The critical week that will determine the direction of the Bitcoin price, at least in the short term, is starting. Wednesday stands out as the most important day of the week. This day, when both the Fed decision and inflation data will be announced, may increase volatility in cryptocurrency and financial markets. At Tesla, Elon Musk's record compensation will be put to vote again.

The US Federal Reserve (Fed) is not expected to reduce interest rates at this week's meeting, but the statements made by Jerome Powell after the interest rate decision will show what the Fed thinks and its road map for the future. The fact that the statements will come after the inflation data, especially at noon, makes Wednesday especially important. US inflation data (Wednesday) will be announced at 15.30 GMT, and the Fed decision will be announced at 21 GMT. Powell's speech will start at 21.30.

One of the most important indicators that will reflect what the Fed thinks about interest rate cuts in the coming period will be the dot-plot chart. The dot-plot chart published after the Federal Open Market Committee (FOMC) meetings held in March, June, September and December of the year will also reflect the short and long-term thoughts of the members.

Will inflation reach the desired level?

The US Consumer Price Index (CPI) will also be announced on Wednesday, hours before the Fed decision. Expectations for the US CPI, which was 3.5% in April and dropped to 3.4% in May, are still expected to be 3.4% on an annual basis. Inflation being higher than expected may cause the Fed to further delay the interest rate cut. The Fed insistently targets a rate of 2% in order to cut interest rates.

Important vote for Musk at Tesla

This week will also be critical for Tesla, one of the world's largest electric car manufacturers. On June 13, Elon Musk's record-breaking $56 billion compensation plan, which has been discussed since 2018, will be put to vote. The course of action and statements at the shareholders' meeting may also closely affect the Tesla share price. Shareholders will also vote on whether to move Tesla's headquarters from Delaware to Texas. As a result of the lawsuit filed, a judge of the Delaware court rejected Musk's compensation.

Artificial intelligence breakthrough coming from Apple

Apple, one of the 3 largest companies in the world and which was passed to Nvidia last week in terms of market value, will also introduce its new artificial intelligence developments at this week's Developers Conference. At the conference, which will start today and last for 5 days, artificial intelligence features will be introduced for iMessage and Safari applications.

- Uzmancoin