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Cryptocurrency News Articles
Bitcoin (BTC) Price May Spike as Key US Economic Data and FOMC Minutes Get Released
Oct 07, 2024 at 04:46 pm
October 9 in particular is predicted to be a turning point for Bitcoin and the cryptocurrency market as a whole this coming week.
Bitcoin (BTC) price action is likely to experience heightened volatility in the upcoming week as several pivotal events are lined up to unfold. Among them, the minutes of the latest Federal Reserve monetary policy meeting will be closely scrutinized.
Fresh U.S. economic indicators, including the Producer Price Index (PPI), the unadjusted Consumer Price Index (CPI) annual rate for September and the volume of initial jobless claims for the week ending Oct. 5, are also set for release.
These developments have the potential to significantly impact the financial markets, including Bitcoin. Here's a closer look at why Bitcoin pays attention to the upcoming events.
Sensitivity of Bitcoin to Macroeconomic Data Grows
Bitcoin and other cryptocurrencies are increasingly becoming sensitive to macroeconomic data, especially as more investors are utilizing them as a hedge against inflation and currency devaluation.
The Fed minutes will shed light on the central bank's stance on interest rate inflation and the broader state of the economy. If the minutes reveal a hawkish tone, suggesting further interest rate hikes, it could spell trouble for Bitcoin.
Meanwhile, the CPI and PPI figures will be closely watched to gauge the level of inflation in the U.S. A higher-than-expected PPI or CPI could indicate persistent inflation, prompting the Federal Reserve to take more aggressive tightening measures.
Such actions might lead to increased volatility for risky assets, including Bitcoin. Furthermore, the initial unemployment claims will offer an up-to-date view of the U.S. labor market.
A weaker labor market could促使美联储放缓加息步伐,这对比特币来说将是一个积极的消息。
Watch Out for Key Levels, Potential Volatility
As we approach Oct. 9, keep an eye out for important levels and the possibility of volatility. Bitcoin's price is likely to experience heightened volatility due to the upcoming events.
Among the key levels that investors should pay close attention to:
Bitcoin is nearing a crucial resistance level at $63,000. A breakout above this level could propel the price toward the next target of $65,000.
On the downside, strong support is seen at $60,000. This level is critical, and if breached, it could lead to panic selling toward the next support at $58,000.
Anticipate Bitcoin to react sharply to any surprises in the Fed minutes or inflation data as Oct. 9 approaches.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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