Whales Avoid Buying and Selling Bitcoin; Awaiting a Crucial 10 Days

Bitcoin whales have refrained from accumulation or widespread distribution due to the price's inability to break through $80,000. The holdings of this group of investors have remained nearly unchanged over the past week, at around 5.23 million BTC. Bitcoin has fluctuated between support at $77,500 and resistance at $80,000 over the past week. Reports on the Consumer Price Index (CPI) and Producer Price Index (PPI) in the U.S. could alter expectations regarding interest rates, especially as the market assesses a 60% chance of a rate hike in September, although most economists consider no change more likely. In the next 10 days, the Senate's preliminary vote on the CLARITY Act, the release of U.S. PPI and CPI indicators, the Federal Reserve's decision, and the Bank of Japan's meeting could create conditions for Bitcoin to exit its current neutral range, with increased volatility and trading volume. For retail investors, the lack of a clear direction and the potential for significant fluctuations following data releases make risk management within the current support and resistance levels more essential.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.