![\"Bitcoin](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2022\/08\/ccc45-768x432.jpg\")
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Exactly one month ago today, bitcoin was trading below $20,000 per unit as crypto markets continued to react to growing levels of inflation and central bank policy. However, a month later, the world\u2019s leading crypto token has moved above $23,000, despite consumer prices rising to multi-decade highs. So with this in mind, where could bitcoin potentially be heading in the next few weeks?<\/strong><\/p>\n July saw bitcoin (BTC)<\/a> mostly consolidate between a floor of $18,900, and a ceiling of $23,600, as volatility in crypto markets was higher in anticipation of the Fed\u2019s potential 75 basis point (bps) hike.<\/p>\n Since then, the Federal Reserve has hiked in back-to-back sessions, increasing interest rates<\/a> by 0.75% in July and August.<\/p>\n This came as inflation in the United States moved to its highest level<\/a> in over four decades, and with growing concerns over a pending global recession.<\/p>\n Despite this, bitcoin has quietly moved higher, as the uncertainty which is and was plaguing the market has started to slowly fade.<\/p>\n Although concerns over the magnitude of a recession remain, traders who were concerned about the course of action the Fed would take, have seen some of these questions answered.<\/p>\n As a result of this, price strength in BTC<\/a> has mostly risen in the past few weeks, with the relative strength index (RSI) going from a reading of 29 on July 5, to now tracking at 54.37.<\/p>\n As of writing this analysis, BTC<\/a>\/USD is currently trading at $23,019.32, just hours removed from the latest non-farm payrolls report.<\/p>\n After concerns of a potential slowdown in the U.S. labor market, payrolls for July came in at 528,000 last month, versus expectations of 250,000.<\/p>\n This could act as a positive for bitcoin bulls, who have taken a risk-off approach in recent months, on concerns over a potential global recession amidst the inflation crisis.<\/p>\n Although these concerns will continue, investors now have more reason to be bullish, as the landscape of the market begins to slowly shift.<\/p>\n This week has seen gold rise<\/a> to a one-month high versus the dollar, with WTI crude falling to its lowest point since before Russia\u2019s invasion of Ukraine in February.<\/p>\nCurrent Market Status<\/h2>\n
August Outlook<\/h2>\n