Bitcoin (BTC) closed the week above $58,000. Late summer months are usually not easy for the bulls, therefore look for $BTC to continue to chop sideways, at least for this coming week.
More sideways price action
After a great recovery last week, following the yen carry trade sell-off, the end of the week saw the $BTC price head lower again, and the weekend also contributed to further sell-offs in price, which has brought $BTC back down to the $58,000 level.
Early trading on Monday saw $BTC fall as low as $57,700, before recovering. With the weekly stochastic RSI (momentum indicator) still heading to the bottom, it might be expected that the rest of this week sees $BTC traversing sideways, and perhaps further downwards.
On Tuesday and Wednesday, the U.S. government will release PPI and CPI inflation figures. While no big changes here are expected by the market, $BTC could suffer some higher volatility around this time.
Short term bounce inbound?
Source: TradingView
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