BTC price bull market to begin in September? Five things to know in Bitcoin this week
Bitcoin is trading weakly and rangebound around $61K–$65K after failing to break higher, with local support near $62,500 and resistance around $64,000. Some traders think the next bull phase could start as early as September or October, arguing the market may front-run consensus that expects a later bear-market bottom. Others see the current bear market as too young to reverse and expect more downside first, possibly below $57,800, though one bullish view sees the recent weekly “death cross” as a late-cycle bottom signal. Macro conditions are a major headwind. Iran’s threat to close the Strait of Hormuz pushed oil higher, lifted inflation expectations, and raised worries that interest rates stay elevated for longer. This week’s CPI, PPI, and Fed testimony could add volatility. On-chain data adds a mixed signal: wallets holding 100–1,000 BTC sold about 67,000 BTC, their largest distribution since February, a pattern that has sometimes preceded rebounds.
