Key Market Movers To Watch In The Week Ahead – Crypto News – Crypto News
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Key Market Movers To Watch In The Week Ahead – Crypto News

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2 years ago

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bitcoin price could be in for a wave of volatility in the days to come owing to the several macroeconomic events coming up. Currently, the top cryptocurrency is undergoing a ‘volatility squeeze’ as a result of prolonged sideways movement in recent times. Historical data indicates that these squeezes are often followed by bullish momentum.

Interestingly, several upcoming events could potentially have a market moving effect on the global cryptocurrency market.

Also Read: The Shiba Inu Claws Back Gains But This Metric Shows Better Days Are Ahead

The FOMC Impact?

Trading volumes for Bitcoin have seen a significant drop since July 15, 2023, when there was a $8.01 billion daily volume compared to the $20 billion it clocked the days before. Hence, the July 26, 2023 meeting of the Federal Open Market Committee (FOMC) could likely initiate a cycle of volatility for Bitcoin price, as was seen around the previous US Fed meetings. Investors would be closely watching Fed Chair Jerome Powell’s message on the committee’s forecast for the FOMC meets to come in the remainder of 2023.

Also scheduled for the week is US PCE inflation Index data on Friday, July 28, 2023. The CME FedWatch Tool projects a 99.2% chance for an interest rate rise to the 525-550 bps range in the upcoming meeting.

Robert F. Kennedy Jr. To Speak On Bitcoin

US Presidential candidate Robert F. Kennedy Jr. is set to speak at length on Bitcoin in an interviews with The Wolf Of All Streets on Wednesday, July 26, 2023. He had recently promised to back the US Dollar with Bitcoin and exempt the cryptocurrency from taxes, if elected to power.

Also Read: XRP Ruling Appeal: Attorney Says US SEC Has Just One Option Left

Will S&P500 Bulls Push Bitcoin Price Past $30k?

Meanwhile, Bitcoin may be in for a correction phase in the days to come due to an imminent bearish phase the US stock markets may soon attract. The S&P 500 Index is currently on a rare bullish streak with a less than 1% drop in as many as eight straight weeks.

Whereas the Dow Jones Industrial Average repeated on weekly gains with 10 consecutive daily gains, for the first time since 2017. Debate around artificial intelligence linked stocks have recently helped maintain buoyancy in the S&P 500, which has a historical correlation with the crypto market.

Anvesh reports major crypto updates around regulation, lawsuits and trading trends. Published around 1,000 articles and counting on crypto and web 3.0. He is currently based in Hyderabad, India. Reach out to him at anvesh@coingape.com or twitter.com/BitcoinReddy

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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