The Global Crypto market registered a decline of around 1.12% on Monday after recovering from the worst collapse in recent times. Bitcoin (BTC) prices dropped by over 2% in the last 24 hours. Experts believe this might be the trend for the rest of the week.
Bitcoin trading volume on a drop
BTC hit its highest price level since June 13, 2022, at $24,650 on Saturday. The world’s largest crypto, BTC gained almost 27% in July, which has been its best since October 2021. However, Ethereum (ETH) price also jumped by around 70% in the last month.
According to Crypto Tony, a crypto analyst highlighted that altcoins are holding up quite well when Bitcoin is facing selling pressure. He suggested that this week might be the week of consolidation after a broad recovery.
Bitcoin is trading at an average price of $23,332, at the press time. BTC’s 24 hour trading volume has also dropped by over 14% to stand at $23.2 billion. Bitcoin dominance has also decreased by 0.27% over the last day.
Crypto Tony mentioned that he is looking for the breakdown of the current pattern. However, he suggests it remain short while BTC trades below the $24K supply zone.
Key data points to look out for BTC
He mentions that ISM manufacturing PMI and US July Us employment data will be coming out this week. Earlier, US Fed affirmed that they stand fully dependent on this data.
The ISM index indicates the state of the US economy as it’s made up of two crucial components Employment and Stable prices. These two factors influence the Fed’s stance on monetary policy.
He added that the recent index gave lower numbers which suggest a decline in activities and a further drop is expected in July. A Bitcoin pump can be seen if a lower price component of the index comes out.