- The upcoming week includes significant events that could shape the crypto sector, including the Ripple Proper Party and Gary Gensler’s testimony before Congress.
- Bitcoin price movement has everyone’s attention. Although it ended the previous week with a slight drop, this could be a temporary correction before a potential upward surge.
- Market enthusiasts should closely watch the Bureau of Economic Analysis, which will announce the PCE Price Index for August on September 29, 2023.
Bitcoin has managed to hold above the $26,000 level: What events should Bitcoin investors be following this week?
Bitcoin Holds Above $26,000
Despite market fluctuations, Bitcoin is still trading above $26,000. However, the question is whether this situation will continue for an extended period. The focus is shifting to other significant events next week, including the Ripple Proper Party and Gary Gensler’s congressional testimony.
As the SEC’s decision on future Bitcoin ETFs in October approaches, attention turns to other important events. Technical analysis suggests that Bitcoin’s price is targeting $31,000. Possibilities are endless, and it’s easy to get caught up in the market’s chaos.
Bitcoin’s price movement is drawing everyone’s attention. Despite ending the previous week with a slight drop, this may be a temporary correction before a significant upward move. Crypto analyst CrediBULL suggests that the recent decline could be a bear trap and is closely monitoring the $27,000 recovery threshold in particular.
However, don’t rush! Before getting too excited, traders should consider the other side of the story. The analyst suggests that the recent downward trend could intentionally create a bearish impression just before a major rally. This has led to a focus on the critical $27,000 level that needs to be closely monitored. So, it’s definitely a price point to watch in the upcoming week, which is filled with events that could impact Bitcoin’s fate.
Gensler’s Testimony
The primary highlight is SEC Chairman Gary Gensler’s testimony before the House Financial Services Committee on September 27, 2023. This committee has a history of conflict with Gensler, especially concerning crypto regulations.
During an April 2023 hearing, Committee Chairman Patrick McHenry asked Gensler about classifying Ethereum as a security or commodity. This question may resurface, especially after the XRP case decision, which determined that the sale of the token to retail buyers did not constitute a security.
PCE Index
Market enthusiasts should carefully watch the Bureau of Economic Analysis, which will announce the PCE Price Index for August on September 29, 2023.
Ripple’s Big Win
On September 29, 2023, Ripple will host “The Proper Party” in New York City. This celebration marks a partial victory in the SEC case, signaling a step towards legal clarity. While this event could impact trader sentiment, major announcements are not expected.
Bitcoin’s Current Status
At the time of writing, Bitcoin’s price has fallen below $27,000 and is trading at approximately $26,190 per token. With this price, Bitcoin’s market capitalization stands at $510,324,694,639, showing a 1.54% decrease from its previous all-time high.
