Bitcoin’s price currently stands at $69,300, and altcoins are showing positive growth. However, the market is still waiting for a significant price breakout. Despite reaching an all-time high in the first quarter, Bitcoin has been unable to break out of its current range. The question remains: will we witness a real breakout this week? Investors eagerly await what the future holds.
This week in the world of cryptocurrencies, there have been some noteworthy developments. In order for a true breakout to occur, a trigger event is needed. The cryptocurrency market could experience a shake-up or a rise in intensity this week, with the anticipated event taking place on Friday. While the beginning of the week may be calm in terms of macroeconomic data, the end of the week could bring increased activity. Stay updated on the latest financial and business news by visiting COINTURK FINANCE.
Bitcoin’s price has shown a strong reaction to employment data throughout the year. It is worth recalling what happened after abnormal Non-Farm Payroll data was released. On June 6, the initial jobless claims in the US will be announced, followed by the release of the unemployment rate the next day. Additionally, wage growth and Non-Farm Payroll data will also be made public.
Investors closely monitor these data points due to the Federal Reserve’s statements regarding employment. If there is a significant easing in employment, the Fed may also ease its policies. If employment weakens, it indicates that the Fed’s efforts to tighten the economy are yielding results. Considering the positive PCE data that has already been released, the market is likely to welcome the upcoming data within expectations.
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 that the reduction in the interest rate is not necessarily a negative for 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 fall within the normal range, Powell may not need to adopt an overly hawkish stance. If this expectation holds true, we might see new attempts to push Bitcoin’s price higher on Friday.
For the latest news, you can follow us on Telegram, Facebook, Twitter, and Coinmarketcap.
Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry a certain level of risk. It is recommended to conduct thorough research before making any investment decisions.
