As Bitcoin approaches $70,000, key economic indicators this week, including the U.S. Personal Consumption Expenditures (PCE) Index and employment figures, could significantly impact its price. The PCE Index, releasing on October 31, is vital for gauging inflation and is closely watched by the Federal Reserve. A continuation of last month’s decline in annual inflation could boost Bitcoin's price.
U.S. unemployment
Additionally, U.S. unemployment claims and the monthly employment report on November 1 will provide further insights into economic health. A drop in new jobs added could affect market sentiment, but a stronger-than-expected outcome might ease concerns.
U.S presidential elections
With the U.S. presidential elections approaching, market volatility may arise, especially if a Republican candidate, who supports national Bitcoin reserves, wins. Recent data shows a decrease in cash holdings among global fund managers, indicating potential investment shifts.
Federal Reserve's
Finally, the Federal Reserve's interest rate decision on November 7 could also influence Bitcoin's demand, especially if a rate cut is anticipated. As economic data unfolds, Bitcoin's trajectory will remain closely tied to these indicators, potentially paving the way for a significant price surge in November.
