BTC price ‘fireworks’ after monthly close? 5 things to know in Bitcoin this week

Bitcoin (BTC) heads into a new week and a new monthly close still stuck in one of its narrowest ever ranges.

Acting in an area just below $30,000, BTC price performance has frustrated or simply bored traders over the past week — could a breakout come next?

This is the question on every market participant’s mind as the week begins with the July monthly close and the chance for associated volatility.

While some believe that Bitcoin is in fact overdue a comedown, data suggests that buying pressure is returning at current levels. Add to that a potential long-term bull flag due to confirm on the monthly close and all might not be so bad for Bitcoin bulls.

As a quiet macro week shifts the focus to other potential price triggers for crypto, Cointelegraph takes a look at the major topics for moving markets in the coming days and beyond.

Sticky BTC price range could shift after July monthly close

Bitcoin was infamously stable last week, with not even the United States interest rate hike and accompanying macroeconomic data managing to shift its tiny trading range.

BTC price observers have had to console themselves with a corridor between $29,000 and $29,500 — one which is still in force at the time of writing, as per data from Cointelegraph Markets Pro and TradingView.

While the weekly close did offer some snap moves up and down, a short-term trend remains conspicuously lacking.

On the radar next is the monthly close, which is currently due to see BTC/USD lock in monthly losses of 3.5%.

“The market is going to try to shake you out as we move to and thru the Monthly close,” monitoring resource Material Indicators wrote in part of its latest commentary.

An accompanying chart of the BTC/USD order book on largest global exchange Binance showed the current trading range clearly defined with bid and ask liquidity.

On the topic of liquidity, popular trader Daan Crypto Trades delineated the significant levels to watch on low timeframes.

“The ~29K and ~29.6K levels correspond nicely with out current low timeframe range so good to keep watching those regions,” he told Twitter followers prior to the weekly close alongside data from CoinGlass.

CoinGlass likewise showed that historically, July had been a “green” month for Bitcoin for the past six years, with the exception of 6.6% losses in 2019.