate its decision on interest rates on August 1st.
The Bank of England will reveal its decision on interest rates on August 1st.
The US ISM Manufacturing PMI for July is set to be released on August 1st.
The US unemployment rate for July will be published on August 2nd.
Non-farm payrolls in the US for July will also be released on August 2nd.
Crypto Market Perspective
According to Greeks.live, the week is full of macro events, but market expectations are more consistent, meaning IVs for all major terms are not anywhere near the levels seen during last week’s Bitcoin Conference, which saw Trump showing increased support for BTC.
Crypto Market Update: Bitcoin Approaching ATH, Ethereum Lagging Behind
The crypto market has seen a wide oscillating trend since March, with Bitcoin managing to approach its all-time high. Meanwhile, Ethereum has been slower, with its exchange rate dropping sharply, and the IV for all major terms only slightly higher compared to BTC.
Choosing the Right IV Moment
When it comes to choosing the right IV moment, traders can buy short-term options, with short-term call options for BTC proving to be profitable, according to notes shared on Greeks.live.
It’s also worth mentioning that the interest rate market at Bitfinex is relatively calm, with occasional good interest rate orders that can be actively traded.
New Metrics Show Potential Price Breakout for Bitcoin
According to the latest reports, some Bitcoin metrics indicate the potential for upward movements for this currency.
Firstly, the open interest futures for Bitcoin have reached a new all-time high, suggesting that there is a demand for Bitcoin futures and options. This could potentially lead to a price breakout for Bitcoin in the near future.
The Potential for Bitcoin Price Increase
The interest of investors in Bitcoin is on the rise, which could lead to price increases. Open interest in Bitcoin is a metric that monitors the total number of open positions in BTC and has just reached a new all-time high of $39.46 billion. This number has surpassed the previous ATH of $39 billion reached in March, according to CoinGlass data.
Potential for a New ATH
Other indicators also suggest that the price of Bitcoin could be on track to reach a new all-time high. Over 75% of short-term Bitcoin holders were in profit as of July 24th, which could translate into a stronger momentum for the currency, as the short-term holder cohort is usually used to evaluate retail demand for Bitcoin.
Furthermore, the increasing dominance of Bitcoin suggests that it has the potential to gain more from the total market capitalization of crypto, according to Benjamin Cowen, CEO and founder of Into the CryptoVerse.
The Current Price of Bitcoin
As of the time of writing this article, the price of Bitcoin stands at over $69,000, showing an increase of more than 3% in the last 24 hours.