Bitcoin Bulls Aiming for $28,600: Key Events This Week


Bitcoin and Crypto Markets: Key Events in the Week Ahead

  • Bitcoin Price: Resistance at $28,600
  • Macro Data: U.S. Consumer Price Index (CPI)
  • FOMC Minutes: Reveal More Details on Fed’s Projections and Considerations for Interest Rate Decision

Bitcoin Price Movement

The Bitcoin price is currently just below a key resistance level of $28,600. After seven failed attempts so far, a powerful price move could benefit the broader crypto market and potentially ignite an altcoin season.

Macro Data to Watch Out For

This week, investors will be keeping an eye on two important macro metrics: the U.S. Consumer Price Index (CPI) and FOMC minutes. The previous month’s CPI was 6.0% year-over-year (YoY) and 0.4% month-over-month (MoM). Expectations are for CPI YoY to come in at 5.2% while MoM is forecasted to come in at 0.3%. Meanwhile, the FOMC minutes will reveal more details on the Fed’s projections and considerations for the latest interest rate decision.

CPI Impact On Bitcoin Price

A miss on expectations when it comes to the CPI data is likely to push the Bitcoin price lower as markets price in a higher probability of another Fed rate hike in May according to CME’s FedWatch tool which currently shows a 61% probability of a 0.25% rate hike that month . If expectations are met or even exceeded, however, then Bitcoin is likely to head northward again.

Other Data To Watch Out For

On Thursday, April 13th investors should also pay attention to other data points such as US Producer Price Index (PPI) and initial jobless claims which are both expected to be released at 8:30 am EST that day.. PPI MoM is forecasted to come in at 0.0%, while core PPI MoM is forecasted to rise again up to 0.3%.

Conclusion
Overall, this week should provide some interesting insights into how macroeconomic data can affect cryptocurrency prices like Bitcoin’s as well as what direction we can expect the Federal Reserve’s monetary policy decisions going forward so make sure you keep an eye out for those releases!

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