Market Volatility Ahead: Economic Reports and Earnings to Shake Crypto Prices
This week is packed with events that could significantly impact crypto prices. Markets are reacting to President Trump's cancellation of planned US strikes on Iran, and several major economic reports are due out.
On Monday, July ISM Manufacturing PMI data will be released, followed by June JOLTS Job Openings data and AMD earnings on Tuesday. Wednesday brings July ADP Nonfarm Employment Change data, as well as SanDisk earnings. The week culminates with the highly anticipated July jobs report on Friday.
About 20% of S&P 500 companies are reporting earnings this week, which could lead to increased volatility across markets and cryptocurrencies.
Bitcoin closed July at $62,818, down over 49% from its October peak. One analyst noted that the 200-week moving average is near $63,000, while the realized price is around $52,000 and still falling. The monthly RSI reading of 43 remains below the neutral 50 level.
This could indicate a bottoming process for Bitcoin, which historically takes one to three months and often includes a dip below the realized price before finding a true bottom.