Crypto Markets Eye Key Resistance Zone as Economic Data Releases Loom
This week's economic data releases could have a significant impact on cryptocurrency prices. On Tuesday, existing home sales data will be released, followed by the OPEC Monthly Report on Wednesday. The July CPI inflation data is expected to be the biggest catalyst for market movements, with cooler inflation readings potentially boosting risk assets and hotter readings triggering selling.
The producer price index (PPI) will also be released on Thursday, showing price pressure at the production level. An unexpected jump in PPI could revive inflation fears and keep borrowing costs elevated.
Meanwhile, Bitcoin is approaching a key resistance zone of $68,000-$70,000, with some analysts predicting a deeper correction after reaching this target. One analyst expects Bitcoin to make one more push towards $69,000 before correcting.