🌐 Key events not to be missed this week that could impact Bitcoin price action!
🚀This week's big news:
US economic data is coming soon, which could have a significant impact on Bitcoin prices. Crypto markets rose slightly over the weekend and continued to gain momentum in early Asian trading on Tuesday. If expectations of rate cuts heat up again, the market could see a further boost.
📈Economic Events Quick Facts (October 7-11):
- Wednesday: The release of the September Fed minutes gives us a glimpse into how monetary officials view the economy.
- Thursday: The core Consumer Price Index (CPI) report, one of the key measures of inflation, could directly affect the Fed's policy rate.
- Friday: The September Producer Price Index (PPI) report and the Consumer Confidence Index, which are important factors affecting the market.
🏦Meanwhile, JPMorgan Chase, Wells Fargo and BlackRock will also release corporate earnings this week, which could have an impact on market sentiment.
🌟As of yesterday, Bitcoin closed at around $63,000 on a weekly basis. Although it once fell below the 200-day moving average in the short term, the overall weekly trend remained stable, successfully achieving four consecutive weeks of gains.
Although the performance of Ethereum and other altcoin markets was mixed, they still showed a range of fluctuations on the daily chart as a whole, indicating that the market is looking for new breakthroughs.
🌐 On the other hand, from the perspective of geopolitical factors, especially the escalation of conflicts in the Middle East, it may have a negative impact on market recovery.
🧐 Conclusion:
This week's US economic data release, including core CPI, PPI and consumer confidence index, may affect Bitcoin prices. If inflationary pressures ease, it may increase expectations for interest rate cuts, which is good for risky assets such as Bitcoin.
At the same time, rising expectations for interest rate cuts may attract funds to flow into the cryptocurrency market and boost the market. However, geopolitical tensions in the Middle East and other regions may also limit the upside. Investors need to pay attention to these factors and seize investment opportunities.
💬 Which economic event are you more concerned about this week? Why? How much do you think geopolitical factors will affect the cryptocurrency market? Will you consider adjusting your cryptocurrency portfolio this week?
