tl;dr
The upcoming US economic data points, including consumer confidence, initial jobless claims, GDP, and PCE, are expected to impact Bitcoin's trading direction, currently near the $95,000 range. These data releases will influence investor sentiment and expectations about monetary policy, potentially a...
Bitcoin is trading near $95,000 and is likely to be influenced by upcoming US economic events. The University of Michigan will report US consumer confidence on Tuesday. This report is expected to impact investor sentiment and expectations about monetary policy, potentially affecting Bitcoin's appeal as a hedge against uncertainty. Thursday's initial jobless claims report is crucial for investor sentiment, as it provides real-time insights into the labor market and broader economy. The US GDP report, scheduled for release on Thursday, could significantly sway Bitcoin and cryptocurrency markets by shaping investor perceptions of economic health and monetary policy direction. On Friday, the January PCE release will give a fresh read on price pressures, potentially swaying expectations for interest rates and, by extension, risk assets like crypto. These economic indicators could lead to volatility in the crypto markets, as they are known to influence Bitcoin's trading direction. The outcomes of these economic indicators could lead to volatility in the crypto markets. These data releases will influence investor sentiment and expectations about monetary policy, potentially affecting Bitcoin's appeal as a hedge against uncertainty. Crypto markets need to monitor several key US economic data points this week, given the abounding influence of macroeconomic events on Bitcoin (BTC). Bitcoin is trading near the $95,000 range, with this week’s economic events likely to provoke its next directional bias. The University of Michigan will report the US consumer confidence on Tuesday, detailing buyer attitudes, buying intentions, vacation plans, expectations for inflation, stock prices, and interest rates. After the previous consumer confidence index of 104.1, the consensus is a minor retraction to 102.4. This report could signal how people are feeling about discretionary spending and investment, potentially affecting retail-driven markets like crypto and Bitcoin. Thursday’s initial jobless claims report measures the number of people filing for unemployment benefits for the first time in a week and serves as a real-time pulse on the labor market and broader economy. This report’s influence ties to how the data shapes investor sentiment, including expectations about monetary policy, and can impact riskier assets like Bitcoin. The US GDP report, scheduled for release this Thursday, could significantly sway Bitcoin and cryptocurrency markets by shaping investor perceptions of economic health and monetary policy direction. A stronger-than-expected GDP figure might signal strong economic growth, potentially reducing Bitcoin’s appeal as a hedge against uncertainty. The January PCE release on Friday will give a fresh read on how price pressures are trending, potentially swaying expectations for interest rates and risk assets like crypto. If the PCE comes in hotter than expected, it might reduce the odds of near-term rate cuts, possibly impacting Bitcoin and cryptocurrency markets. Bitcoin was trading at $95,437, down by 1.1% since Monday’s session opened, indicating potential volatility ahead in response to the upcoming economic data points.