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Bitcoin Set for a Bullish Week as Key Events Approach – $40,000 Target in Sight?

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    • Bitcoin ended the month above $29,000, up 2% compared to the previous week’s closing price, following a stabilization of the crypto market and the recovery of the US stock market.
    • Key economic data coming up include inflation data from Europe, the US Federal Reserve Bank’s interest rate decision and press conference, the European Central Bank’s interest rate decision and press conference, and the US employment report.

Bitcoin and the Cryptocurrency Market Follows US Stock Market Recovery

Bitcoin ended the week up over 2% compared to the previous week’s closing price, trading above $29,000. The cryptocurrency market as a whole also experienced stability, despite a temporary dip mid-week. This followed the recovery of the US stock market after strong quarterly earnings reports from major tech companies.

Gold and silver also experienced slight gains in both weekly and monthly comparisons. Interestingly, there has been an increase in correlation between Bitcoin and gold, which rose to a two-year high after recent bank failures in the US.

Inflation Data for Europe

On Tuesday, the EU’s consumer price data for April will be released. The inflation rate in Europe has been declining, but it still remains higher than the ECB’s interest rate. If the inflation rate for April is lower than expected, there is likely to be a bullish market reaction.

However, if the inflation rate is higher than expected, it could cause a downturn. The core inflation rate has also increased, which means that inflation is likely to remain high. A high inflation rate could have negative implications for the European economy.

US Federal Reserve Bank’s Interest Rate Decision and Press Conference

On Wednesday, the US Federal Reserve Bank will announce its latest interest rate decision, with the market expecting a further 25 basis point increase to 5.25%. This hawkish approach to monetary policy could lead to market volatility. Fed Chief Powell’s comments during the press conference that follows could further impact the market.

In particular, investors will be looking for any indications of a change in the Fed’s policy or potential emergency measures to address the ongoing bank failures.

European Central Bank’s Interest Rate Decision and Press Conference

On Thursday, the European Central Bank will announce its third interest rate decision of the year. Analysts are expecting a further increase of 0.25%, but a surprise 0.50% increase is not out of the question. A higher interest rate could lead to a negative market reaction, as the eurozone economy is still struggling with inflationary pressures.

Investors will also be watching ECB Chief Lagarde’s comments during the press conference to gain insight into the bank’s future plans for monetary policy.

US Employment Report and Unemployment Rate

The US employment report and unemployment rate will be released on Friday. If the job numbers are lower than expected, it could lead to a downturn in the stock market. However, if the job numbers are higher than expected, it could lead to an increase in the stock market.

The unemployment rate is also an important factor to consider, as a higher rate could lead to a slowdown in the economy. The ongoing issues in the US banking sector and increasing credit crunches add further uncertainty to the economic outlook.


The first week of May is set to be a busy one in terms of economic data releases, with multiple events that could impact the global financial markets. Investors should closely monitor these events and stay informed about the latest developments in order to make informed investment decisions.

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AnnJoy Makena
AnnJoy Makenahttps://www.ethnews.com
Annjoy Makena is an accomplished and passionate writer who specializes in the fascinating world of cryptocurrencies. With a profound understanding of blockchain technology and its implications, she is dedicated to demystifying complex concepts and delivering valuable insights to her readers. Business Email: info@ethnews.com Phone: +49 160 92211628