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The three American economic indicators that can strongly influence the Bitcoin price are:
1. Powell’s speech: The Federal Reserve Chairman’s words have a significant impact on the market. His statements about interest rates, inflation, and monetary policy can cause significant fluctuations in the cryptocurrency market.
2. Unemployment claims data: An increase in unemployment claims would indicate a weakening economy, which could lead to a decline in Bitcoin’s value. On the other hand, a decrease in claims could signal a recovery, potentially leading to an uptrend for Bitcoin.
3. PMI index: The Purchasing Managers’ Index (PMI) is a key indicator of economic activity and sentiment. A weak PMI reading could indicate a slowing economy, which would negatively affect the cryptocurrency market. Conversely, a strong reading could lead to a positive trend for Bitcoin.
The article notes that these indicators are crucial in understanding the future direction of the cryptocurrency market and may have a significant impact on the price of Bitcoin.
Source: www.bitcoinbazis.hu
