Bitcoin price movement analysis - August 8

“Bitcoin may continue to grow to the level of 26,400, or it may decline to the level of 22,000 and consolidate around it,” analysts from the Kick Ecosystem team about the situation in the cryptocurrency market, factors influencing it, and scenarios for further movement.

Friday, August 5, became hot in terms of the release of one of the key components of the recession indicators - Nonfarm payrolls. In July 2022, the figure changed - in fact, 528 thousand new jobs, and this is against the backdrop of the fact that in the second quarter we saw a decrease in US GDP. This indicates a reversal of the trend and can serve as a basis for talking about increasing rates by only 25 bps.

From this we can conclude that not everything is so bad in the USA. Plus, against the background of a decrease in the price of gasoline to $4.113 and a possible decrease by another 0.5-0.6, this only speaks of a rise in sentiment among citizens.

Summarizing the data above, we can assume the following development options events:

Scenario 1: continued growth to the level of 26,400;

Scenario 2: decline to the level of 22,000 and possible consolidation around it.

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