On Monday, Bitcoin rose above $65,000 again, adding almost 3% for the week. This Wednesday, we are waiting for the publication of U.S. inflation data for July, while weak employment data released last Friday eased fears that the U.S. Federal Reserve would raise interest rates.
Ethereum is trading around $1919 with a weekly gain of 2.8%. BNB rose 0.3% to $603 and has appreciated 3.5% over the week. Solana showed the strongest performance, rising 1.1% for the day above $77 and 5.3% over seven days.
XRP was the only major token to show a decline in both metrics, falling 0.4% to $1.03 and 4% for the week. HYPE from Hyperliquid also fell 1% to $54 but maintained a weekly gain of 3%.
Stocks set the pace: the MSCI All Country World Index rose 0.1%, its seventh gain in eight sessions, while the Asian index rose 0.6% after Friday's weak jobs report lifted the S&P 500 to a record level.
Oil went in the opposite direction. The price of Brent crude oil rose 1% to $84.40 per barrel, continuing a rally of over 5% in three sessions, as Iran rejected talks with the U.S., and the resumption of ship traffic through the Strait of Hormuz now seems unattainable. Treasury bonds partially reversed Friday's rally: the yield on 10-year bonds rose one basis point to 4.66%, and the dollar strengthened against most major currencies.
A key event this week will be the release of U.S. consumer price data. It cannot be ruled out that the inflation data could strengthen arguments for raising interest rates or keeping them unchanged.
The forecasting tool HCN AI Analyst assesses Bitcoin's prospects for the end of the week as neutral with a moderate bias towards growth. The base scenario suggests a move towards $66,079 or a 1.7% gain from current levels, with a 25% probability of a bullish scenario up to $67,378. The main risk remains a decline to $63,658 if demand weakens.
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