Bitcoin’s price is currently at $69,300, and altcoins are performing well. However, there hasn’t been a significant price breakout yet. Despite reaching an all-time high in the first quarter, Bitcoin has remained in a stagnant range. Investors are wondering if this week will bring a real breakout and what lies ahead for them.
This Week in Cryptocurrencies
We discussed important developments on Sunday, and it is clear that for a true breakout to occur, a triggering event is needed. The catalyst that could shake or elevate the cryptocurrency markets this week will come on Friday. While the week started off calmly in terms of macroeconomic data, it may end with increased intensity. Stay updated with the latest financial and business news by visiting COINTURK FINANCE.
Bitcoin price has shown a strong reaction to employment data throughout the year. We can recall the impact of abnormal Non-Farm Payroll data. On June 6, the initial jobless claims in the US will be announced, followed by the unemployment rate the next day. Additionally, wage growth and Non-Farm Payroll data will also be released.
These figures are closely monitored by investors due to the Federal Reserve’s statements, which suggest that they will ease monetary policy if there is a significant deterioration in employment. If employment weakens, it implies that the Fed’s efforts to tighten the economy are yielding results. Considering the positive PCE data, the market will likely welcome the upcoming data within expectations.
Fed and Comments
Later this month, the Federal Open Market Committee will announce its decision on interest rates. These data will also impact the potential signals for a rate cut in September. The Kobeissi Letter provided insights on this matter, stating:
“Mosaic Asset,” in the latest issue of its regular bulletin, The Market Mosaic, wrote the following:
They further mentioned that a rate reduction is not necessarily detrimental to the stock market. Federal Reserve Chairman Jerome Powell has been cautious in his recent statements. The inflation and PMI data have been normal. If the employment and wage growth data also come in as expected, Powell may not need to adopt an excessively hawkish stance. If this expectation holds true, we might witness new upward attempts for BTC on Friday.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies carry a high level of volatility and risk, and should conduct their own research.