For the most part of the previous month, the price of bitcoin remained relatively unchanged at $26,000. The figures on inflation that will be released this week might move the needle. The price of Bitcoin has decreased by less than one percent over the past twenty-four hours, bringing it to a level of $25,700. This is a move farther away from the $26,000 level at which the largest digital asset has traded for most of the past month, and it is close to levels that have not been seen since the middle of June.
“The most favorable observation one could make about Bitcoin currently is that it hasn’t yet experienced its usual September downturn, a pattern it has adhered to for the past six years,” noted Antoni Trenchev, managing partner at crypto lender Nexo. The fact that it has remained at $25,800 for the previous 10 days should not make us complacent because it indicates that when the breakout eventually happens, it is probably going to be fairly large.
In fact, the values of cryptocurrencies have been extremely unmoved, and the absence of activity during this week represents a continuation of a trend that has been in place for some months. During the summer of 2018, Bitcoin experienced the lowest volatility on record, and trading volumes, which serve as a barometer of investor interest in cryptocurrencies, touched four-year lows in August.
Further, crypto news traders are looking for significant macroeconomic news this week for potential catalysts. Bitcoin has the ability to move with the stock market’s Dow Jones Industrial Average and S&P 500 on the strength of key inflation data due Wednesday. Traders are looking at this week’s major macroeconomic news for potential catalysts.