BTC price loses 200-week trend line as 2022 repeats: Five things to know in Bitcoin this week
Bitcoin is starting the week near $63,000, but price action remains weak after a weekly close back below the 200-week moving average, a level that marked resistance in the 2022 bear market. Traders are watching the $63,220 area; failure there could confirm a breakdown and keep BTC trapped in the roughly $58,000-$66,000 range. Macro conditions are mixed. Softer U.S. inflation data has reduced expectations for additional Fed hikes, with markets now leaning toward a rate hold. Fed minutes and PMI data are due this week. Japan is also in focus after weak Q2 GDP and rising bond yields raised concerns that BoJ tightening and a stronger yen could tighten global financial conditions. Bitcoin is also lagging stocks, which are near record highs despite weak consumer sentiment. ETF demand remains soft, with last week’s spot Bitcoin funds seeing net outflows. On-chain data shows whales increasingly sending BTC to exchanges, lifting reserves and adding potential sell pressure.
