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Bitcoin (BTC) begins a new week barely clinging to $30,000 as a “bearish divergence” sets the tone.

After a quiet weekend, BTC price action faces a potential pullback period within its broader bullish trend, traders say.

What could be on the menu for the market this week?

After a relative period of calm, external triggers are back for risk assets, with a slew of United States macroeconomic data releases combined with multiple speeches from Federal Reserve officials.

Add to that some interesting dynamics around U.S. BTC buying now in play, and the recipe for volatility is there.

Nonfarm payrolls rose by 209,000 in June, below economists’ expectations of an addition of 240,000 jobs. Although the figures show a cooling labor market, market observers remained concerned as the average hourly earnings growth held steady at 0.4% from May and 4.4% from a year ago. 

The report did not alter expectations of a 25 basis point rate hike by the United States Federal Reserve in the next meeting, according to the FedWatch Tool. That kept the U.S. equities markets under pressure, with all three major indices falling for the week. The S&P 500 was down 1.16% and the Nasdaq was lower by 0.92%.

Another minor negative for the crypto markets was a report by JPMorgan managing director Nikolaos Panigirtzoglou, which said that a spot Bitcoin (BTC) exchange-traded fund (ETF) may not prove to be a game changer for the crypto space. Panigirtzoglou cites lackluster interest in the spot Bitcoin ETFs in Canada and Europe as the reason for a possible low impact even in the U.S.

Could bulls regroup and kick Bitcoin above the overhead resistance? If they do, select altcoins could join the march higher. Let’s analyze the charts of top-5 cryptocurrencies that are showing signs of moving up.

Bitcoin price analysis

Bitcoin remains stuck between the 20-day exponential moving average ($29,854) and the overhead resistance at $31,000. This suggests uncertainty among the bulls and the bears about the next directional move.

Nonfarm payrolls rose by 209,000 in June, below economists’ expectations of an addition of 240,000 jobs. Although the figures show a cooling labor market, market observers remained concerned as the average hourly earnings growth held steady at 0.4% from May and 4.4% from a year ago. 

The report did not alter expectations of a 25 basis point rate hike by the United States Federal Reserve in the next meeting, according to the FedWatch Tool. That kept the U.S. equities markets under pressure, with all three major indices falling for the week. The S&P 500 was down 1.16% and the Nasdaq was lower by 0.92%.

Another minor negative for the crypto markets was a report by JPMorgan managing director Nikolaos Panigirtzoglou, which said that a spot Bitcoin (BTC) exchange-traded fund (ETF) may not prove to be a game changer for the crypto space. Panigirtzoglou cites lackluster interest in the spot Bitcoin ETFs in Canada and Europe as the reason for a possible low impact even in the U.S.

Could bulls regroup and kick Bitcoin above the overhead resistance? If they do, select altcoins could join the march higher. Let’s analyze the charts of top-5 cryptocurrencies that are showing signs of moving up.

Bitcoin price analysis

Bitcoin remains stuck between the 20-day exponential moving average ($29,854) and the overhead resistance at $31,000. This suggests uncertainty among the bulls and the bears about the next directional move.

Bitcoin (BTC) will suck in “all prosperity gains” in future and leave behind those who have no exposure as a result, a new prediction says.

In a Twitter thread on July 8, investor Luke Broyles delivered a bold vision of how Bitcoin would become “society’s base money.”

Investor tells would-be Bitcoin buyers: "Get off zero"

What started off as a commentary on how artificial intelligence (AI) is welcoming BTC soon became a dramatic outline of how it should end up as the world’s go-to currency.

For Broyles, Bitcoin’s key attribute — a fixed, immutable supply — makes it unique as a future-proof asset.

“Every innovation (even AI) will rush as quickly as possible to competitively force prices down. Every country will rush as quickly as possible to print currency to force prices up and sustain credit markets. Both of these forces will increase in speed,” he wrote.