Bitcoin price forecast for August shows BTC faces some important tests in the coming weeks.
mostly consolidate between a floor of $18,900, and a ceiling of $23,600, as volatility in crypto markets was higher in anticipation of the Fed’s potential 75 basis point hike.This came as inflation in the United States moved to itsDespite this, bitcoin has quietly moved higher, as the uncertainty which is and was plaguing the market has started to slowly fade.
Although concerns over the magnitude of a recession remain, traders who were concerned about the course of action the Fed would take, have seen some of these questions answered.has mostly risen in the past few weeks, with the relative strength index going from a reading of 29 on July 5, to now tracking at 54.37./USD is currently trading at $23,019.32, just hours removed from the latest non-farm payrolls report.
After concerns of a potential slowdown in the U.S. labor market, payrolls for July came in at 528,000 last month, versus expectations of 250,000. This could act as a positive for bitcoin bulls, who have taken a risk-off approach in recent months, on concerns over a potential global recession amidst the inflation crisis.
Although these concerns will continue, investors now have more reason to be bullish, as the landscape of the market begins to slowly shift.
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