Top 3 Events to Watch This Week: Could Bitcoin’s Price Breakout Soon?

Bitcoin remains above $26,000, despite market fluctuations. However, the question is: Will it stay like that for long?

The week ahead holds key events that could shape the crypto landscape, including the Ripple Proper Party and Gary Gensler’s testimony before Congress. With the SEC’s Bitcoin ETF decision looming in October, the focus turns to other significant occurrences. Technical analysis suggests a possible rise, with Bitcoin’s price eyeing $31,000.

The possibilities are endless and it’s easy to get swept away in the chaos of the market. With Coinpedia, you don’t have to worry about that. Read on!

Price Recovery or Bear Trap?

The Bitcoin price movement is catching everyone’s attention. Although the previous week ended with a slight decline, this may be a temporary correction before an upward surge. Crypto analyst CrediBULL suggests that the recent dip could be a bear trap, setting the stage for a bullish resurgence, particularly eyeing the $27,000 threshold for recovery.

But not so fast! Before getting too excited, traders should be aware of the other side. The analyst points out that the recent downward trend may deliberately create a bearish impression before a substantial upswing. This laid the focus on the critical level of $27,000 level. So, that’s definitely one price point you need to watch.

Also Read: Bitcoin Price Prediction: September Pullback Can Trigger Bullish ‘Uptober’

A Jam-Packed Week Ahead!

The week ahead is brimming with events that could sway the fate of Bitcoin.

Gensler’s Testimony

The top highlight is that SEC Chair Gary Gensler will testify before the House Financial Services Committee on September 27, 2023. This committee has a history of clashing with Gensler, particularly on crypto regulations.

In an April 2023 session, Committee Chairman Patrick McHenry queried Gensler about Ethereum’s classification as a security or commodity. This may resurface in light of the recent XRP lawsuit ruling, which determined the token sale to retail buyers wasn’t a security.

PCE Index

Additionally, market enthusiasts will have to keep a keen eye on the Bureau of Economic Analysis as they unveil the PCE Price Index for August on September 29, 2023.

Ripple’s Grand BASH!

Ripple has also organized “The Proper Party” on September 29, 2023, in New York City. This celebration marks a partial victory in their SEC lawsuit, signifying a step toward legal clarity. While this event may influence trader sentiment, no major announcements are anticipated.

Bitcoin’s Current Status

As of the time of writing, the price of Bitcoin had fallen below the $27,000 threshold, trading at $26,177.00 per token, a decrease of 1.55% from its Friday high. Bitcoin’s market cap is $510,324,694.639 at this pricing, down 1.54% from its previous all-time high.