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Investing.com – The trend remains particularly uncertain on Monday morning after a very calm weekend, the cryptocurrency remaining in a very tight range just above $29,000.
Recall that Bitcoin remained unaffected by busy macro news for the second week in a row last week, fueling its decorrelation with other markets. Indeed, last Friday’s NFP report, which boosted expectations of a pause in Fed rate hikes even further, did not raise an eyebrow in cryptocurrencies, as other markets reacted swiftly.
There is therefore nothing to prevent the scenario from repeating itself this week, when the economic calendar will be less busy, with a new estimate of US inflation all the same on Thursday. On the other hand, the historical study of the evolution of Bitcoin prices shows that phases of abnormal calm on BTC are quite often followed by bursts of volatility. Caution is therefore still in order on BTC.
Technical thresholds to watch on Bitcoin
From a technical perspective, note that the August 1 low at $28,663 and the 100-day moving average at $28,527 form an immediate support zone for Bitcoin.
Below this area, the next potential supports and downside targets will be at $28,000, and $27,000, where the 200-day moving average currently stands. On the upside, the $30,000 threshold is the first key barrier, ahead of $31,000, then this year’s high around $31,800.