This week, the Bitcoin market will usher in five key events, each of which may have a profound impact on the direction of the cryptocurrency.
First of all, Bitcoin has achieved an increase of more than 26% since the current low of 49,000. It is currently above the bull market support line and the 200-day moving average, so the next trend is also worthy of our attention.
First, we need to focus on the performance of Bitcoin's monthly line. Although the monthly line is currently in a negative state, if the closing price in August can break through the $65,000 mark, it will mark the monthly line turning from negative to positive, highlighting the strong momentum of the market. Even if it fails to close positive, considering that there is not much time left in this month, the possibility of falling below the previous low of $49,000 is quite low. Therefore, the general analysis still tends to believe that Bitcoin remains on the upward track of the bull market.