BTC price breakout by end of August? 5 things to know in Bitcoin this week

Bitcoin (BTC) is painting a traditional August picture as it begins the new week– volatility is no place to be seen.In a continuation of some of the quietest BTC cost action ever seen, the biggest cryptocurrency stays locked in a narrow trading variety listed below $30,000. Source: Daan Crypto Trades/XAn accompanying chart put the CME Bitcoin futures closing cost for the week prior at $29,465 as the focal point for the start of the week.Weekly close clinches crucial BTC pric levelThe weekly close itself nonetheless did manage to use a glimmer of hope for those analyzing longer-term trends.Bitcoin, by a hair, managed to close the weekly candle light above $29,250– a crucial level highlighted in current weeks by popular trader and analyst, Rekt Capital.In an X post just before the occasion, Rekt Capital referenced previous BTC rate behavior after a close at $29,250 or greater. Source: Rekt Capital/XHistorical data gives little hint as to how BTC/USD may act before the month-to-month close.As Cointelegraph reported, August is a mixed bag when it comes to BTC rate efficiency, and so far, Bitcoin has actually barely moved compared to the end of July.Data from monitoring resource Coinglass reveals that current gains of 0.6% mark Bitcoins quietest August month on record.BTC/ USD monthly returns chart (screenshot). Source: CoinGlassLow volatility stimulates BTC price breakout predictionsIt is difficult to avoid the topic of volatility– or absence of it– when analyzing the existing state of Bitcoin.Despite heavy press protection, even outside the crypto realm, the near overall lack of snap rate relocations has been the defining characteristic of BTC cost action for much of Q2.The newest data lays bare simply how static the landscape has actually become– and what ought to come afterward.The Bitcoin Historical Volatility Index (BVOL) presently measures 9.57 on weekly timeframes, rapidly backtracking to all-time lows from the start of this year.What took place when Bitcoin broke out from a sag in January is no secret, with its Q1 upside totalling 70%. Source: Checkmate/XWhale “reaccumulation” narrative strengthensPreviously, Cointelegraph reported on intriguing shifts amongst Bitcoin whales beneath stagnant BTC price action.This is continuing, analysis programs, and what looks like accumulation is becoming an ever-larger talking point for those seeking signs of the bull market returning.

“Strong start off the cycle bottom, now in re-accumulation mode,” on-chain and cycle analyst Root continued, pointing to realized cost figures.Bitcoins realized price refers to the aggregate rate at which the BTC supply last moved.Bitcoin understood price chart. Source: Root/XFed FOMC minutes lead cool macro weekCrypto markets are in for a fairly quiet macroeconomic data duration, in line with the summer season lull. Related: Bitcoins sideways rate action leads traders to focus on SHIB, UNI, MKR and XDCThis week, while “huge” for U.S. consumer information, has Federal Reserve minutes as its primary highlight.Key Events This Week:1.

Source: Daan Crypto Trades/XAn accompanying chart put the CME Bitcoin futures closing price for the week prior at $29,465 as the focal point for the start of the week.Weekly close clinches key BTC pric levelThe weekly close itself however did handle to provide a twinkle of hope for those examining longer-term trends.Bitcoin, by a hair, managed to close the weekly candle above $29,250– an essential level highlighted in recent weeks by popular trader and expert, Rekt Capital.In an X post simply before the occasion, Rekt Capital referenced previous BTC cost behavior after a close at $29,250 or higher. Source: Rekt Capital/XHistorical information provides little hint as to how BTC/USD might act prior to the month-to-month close.As Cointelegraph reported, August is a combined bag when it comes to BTC cost performance, and so far, Bitcoin has actually barely moved compared to the end of July.Data from keeping an eye on resource Coinglass reveals that existing gains of 0.6% mark Bitcoins quietest August month on record.BTC/ USD month-to-month returns chart (screenshot). Source: CoinGlassLow volatility stimulates BTC cost breakout predictionsIt is tough to avoid the topic of volatility– or absence of it– when analyzing the existing state of Bitcoin.Despite heavy press coverage, even outside the crypto realm, the near overall lack of snap cost moves has actually been the specifying quality of BTC cost action for much of Q2.The latest information lays bare just how static the landscape has ended up being– and what must come afterward.The Bitcoin Historical Volatility Index (BVOL) currently determines 9.57 on weekly timeframes, rapidly backtracking to all-time lows from the start of this year.What took place when Bitcoin broke out from a drop in January is no trick, with its Q1 upside amounting to 70%.

Those minutes will reveal the attitudes of Federal Open Market Committee (FOMC) members towards interest rate policy as they were when rates were treked last month.Risk possession traders continue to look toward the September FOMC conference for a prospective rate hike time out– something which ought to benefit crypto. According to CME Groups FedWatch Tool, the odds of that taking place stand at nearly 90%, with the meeting still over a month away.Fed target rate possibilities chart. Source: CME GroupAny knee-jerk BTC cost reaction to todays information hard copies, meanwhile, perhaps looks not likely– recentlys more substantial releases failed to move markets.Magazine: Deposit danger: What do crypto exchanges actually make with your money?This article does not include financial investment recommendations or suggestions. Every financial investment and trading relocation includes threat, and readers should conduct their own research when deciding.

Other Questions People Ask

What factors could lead to a BTC price breakout by the end of August?

The current low volatility in Bitcoin's price action suggests that a breakout could be on the horizon. Historical data indicates that significant price movements often follow periods of stagnation, as seen in previous months. Traders should monitor key levels, particularly the $29,250 mark, which has been highlighted by analysts as crucial for potential upward movement.

How does the lack of volatility impact predictions for BTC price breakout by end of August?

The absence of volatility in Bitcoin's price has created a static trading environment, which can often precede significant price changes. With the Bitcoin Historical Volatility Index (BVOL) nearing all-time lows, many analysts believe that a breakout could be imminent. This situation encourages traders to stay alert for any sudden shifts that could lead to a breakout by the end of August.

What are the key levels to watch for BTC price breakout by end of August?

Key levels to monitor include the $29,250 support level, which Bitcoin recently closed above, offering a glimmer of hope for bullish trends. Additionally, the CME Bitcoin futures closing price at $29,465 serves as another focal point for traders. Keeping an eye on these levels can help investors gauge potential breakout opportunities as August progresses.

What role do Bitcoin whales play in the potential BTC price breakout by end of August?

Bitcoin whales are currently showing signs of reaccumulation, which could influence the market dynamics leading to a price breakout. Their activity suggests that despite low volatility, there is underlying interest in accumulating Bitcoin at current levels. This accumulation phase may set the stage for a bullish trend if demand increases and pushes prices higher by the end of August.

What macroeconomic factors could affect BTC price breakout predictions this week?

This week’s macroeconomic landscape is relatively quiet, with the Federal Reserve's minutes being a key highlight. Traders are particularly focused on how these minutes might influence interest rate policies, which could indirectly affect Bitcoin's price. A favorable outlook from the Fed regarding interest rates could bolster risk assets like Bitcoin, potentially leading to a breakout by the end of August.