This week is packed with major economic events that could shake up the crypto market. Key data releases and multiple Federal Reserve speeches are on the horizon, setting the stage for potential volatility. Will Bitcoin finally break past $100K, or is another pullback coming?
With consumer confidence, GDP data, and inflation reports all in play, traders need to stay sharp – because the market could move fast.
The first key event to watch is the CB Consumer Confidence report, which measures how optimistic people are about the economy. If confidence improves, investors may take on more risk, benefiting Bitcoin.
However, if confidence declines, it could make investors cautious, leading to a pullback. The index was 109.5 in January, but February’s estimate suggests a drop to 105.7.
Midweek, two major updates will draw attention. The January New Home Sales report will provide insights into the housing market—an important factor for economic stability.
At the same time, all eyes will be on Nvidia’s earnings report. Since the company plays a big role in AI and tech stocks, strong results could boost the broader market, potentially benefiting Bitcoin and other cryptocurrencies.
On Thursday, the US Q4 2024 GDP data will be released. A strong GDP reading could boost confidence in the economy, encouraging investors to take on more risk. But if the numbers are weaker than expected, concerns about an economic slowdown could trigger more volatility in the crypto market.
To wrap up the week, the Personal Consumption Expenditures (PCE) inflation report—one of the Federal Reserve’s preferred inflation measures—will be released. If inflation remains high, it could impact future interest rate decisions and investor sentiment toward Bitcoin.
Additionally, 10 Federal Reserve officials are scheduled to speak this week. Their comments on inflation, interest rates, and economic conditions could lead to market fluctuations. Any hints about future Fed policy could have a direct impact on Bitcoin’s price.
Despite market anticipation, Bitcoin has been unable to break past $100,000 for the last three weeks. Currently, Bitcoin is trading around $95,890, down 1% in the past 24 hours.
The main resistance level to watch is $97,000, which aligns with the 50-day Exponential Moving Average (EMA). A breakout above this level could push Bitcoin toward $98,500 and even the $100,000 mark.
However, if Bitcoin fails to break through, a pullback to $95,000 is likely, with further downside targets at $93,500 or even $92,000.
Bitcoin traders are in for a week that could define the next big trend.
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