Bitcoin has remained relatively stable over the past week, fluctuating between $55,000 and $58,000.
Despite the calm, traders still expect the market to be more volatile as there are many important events this week, including important US economic data, especially the CPI released in advance.
In addition, the upcoming debate between Trump and Harris will affect market sentiment.
The lower trading activity in BTC followed Friday’s US jobs report, which triggered the liquidation of over $220 million in long positions.
The sell-off has sapped momentum, leaving traders nervous as they await further economic signals.
Other major cryptocurrencies like Ethereum (ETH), Solana (SOL) and TRON (TRX ) showed small changes of around 0.6% over the past 24 hours.
However, Medium Capital , like BitTorrent (BTT), have surged a whopping 128%.
Bitcoin Network Security Bolsters Optimism
Despite the market's stagnation, experts at Presto Research still consider Bitcoin to be undervalued.
Analysts Peter Chung and Min Jung point out that the market is overlooking one of Bitcoin's key strengths: network security.
Bitcoin's hashrate , a measure of the total computing power securing the network, reached an All-Time-High of 679 exahashes per second (EH/s) in September 2024.
This increase reflects increased mining activity, indicating a solid foundation for long-term growth.
Chung and Jung argue that the rising hashrate signals a positive outlook. The availability of Spot ETFs has put Bitcoin in a stronger position than ever, making it appear undervalued in their view.
This surge in Miners activity, which began in August, is often a sign of a market Dip for Bitcoin.
As Miners expand their operations, this shows their growing confidence in price stability. Many analysts believe this could be the catalyst for a significant increase in Bitcoin prices.
CPI and Trump-Harris debate set to shake up markets
Looking ahead, Bitcoin traders are closely watching two major events this week: the release of August CPI data on Tuesday and the Producer Price Index (PPI) figures on Wednesday.
Both reports will provide insights into the US inflation outlook and are likely to influence Federal Reserve policy in the coming months.
Meanwhile, the first presidential debate between Donald Trump and Kamala Harris is adding to market jitters.
Trump, who aims to turn the United States into a global cryptocurrency hub, could make statements that could shake up both the political and crypto landscapes.
Harris’ stance has not been clearly defined, but her team is said to be exploring policies that could boost the cryptocurrency sector.
Therefore, the outcome of the debate could influence investor sentiment and cause more market volatility.
Adding to that, market expert Lucy Hu from Metalpha pointed to recent weaker US payroll data, which has triggered a sell-off in assets since Friday.
She noted that the cryptocurrency market is likely to remain volatile as the next Federal Reserve meeting approaches.
Bitcoin News Summary
