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Bitcoin price august 2022: What happens to Bitcoin this week

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bitcoin price august 2022

How much is Bitcoin price right now? On August 1, Bitcoin was trading at $23.4 thousand and the first cryptocurrency gained 6% last week. Let’s analyze the market situation and tell what dynamics to expect in the short term.

What will be Bitcoin price in August 2022? 

The week from July 25 to July 31 began with a decline in the BTC/USDt pair. Crypto-assets with U.S. stocks fell in price before the U.S. Federal Reserve meeting (July 27). Investors were closing long positions in anticipation of an aggressive rate hike by the Fed.

Bitcoin prices were down to $20.7K on July 26. Many believe that the Bitcoin price bottom has passed. The weekly low was formed on the background of falling U.S. stock indices, as well as a strengthening of the U.S. dollar. The S&P500 index fell 0.85%, while the Nasdaq fell 1.87%.

The stock market came under pressure after Walmart Inc. cut its profit forecast and the IMF warned of a possible sharp slowdown in global growth. The dollar, in turn, rose in price due to the collapse of the single currency amid the energy crisis (gas price rally).

On July 27, a new phase of Bitcoin strengthening began. The growth in quotations resumed after the stock indices after the U.S. Federal Reserve meeting. The BTC/USDt pair recovered by 7.99%, to $22.9 thousand.

At the end of the two-day meeting, the Fed raised the rate by 0.75%, to 2.50%. During the press conference, the head of the Fed said that it is possible to increase the key rate by more than 0.75pc in the future, but the decision will depend on incoming data.

What else could affect crypto Bitcoin prices? 

Risk appetite increased on the statements of J. Powell, who did not recognize the recession in the U.S.. At the same time, fresh statistics confirmed the technical recession with two negative quarterly values. The United States economy contracted by 0,9% on an annualized basis against the forecast of 0,5% and -1,6% for the 1st quarter.

  1. Yellen, J. Powell and the White House deny a recession in the United States. They call the disappointing GDP data a necessary slowdown in the economy before future growth. They have inflation fighting as a priority, so the economy can be sacrificed in a strong labor market.

Yellen said that the U.S. economy is entering a new phase focused on sustained and stable growth. The word “recession” will soon be forbidden to utter in the U.S., and journalists, economists and analysts who use it will be subject to sanctions and fines.

Stock indices and cryptocurrency reacted to the American statistics by falling; then growth resumed with renewed vigor. Investors believed that the Fed will not aggressively raise rates in November with the slowing economy. Bitcoin rate went up to $24.4 thousand.

Bitcoin price August 2022 – what events will affect growth? 

On July 29, stocks continued their rally after the U.S. Central Bank raised the rate to 2.5% in an attempt to curb high inflation. The BTC/USDt pair rose to $24.1k. The growth stalled, though buyers have a path to the $28-30k zone. The upward movement may continue on Sunday. Buyers will be closing the monthly candlestick. Bitcoin was up 22.87% in July and ether was up 61.39%.

The uptrend comes in small impulses of 5-6 hours and corrections of 10-13 hours. When the correction lasts more than 40 hours, buyers get nervous and close long positions in anticipation of a correction.

The big macro data coming out on Monday and Wednesday is the July manufacturing and service sector data. Friday will bring investors’ attention to Non-farm Payrolls data on the labor market in the U.S. Better data will push stocks and cryptocurrencies higher.

In the new week from August 1 to 7, investors will be watching the dynamics of ether. If buyers pass the key resistance of $1.8 thousand, a new wave of altcoin purchases will begin at the crypto market.

Bitcoin price prediction – Growth: a plausible scenario

Bitcoin might easily jump to $26K if the bulls have enough strength to overcome bearish pressure. Yesterday’s speech by Jerome Powell gave hope to market participants that such steep key rate hikes at the next meeting are unlikely, which means that capital will stop flowing away from high-risk assets to low-risk ones, such as bonds.

At the same time, inflation remains at a high level. In such an environment, investors can use high-risk instruments, which include cryptocurrencies. They may invest some capital in Bitcoin.

Bitcoin’s rise this week seems a likely scenario. At the same time, a negative scenario cannot be ruled out, in which all the gains Bitcoin has made in the last 24 hours will be lost due to investors’ fear of rising consumer prices.

Cryptocurrency

BlackRock’s ETH ETF Could Soon Offer Staking—SEC Filing Moves Forward

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The US Securities and Exchange Commission has acknowledged BlackRock’s filing about allowing investors in its flagship Ethereum ETF to stake their assets.

Although this development doesn’t guarantee an official approval of the filing, it’s still a big step in the right direction.

The “acknowledged” part means that the securities watchdog has confirmed that it has received certain amendments made by the ETF issuer. Typically, the SEC also opens a public comment period, allowing stakeholders to weigh in on the matter.

BlackRock and Nasdaq submitted a 19b-4 rule change proposal that aims to allow investors using the iShares Ethereum Trust (ETHA) to stake ETH with staking rewards treated as income to the fund.

ETHA is by far the largest Ethereum ETF, and it became the third-fastest to reach a $10 billion AUM milestone within less than a year after its launch.

It continues to attract substantial net inflows. The last day in the red was on July 2, with $46.9 million leaving the fund. Since then, it has been on a massive roll, attracting nearly $4 billion in net inflows in less than a month.

The underlying asset’s price has benefited substantially from these enormous inflows, having surged by over 50% in the past month alone. Moreover, ETH is up by more than 150% since its bottom in early April and is close to knocking on the $4,000 door now.

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Ripple Price Reversal Incoming as Investors Pull XRP Off Exchanges?

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TL;DR

  • XRP whales move over 80M tokens off exchanges, signaling long-term holding behavior.
  • $845M in single-day losses follows co-founder’s $140M sell-off amid price pressure.
  • RSI cools from an overbought zone, indicating that XRP may be stabilizing after the recent price drop.

Exchange Supply Drops Sharply

Between July 23 and July 26, the amount of XRP held on centralized exchanges dropped from around 4.45 billion to just over 4.25 billion, based on Glassnode data. This change suggests large holders may be moving their funds into cold storage rather than keeping them liquid.

According to Captain Redbeard, the shift shows users are not preparing to sell. Instead, they appear to be withdrawing assets, possibly to hold through current market conditions.

XRP was priced at $3.15 at press time, down 3% in the past 24 hours and nearly 9% over the last week. The asset has slipped steadily since reaching a new all-time high at $3.65 on July 18. Despite this, wallet outflows have continued. The behavior suggests many holders are not rushing to exit positions.

Analyst Ali Martinez said that losing the $3.15 level could open the door to a test of $3. He added that such a move “could present a solid buy-the-dip opportunity.” That level now acts as the nearest key support zone.

Selling Spikes After Insider Move

On-chain data shows roughly $845 million in realized losses over the past day, one of the most significant single-day sell-offs this month. This followed reports that a Ripple co-founder sold $140 million worth of XRP. The move added pressure to an already declining market.

glassnode-studio_xrp-net-realized-profit-loss
Source: Glassnode

While some investors are taking profits, trading volume remains strong at $6.2 billion. XRP continues to trade well below its all-time high, and recent activity shows a cautious mood.

Momentum Builds Underneath

The BBTrend value now sits at 27.66, pointing to a shift in short-term momentum. The recent expansion in green bars indicates renewed buying interest.

XRP price chart
Source: TradingView

Meanwhile, the Relative Strength Index (RSI) has declined to 59 against the recent peak of 72. This shift indicates that the asset is no longer overbought, and it could now stabilize.

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Dormant XRP Wallets Spring to Life – What Does This Mean for Ripple’s Price?

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After hitting an all-time high of $3.65 in mid-July, XRP has entered a phase of consolidation. The token is gradually retracing to hover around the $3.15 mark. Despite multiple attempts to break higher, XRP has faced resistance near $3.3.

This price action reflects a cooling-off period following the sharp rally from early July, when it surged from around $2.2. Interestingly, older XRP wallets are on the move again, which could impact the asset’s future price trajectory.

Old Coins Return to Circulation

XRP is still up by almost 46% over the past month while holding slightly shaky at the $3.15 support level. According to Santiment’s latest data, one important on-chain signal is the reactivation of dormant coins, which suggests renewed investor interest and participation from long-term holders.

The average age of XRP investments has dropped by 91 days and is now standing at 593 days. This means that a wave of older wallets is moving assets back into circulation. Historically, such behavior has often preceded or accompanied bullish price action, lending further weight to the current market momentum.

However, crypto analyst Ali Martinez warned that if XRP fails to hold the crucial $3.15 support level, the crypto asset could retrace to the $3 mark. While this potential dip may concern short-term traders, Martinez said it could offer a compelling buy-the-dip opportunity for investors anticipating a rebound, especially given XRP’s strong performance and recent on-chain activity.

While traders eye short-term price action, major players are taking a longer-term view – especially through large-scale XRP allocations.

XRP Gains Institutional Traction

In what appears to be a growing corporate confidence in XRP as a strategic asset, Hyperscale Data has officially launched its $10 million XRP treasury program. The company plans to provide weekly updates starting August 12, in a bid to boost transparency and investor trust.

With a possible 36-month lockup under consideration, Hyperscale’s move indicates a long-term commitment rather than short-term speculation. The latest development comes on the heels of Nature’s Miracle’s $20 million XRP plan.

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