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Bitcoin Faces a Crucial Week: These US Events Could Decide BTC’s Next Big Move
BTC faces another crucial week after remaining at around $80,000 over the weekend, but several major US economic events cound determine how long it stays there.
ByJordan Lyanchev
Following last Friday’s strong US jobs report and the subsequent odd increase in expectations for an upcoming Fed rate hike, risk-on assets are entering the final week before the crucial FOMC meeting scheduled for September 15-16.
In the coming days, inflation data is likely to determine whether BTC continues its recovery or faces another major correction.
Big Week Ahead
Monday is expected to be an uneventful day since the US financial markets are closed on Labor Day. There are no major events scheduled for Tuesday, while the 10-Year US Note Auction on Wednesday is unlikely to impact crypto. The first major test comes on Thursday, with the release of the August PPI data, which measures inflation at the producer level.
Economists expect headline PPI to rise 0.4% month-over-month, compared with no actual increase in July. The core PPI is forecast at 0.3%. Annual producer inflation is likely to accelerate from 4.7% to 5.4%. A hotter reading could reinforce expectations that inflationary pressure is rebuilding, particularly as oil prices remain elevated due to the resumed conflict in the Middle East.
Friday will be an even more important day for all financial markets, especially risk-on alternatives like crypto. The CPI report goes live, which is estimated to point to inflation remaining at around 3.3%-3.4% annually, while core CPI is expected to ease from July’s 2.5%. The actual results could have a significant and immediate impact on Fed rate-hike expectations.
Once again, a higher-than-expected CPI reading would strengthen the argument for another rate increase and could pressure BTC while pushing Treasury yields higher, and vice versa.
https://x.com/KobeissiLetter/status/2096611631178375390
Source: cryptopotato.com