After closing the past week 1.47% lower amid mounting Fed rate hike expectations and a security flaw in the Coldcard hardware wallet, Bitcoin is entering a crucial week filled with high‑impact economic data and altcoin events. Here is what traders are watching.
Monday, August 3: Upbit will delist Aergo (AERGO) and Alpha Quark (AQT). American Bitcoin releases its Q2 earnings. Ctrl Wallet and the DeFi dashboard Zapper both shut down.
Tuesday, August 4: Palantir and SpaceX report earnings, while Bitcoin miner Hut8 unveils its Q2 results. Binance ends support for the Sophon (SOPH) mainnet.
Wednesday, August 5: AMD, Circle, and Galaxy Digital release earnings. At 15:15 UTC+3, the US ADP Non‑Farm Payrolls change is expected at 71K, down from 98K.
Thursday, August 6: SpaceX (SPCX) is said to be on the verge of a major breakthrough. Weekly US Initial Jobless Claims are forecast at 205K (previous 197K).
Friday, August 7: DataMEDS AI distributes a memecoin to shareholders, and Grayscale pays out quarterly staking rewards. The US jobs report lands at 15:30 UTC+3: Average Hourly Earnings (0.3% forecast), Non‑Farm Payrolls (88K expected vs. 57K prior), and the Unemployment Rate (steady at 4.2%).
Bitcoin technicals remain under pressure. Friday’s bounce from the $62,100 support was rejected at the 50‑day SMA near $63,300, leaving the price inside a descending channel that began on July 21. The 0.236 Fibonacci retracement at $63,600 remains untested. Compounding the weak technical picture, long‑dormant Bitcoin supply moved sharply to Coinbase. Inflows from the 3–5‑year cohort rose ~595% above baseline, while 5–7‑year coins surged ~1,016%. Realized spending from the 2‑3‑year group hit approximately $315 million, with another $216 million from the 3‑5‑year group. All this occurred while the Coinbase Premium stayed negative (−0.09 to −0.14), signalling lacklustre US spot demand. Binance funding rates remained neutral (0.00–0.01), indicating no crowded leveraged positions. Meanwhile, CryptoQuant’s miner shutdown indicator spiked 50% above its monthly average, highlighting stress among marginal miners. Bitcoin must reclaim $63,300 and then $63,600 to repair the late‑July breakdown, but the combination of aged‑coin inflows and subdued demand is making follow‑through difficult.
