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I. Federal Reserve Policy Decision
The possibility of a Federal Reserve rate hike has the potential to impact Bitcoin’s price this week. The central bank is expected to maintain its benchmark interest rate at 4.25% to 4.5%. However, any hint of a future increase in rates could negatively affect Bitcoin prices, which are highly correlated with US economic indicators.
II. Inflation Reports
The release of February CPI and PPI inflation data may lead to a significant impact on Bitcoin’s price. Higher-than-expected inflation numbers might lead investors to reassess their risk appetite, causing them to liquidate some of their crypto positions and potentially driving down the price. A hotter-than-anticipated print could further exacerbate the bearish sentiment seen in recent days.
III. Jobs and Employment Reports
Data on January JOLTS Job Openings and Initial Jobless Claims may influence Bitcoin’s price movement this week. While not a direct correlation, these indicators do have a significant impact on investor confidence and risk tolerance. A weaker-than-expected jobs report could lead to increased uncertainty and drive down the value of Bitcoin.
IV. US Economic Calendar
The upcoming economic calendar is packed with events that could sway sentiment within crypto markets. Key reports include February CPI, PPI, January JOLTS Job Openings data, and Initial Jobless Claims. A mixed bag or more favorable results may lead to increased confidence in the market, potentially driving up Bitcoin prices.
Bitcoin’s 11% drop since last week has raised concerns about a prolonged downtrend.
Source: https://cryptopotato.com/4-things-that-could-impact-bitcoins-price-this-week/
