Bitcoin
Big Week Ahead For Bitcoin And Crypto: This Will Be Important
The Bitcoin and crypto market is once again facing an important week. After Bitcoin reached its annual high of $24,248 on February 02, the price is currently in a consolidation.
Especially the news around Kraken, the US Securities and Exchange Commission and the alleged ban on crypto-staking by centralized US exchanges caused a pullback in the crypto market last week. But diverging statements from different members of the U.S. Federal Reserve Fed are also dragging down prices in the crypto market.
On Friday, the U.S. Bureau of Labor Statistics also retroactively adjusted the inflation rates published in recent months, which rekindled fears of “sticky” inflation and increased the chance of interest rates for a longer period of time.
Macro Data For Bitcoin And Crypto This Week
This trading week, the most important event is coming up on Tuesday. At 8:30 a.m. EST, the U.S. Bureau of Labor Statistics will release the U.S. inflation data for the past month of January. In December, CPI was 6.5%, down from 7.1% in November.
For January, experts now expect a decline to 6.2%. If the analysts’ expectations are confirmed or even turn out better, the rally in the stock market as well as in the crypto market, which has been ongoing since the beginning of the year, could continue. The SEC news and Operation Choke Point rumors could be pushed to the background.
The Bitcoin and crypto market is once again facing an important week. After Bitcoin reached its annual high of $24,248 on February 02, the price is currently in a consolidation.
Especially the news around Kraken, the US Securities and Exchange Commission and the alleged ban on crypto-staking by centralized US exchanges caused a pullback in the crypto market last week. But diverging statements from different members of the U.S. Federal Reserve Fed are also dragging down prices in the crypto market.
On Friday, the U.S. Bureau of Labor Statistics also retroactively adjusted the inflation rates published in recent months, which rekindled fears of “sticky” inflation and increased the chance of interest rates for a longer period of time.
Macro Data For Bitcoin And Crypto This Week
This trading week, the most important event is coming up on Tuesday. At 8:30 a.m. EST, the U.S. Bureau of Labor Statistics will release the U.S. inflation data for the past month of January. In December, CPI was 6.5%, down from 7.1% in November.
For January, experts now expect a decline to 6.2%. If the analysts’ expectations are confirmed or even turn out better, the rally in the stock market as well as in the crypto market, which has been ongoing since the beginning of the year, could continue. The SEC news and Operation Choke Point rumors could be pushed to the background.
On Thursday, February 16, the U.S. Producer Price Index (PPI) for January will be released at 8:30 a.m. EST. Market experts expect a 0.4% month-over-month increase. As recently as December, producer prices had declined by -0.5%, a more significant decline than analysts had suspected.
If the PPI increases as expected by the experts, the U.S. dollar is likely to gain further strength and provide headwinds for the stock and crypto markets.
If, on the other hand, the PPI is below the market experts’ estimates, this would reduce the pressure on Bitcoin and could lead to a bullish price reaction on the crypto market.
At press time, the Bitcoin price stood at $21,752, finding support at the 200 EMA in the 4-hour chart.
