Last week, Bitcoin soared in joy following the court decision on Grayscale, but the optimism was dampened by the SEC's decision to postpone the ETF review for another 45 days. After that, we descended to around 25,300 and have slightly recovered, currently sitting at around 25,800.
The crypto market is looking at a relatively empty week ahead. On Wednesday, there's the release of the ISM Non-manufacturing PMI data, but it's unlikely to have an impact. The first significant event from the economic calendar is the release of the CPI data next Wednesday.
Purely from a technical standpoint, one could expect a slight recovery, as the market indeed looks oversold. However, until the CPI data release, I believe it's risky for the bulls to stay for long. Thus, I anticipate a predominantly negative sentiment in the market this week, with occasional surges to around 26,500 which have a slim chance of settling at these levels. I believe the positive phase should be expected after September 13th, but we'll have a clearer picture a bit later.
