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Bitcoin’s Path to $70,000: Key Events This Week That Could Shape BTC Price

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  • Federal Reserve’s interest rate decision on Wednesday expected to influence Bitcoin price; lower rates may boost investment in cryptocurrencies.
  • Friday features Fed Chair Jerome Powell addressing the economy, potentially impacting digital currency prices with future fiscal policy hints.

The upcoming week in the United States holds several events and announcements that could significantly sway the prices of major digital currencies, including Bitcoin (BTC) and Ether (ETH).

The sequence of these events begins on Tuesday with the release of the US Housing Starts data, offering insights into new residential building constructions. This indicator serves as a measure of the housing market’s strength and, by extension, the broader economic sector.

Following closely, the Federal Reserve’s interest rate decision on Wednesday is poised to directly affect Bitcoin’s market movements. Historically, lower interest rates have rendered traditional investment avenues, such as bonds and savings accounts, less appealing. This shift often redirects investor focus towards alternative assets like Bitcoin, in pursuit of enhanced returns.

Concurrently, the Federal Reserve will conduct a press conference to outline its economic outlook and future rate policies, further impacting Bitcoin’s valuation. The discourse from this conference could set the tone for investor sentiment and strategy in the days to follow.

On Thursday, attention turns to the Philly Fed Manufacturing Index, a barometer for the US manufacturing sector’s condition. Fluctuations in this index can indirectly influence Bitcoin’s price by altering economic sentiment and investor confidence.

The same day also sees the release of Existing Home Sales data, another key metric for assessing the housing market’s health and its potential indirect effects on cryptocurrency valuations.

Culminating the week, Federal Reserve Chair Jerome Powell’s address on Friday will provide critical insights into the US economy’s current status and the central bank’s strategic initiatives to reinforce the country’s global leadership.

In the cryptocurrency realm, Bitcoin currently flirts with its 2021 zenith of $69,000, amidst speculation that forthcoming US economic data could catalyse a breach of the $73,000 threshold.

Moreover, the crypto community is abuzz with anticipation for Bitcoin’s fourth halving in mid-April. This event, designed to slash the supply growth rate of Bitcoin by half, historically acts as a powerful catalyst for price increases. With the involvement of Wall Street giants as new entrants in Bitcoin investment, this halving event promises unprecedented dynamics.

MicroStrategy’s substantial Bitcoin acquisition under Michael Saylor’s leadership exemplifies corporate confidence in Bitcoin as a hedge against dollar depreciation.

The firm’s strategy, alongside El Salvador’s adoption of Bitcoin as legal tender, underscores a growing acceptance of cryptocurrency on both corporate and sovereign levels.

These developments, against the backdrop of significant US economic events, paint a complex picture for Bitcoin and Ether in the coming week, highlighting the intricate interplay between macroeconomic indicators and digital asset valuations.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628