The BTC/USD pair pulled back but remained in a tight range as investors waited for the upcoming bank earnings season.
Enter your emailThere is a likelihood that Bitcoin will resume the bullish trend and possibly retest last week’s high at $22,500.Timeline: 1 day.BTC/USD pairThe pair is hovering at around 20,000, which is slightly below last week’s high of over 22,000.The BTC/USD pair continued to consolidate as it mirrored the performance of other financial assets like stocks.
Therefore, Bitcoin investors believe that the Federal Reserve will continue hiking interest rates later this month. They have already priced in a 0.75% rate hike. The next data to watch will be the latest American inflation data that comes out on Wednesday. Analysts believe that inflation remained at elevated levels in June this year. All these explains why the US dollar has risen against most assets, including Bitcoin lately.
The BTC/USD pair has also declined ahead of the upcoming earnings season. Historically, Bitcoin tends to show some volatility as the bank earnings season kicks off. Some of the top banks that will publish their results this week are JP Morgan, Citigroup, Morgan Stanley, and Wells Fargo. Investors will watch statements by bank executives on the cryptocurrencies sector.Since then, it has pulled back and is now trading at the lowest level since July 7th.
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