Bitcoin Price Above $58K – Top 10 Events of the Week Potentially Affecting BTC

Key Points

• This is an important macro week with events that can affect Bitcoin’s price.
• BTC is now trading above $58,000.

This macro week includes important events and central bank meetings that can shape Bitcoin’s price trajectory and affect the entire crypto market.

Greeks.live points out to monetary policy data set to be published this week. Also, according to them, the probability of a US Federal Reserve rate cut in September is the best macro-observation indicator.

Top 10 Heavyweight Events of the Week

Here are the most important events of the current week, potentially affecting Bitcoin’s price:

1. The Australian Federal Reserve will release data from its August monetary policy meeting (August 20).
2. The Swiss Central Bank Governor Thomas Jordan will give an important speech (August 20).
3. The 2024 FOMC Voter will take place and the Atlanta Federal Reserve Bank President Raphael Bostic will give a speech (August 21).
4. US initial jobless claims for the week will be released (August 22).
5. The US Fed will release data of its monetary policy meeting (August 22).
6. EBC will publish data from the July monetary policy meeting (August 22).
7. The Jackson Hole Economic Symposium of global central banks will take place (August 22).
8. The BOJ Governor Kazuo Ueda and Japan’s Finance Minister Shunichi Suzuki will attend a parliamentary hearing (August 23).
9. Fed Chair Jerome Powell will speak on the economic outlook at the annual Jackson Hole Economic Symposium (August 23).
10. The Bank of England Governor Tony Blair will speak at the symposium as well (August 23).

The Jackson Hole Economic Symposium is an annual meeting that includes central bankers and finance ministers and it’s sponsored by the Federal Reserve Bank of Kansas City since 1978, held in Jackson Hole since 1981.

Crypto Market Outlook

Greeks.live also noted that the market action remains weak, but there’s no more risk of a crash so far. The market confidence has been reportedly restored, and IVs continue to fall across the major maturities.

Now, the IV is currently at relatively moderate levels and it remains under downward pressure this week.

Also, there is a probability that short and medium-term IV will fall more after the week’s annual central bank meeting, regardless of the outcome, according to the same notes from Greeks.live.

The crypto market maintains the broad-based oscillator trend that has developed since March, with Ethereum still subdued.

The timing to choose the right IV can buy short-term options, as the current short-term IV is relatively low. Greeks.live notes that traders can “game” the annual meeting of the central banks and sell the news.

Also, as the Bitfinex interest rate market is relatively calm, encountering the right interest rate orders can be actively traded, especially in this market worthy of higher attention.

Bitcoin Above $58,000

Regarding the price of Bitcoin today, at the moment of writing this article, BTC is trading above $58,000, down by over 1% in the past 24 hours.

During the weekend, BTC reached levels above the important mark of $60,000, with the coin seeing a price decline below $59,000 today.