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Key U.S. Events This Week To Watch Out: Will BTC Break the $100K Mark?
As we enter the week of February 25, a plethora of significant events will unfold in the United States that could have far-reaching implications for Bitcoin’s (BTC) price and overall market sentiment. Amidst these crucial updates, investors must remain vigilant as market movements may be influenced by the information provided.
The first critical event to monitor is the release of the CB Consumer Confidence report on February 25. This metric will offer insight into how consumers perceive the current economic situation. A rise in confidence could spark a shift towards riskier assets, including cryptocurrencies like Bitcoin. Conversely, if consumer sentiment plummets, investors may adopt a more cautious approach, leading to increased market volatility.
In addition to the CB Consumer Confidence report, mid-week attention will be focused on two key updates. On February 26, the January New Home Sales data and Nvidia’s earnings announcement are scheduled. The housing market plays a vital role in determining overall economic stability; any unexpected developments could have an impact on investor sentiment. Meanwhile, Nvidia’s earnings performance could significantly influence broader market sentiment and potentially benefit Bitcoin and other cryptocurrencies.
The highly anticipated US Q4 2024 GDP report is set to be released on February 27. A robust reading could bolster confidence in the economy, encouraging investors to seek riskier assets like Bitcoin. Conversely, a lower-than-expected GDP figure may raise concerns about an economic slowdown, leading to increased market uncertainty.
Finally, the week’s events conclude with the release of PCE inflation data and numerous Federal Reserve speeches throughout the week. If inflation remains stubbornly high, this could influence future interest rate decisions and subsequently affect investor sentiment towards risk assets like Bitcoin.
Throughout the week, investors will be eagerly awaiting the statements made by 10 Federal Reserve officials who are scheduled to deliver speeches. Their views on inflation, interest rates, and economic conditions can directly impact Bitcoin’s price action.
On a separate note, it is crucial to observe that BTC has been struggling to surpass the $100K mark for the past three weeks. Currently trading at around $95,890, down 1% over the last 24 hours, Bitcoin faces significant resistance at the $97,000 level, which aligns with the 50-day EMA. A successful break above this threshold could spark a strong rally towards $98,500 and ultimately the major $100K mark. Conversely, failure to breach this level may result in a pullback towards $95,000, followed by potential further downside movement to $93,500 or even $92,000.
As we navigate this critical week, investors must remain vigilant and closely monitor these pivotal events as they could significantly impact the market’s trajectory.
Source: https://coinpedia.org/news/key-u-s-events-this-week-to-watch-out-will-btc-break-the-100k-mark/
