Bitcoin Tests Support Before Aiming Higher: Crypto Daybook Americas
Bitcoin (BTC) experienced a price dip to near its May high, triggering roughly $670 million in losses on perpetual futures, largely from long positions. This leverage reduction, however, may pave the way for a sustained price increase. John Glover of Ledn predicts BTC will reach $140,000 by year-end, a view shared by 10x Research, who identified the recent low as an attractive entry point. Stephen McClurg of Canary Capital views Bitcoin as a volatile, risk-on asset mirroring Nasdaq trends, comparing stablecoins to money market funds.
Macroeconomic factors, such as the slowdown in the U.S. labor market revealed in nonfarm payrolls data, increase the likelihood of a Fed interest rate cut in September. However, this expectation, fueled by economic hardship, may not necessarily benefit risk assets. Upcoming CPI and PPI inflation data will be crucial for clarifying the outlook. Analysts predict BTC consolidation between $112,000 and $118,000 this week, supported by strong technicals and Ether’s projected range of $3,300-$3,800 driven by ETF inflows and institutional interest. A significant ETH buy-the-dip operation further suggests long-term conviction.
Base has overtaken Solana in daily token introductions, thanks to Zora’s Creator Coins. Lido, meanwhile, announced a 15% workforce reduction, citing a focus on sustainable growth. Traditional markets saw futures tied to the S&P 500 rise over 0.5%, with Morgan Stanley calling Friday’s stock dip a buying opportunity.
Upcoming events include Solana Mobile’s Seeker Web3 device launch (August 4th), FTX distributions (August 15th), and Coinbase Derivatives launching futures (August 18th). Macroeconomic events include inflation data releases, Fed Governor speeches, and new U.S. tariffs. Several crypto companies have earnings announcements scheduled throughout August. Various DAO governance votes are ongoing, concerning service providers, business structures, and partnerships. Significant token unlocks are also scheduled for August, affecting Immutable, Aptos, Avalanche, Starknet, and Sei. New token listings on various exchanges are planned for Cycle Network and Keeta. Finally, several crypto conferences are scheduled throughout August and September.
