Since the August 5 local bottom, multiple data points suggest accumulation from institutions and whales. Over the past week alone, the crypto market capitalization has shot up from close to $2.0 trillion to $2.2 trillion, indicating a strong comeback from Bitcoin (BTC) and altcoins.
From a short-term market structure perspective, Bitcoin price is well-positioned to continue its uptrend. From a mid-to-long-term outlook, however, the bias gets a bit more complicated due to the upcoming events that could sway the crypto markets in any direction.
Crypto Market Events This week
Here are two major crypto market events that could heighten volatility.
The US Consumer Price Index (CPI) on Thursday will play a pivotal role in affecting the bias for BTC in the short term. It will also set the tone for the US Federal Reserve’s highly-anticipated interest decision in September.
The estimated date for the FTX Repayment Process Voting could occur on Friday and can impact crypto markets as c
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