Will Bitcoin (BTC) Price Breakout In August? This Week Will Be Crucial as US Federal Reserve Announces Interest Rate Decision on July 31

After a successful Bitcoin conference last weekend, this week be crucial for Bitcoin and the broader crypto market as the US Federal Reserve will announce its interest rate decision on July 31.

The Bitcoin price is showing strength trading nearly 15% up on the monthly chart and moving closer to the $70,000 mark. However, it seems that traders will have to wait a bit longer for a breakout in August.

According to data from 10x Research, Bitcoin returns tend to be usually flat during the month of August and go down further in September. This could indicate that a breakout may not be likely next month.

However, the report adds that tailwinds provided by the US election calendar, interest rate policy, and lower inflation could provide some support. Additionally, there will be nearly $1 billion of token unlocks scheduled for August, which could put some downward pressure on the price.

Moreover, 10x Research also noted that Bitcoin dominance would continue to make new highs this cycle with notable implications.

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